Efficient Assets Management with the new SocrateCloud February release

New developments and enhancements are available now in the new SocrateCloud version launched this week. Efficient Assets Management for customers who use the Fixed Assets component, this version adds new functionalities helping in better managing the company’s assets. Due to the opening of SocrateCloud for the international market, and the expansion of Romanian customers in the neighboring countries, SocrateCloud was extended with a fiscal component responding to the Hungarian law. SocrateCloud natively includes a workflow engine, which helps in defining automated rules for the organization’s processes. The workflow engine was also improved in this version, in order to give more flexibility in defining the documents and processes rules.

Assets

The component is an extension of the SocrateCloud business platform that allows with Assets Management the registration, tracking and depreciation of assets. The module provides different depreciation methods, suitable for GAAP or other charts of accounts, for fiscal and budgetary accounting. Also, the multiple depreciation methods allow users to depreciate the assets in different ways including defined users values. A user can select specific depreciation rules, conventions or periods. The depreciation management can be done using depreciation groups, by setting implicit characteristics like depreciation method, automatic counting of expenses and income. There is also the possibility to forecast the depreciation expenses in order to establish a budget, to review online the history or to make a reevaluation of an asset, of the insurance or market value and to record the financial information, insurances, licensing or other taxes information for an asset. Besides all this, there is also the possibility to send users notifications for events that need action, for example, the date of renewing the contract, licenses or deadlines for taxes.Besides the existing and already used functionalities, there were included also new and important enhancements:

automatic generation of assets following an acquisition or commissioning – based on an invoice, receipt or delivery note;
automatic assets generation following internal manufacturing – capitalizations – based on projects;
generation of modernization following internal production – based on projects;
rules sets for automatic generation of inventory numbers, for each asset category;
adjustment mechanism of inventory value both for assets under depreciation and for fully depreciated assets;
adjustment mechanism for the remained depreciation period or for adding periods, anytime on the assets lifecycle

Accounting

specific tax component responding to Hungarian legislation
management, calculation and reporting royalties – covers complete management of royalties, calculation, balance influence, reporting and accounting recording.

Workflow

possibility to configure approval mechanisms on any number of hierarchical levels;
possibility to assign a workflow responsible and to indicate that he is the supervisor of the document agent;
possibility to escalate the action on a new approval level when the deadline was exceeded;
possibility to send notifications for every action;
new status for documents “Not approved”, was added

We continue to develop and improve the SocrateCloud platform, in order to best meet our customers requirements. Stay in touch, new functionalities will appear in our monthly releases.

For discovering and using SocrateCloud, there is the possibility to register for free on our site (account with 2 users) at the following link SocrateCloud.