Due to depreciation, asset relocation, cash flow purposes, and the sheer volume of capital expenses in an organization, it can be hard to track the actual value of your assets. Your investment in assets that have multi-year value are vital to your organization’s success and therefore, crucial for you to track for accounting and reporting purposes.
With Prophix’s integrated capital expense planning capabilities, you can track the true value of your capital expenses, and use that information to maintain profitability throughout your organization.
Simple adjustments to your asset listing can have a profound financial impact. With Prophix, you’re able to understand how changes to CapEx management, like adding, transferring, and eliminating tangible and intangible capital assets can directly impact your income statement, balance sheet, and cash flow statement.
While tracking depreciation and amortization can be done in a spreadsheet, it is much more susceptible to human error. With Prophix, you can create automatic depreciation calculations such as straight line, double declining balances, and sum of years. You’re also able to use key performance indicators (KPIs) to evaluate capital expenditure assumptions.
As plans change, it creates a greater need to effortlessly assess and manage variances. With CapEx management capabilities, you can compare planned capital expenditures to actual ones at a detailed level, using multiple sources from an external ERP to your general ledger system.
Managers are often the ones held accountable for capital expenses in a company. They need an easy-to-use tool to track their expenses and to strategically plan for future investments. Prophix allows stakeholders to investigate their costs and justify their budgets, achieving greater accuracy and accountability by involving operational department managers in the planning process.
What capital expenditures are impacting your company’s profitability? With Prophix, you can review historical CapEx spending patterns, identify potential issues, and outline projections for the future. Take it a step further and enable your organization to predict future tax implications such as MACRS or CCA.
Eliminate the time-consuming and error-prone manual steps associated with spreadsheet driven capital expenditure planning and benefit from the automation and collaboration of Prophix. Prophix gives you the instant insights you need to see how adjustments to additions, depreciation rates, repairs, and maintenance impact your company’s bottom-line.
We do pages that report expenditures and costs by department, by division. … We provide a lot of detail back to the division chiefs and department chiefs, if they want to check who’s spending money, what it’s being spent on, etc.
Gary Hurst Manager, Corporate Accounting Electric Power Board
Prophix saves your company time and gives you the data needed to accurately plan for your capital expenses. You’ll ensure your money is spent the right way and each expense is accurately reported.
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