Use Case
Depreciation of fixed assets is a staple of financial and tax reporting. The goal is to apply the right schedule to the right asset class without devoting an inordinate amount of time to the process.
Efficiency Gains
Reduce the time it takes to value and calculate depreciation on fixed assets
Top-Line Growth
Ensure that fixed assets are valued fairly and consistently on financial statements
Bottom-Line
Returns Free up the time of accounting staff for higher-impact tasks
Business Problem
Fixed asset depreciation affects tax liability, so it’s in the organization’s best interest to choose the optimal method and accurately calculate depreciation amounts. That entails assigning the asset to the correct class and applying the correct depreciation schedule. Obstacles include updating obsolete, manual processes and ensuring calculation methods keep pace with changes in tax law.
Alteryx Solution
To value fixed assets accurately, accountants can use analytics to read, analyze and reconcile data from different sources like ERP systems. The analytics narrow the asset down to the appropriate asset class then retrieve and apply the correct schedule. With automation, accountants can quickly try multiple depreciation methods with flexibility and accuracy. As a repeatable process, analytics enable tracking and an audit trail to ensure proper management.
With Alteryx, you can:
- Reduce processing time from days to a few minutes by blending data to produce each output as needed
- Free up analysts to analyze rather than worry about slogging through row-level data and VLOOKUP statements in spreadsheets
- Solidify processes and allow accountants to focus on higher-value work
Office of Finance Starter Kit Demo
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