Asset Tracking
USA based company for whom we were handling entire Finance and Accounts work, wanted us to have asset tracking in place as its a prerequisite of US GAAP.
Creation of ODC involves creation of various assets in India. US Company wanted Indian company to follow the depreciation policy as in US and wanted to track all assets to match 100% with US books.
Business processes outsourced to us by the company is Asset tracking and depreciation.

Why was Business process outsourced?
ODC is established to make software development process more effective so the thrust is on developing team of software professionals and setting up the development processes. The asset become nobodies responsibility and CFO started facing problems in annual compliances.
Considering the complex requirement of US GAAP, merging of accounts and for compliance requirements of Indian accounting standards the company had no experienced hand to handle this activity so the company decided to work with end external experienced agency.

Process functions executed:

• Maintaining asset database with all technical and non technical details
• Identify and book all upgrades on that asset
• Capture data of repairs and maintenance asset wise
• Periodical review and physical verification
• Calculate depreciation as per accounting policy and as per IT Act
• Furnish reports in required format to US

Challenges ...

• ODC is a 100% subsidiary of a US company. The system should comply with US GAAP and Indian Accounting standard.
• The IT assets were constantly undergoing modifications, upgrade, change of custodian so keeping track of the original asset was tough.
• Timely completion every month.

Key success ...
A strong system which we set, not only resulted in good control on all assets but it also helped customer in getting complete visibility in the cost, AMC, vendor management etc. this helped in exceeding customer expectations.