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Simplify Fixed Asset Management with the Yardi Fixed Assets Module

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Real estate fixed asset management can feel like navigating a complex maze of buildings, leasehold improvements, furniture and equipment. For finance managers and property accountants, the task demands precision, compliance, and efficiency. Yet, relying on traditional manual methods often leads to inefficiencies, errors, and frustration.

At 33Floors, we understand the numerous pain points of fixed asset management. More importantly, our Yardi experts know how to overcome these obstacles with Voyager’s Fixed Assets module, providing an integrated solution that streamlines this crucial process.

Let’s explore some common fixed asset management concerns and Yardi Fixed Assets benefits.

 

The Challenges of Manual Fixed Asset Management in Real Estate

Real estate companies face unique fixed asset management challenges due to their large portfolios, complex lease structures, and varying depreciation methods. Manual processes for managing fixed assets are not just tedious, they can be a bottleneck for productivity and accuracy.

Some of the challenges most often faced by clients include:

  • Complex Asset Portfolios: Real estate portfolios often comprise diverse asset types, including properties, leasehold improvements, and operational equipment. Each requires specific depreciation methods and schedules, making manual tracking prone to errors.
  • Lease Compliance and Tracking: Leases often involve leasehold improvements and other assets with unique depreciation and amortization requirements. Managing these alongside property-level fixed assets can be cumbersome without an integrated system.
  • Frequent Changes in the Fixed Asset Lifecycle: Asset sales, dispositions, transfers, reclassifications, splits, revaluations, and impairments can occur during the lifecycle of an asset.  Manually tracking these changes is time-consuming and risks inaccuracies and incorrect reporting.
  • Tax and Accounting Compliance: Adhering to tax regulations and accounting standards (e.g., GAAP, IFRS) across jurisdictions requires precise tracking and reporting, which manual systems struggle to handle.
  • Inefficient Manual Processes: Manual tracking of assets and depreciation, including acquisitions and disposals, consumes valuable time, often delaying reporting and creating stress during month-end or year-end closes.
  • Limited Real-Time Visibility: Manual processes lack the centralized dashboards that provide instant insight into asset values, depreciation schedules, and lease obligations, hampering decision making.
  • Inadequate Audit Trails: Regulators demand thorough documentation of asset transactions, and manual systems often fall short of maintaining robust audit trails, exposing organizations to penalties.

 

The Benefits of Voyager Asset Management

The Yardi Fixed Assets module simplifies and automates the management of fixed assets throughout their lifecycle. From acquisition to disposal, the module integrates seamlessly with Yardi Voyager, delivering real-time visibility, accurate reporting, and enhanced compliance.

Benefits of adopting the Yardi Fixed Assets module include:

  • Comprehensive Asset Tracking: Yardi Fixed Assets centralizes all asset information, allowing real estate companies to track properties, leasehold improvements, and associated equipment in one place. This ensures accurate records and eliminates data silos.
  • Integrated Lease Management: The module integrates with Yardi’s Lease Management tools to streamline the tracking of leasehold improvements and amortization schedules.
  • Automated Depreciation and Amortization: The Fixed Assets module supports multiple depreciation and amortization methods for both domestic and international jurisdictions, including straight line and diminishing value. It ensures compliance with tax laws and accounting standards while reducing the risk of calculation errors.
  • Real-Time Asset Visibility: With real-time dashboards, reporting and drill-down capabilities, Yardi Fixed Assets provides instant insight into asset values, depreciation status, and lease obligations. This supports better decision-making and cash flow management.
  • Streamlined Asset Adjustments: Real estate assets often require changes due to market value, legal changes, or physical damage. Fixed Assets in Voyager can automate these adjustments with features such as impairment or revaluation and update depreciation schedules accordingly ensuring financial accuracy.
  • Enhanced Compliance and Audit Readiness: The module maintains a complete audit trail for all asset transactions, making it easier to prepare for audits and demonstrate compliance with tax and regulatory requirements.
  • Faster Month-End and Year-End Close: Automating depreciation calculations, lease amortization, and asset reconciliation accelerates the month-end and year-end close processes, freeing up time for strategic tasks.

 

Yardi Fixed Assets Module Key Features at a Glance

  • Asset Lifecycle Management
    • Centralized registry for all asset types, including properties, leasehold improvements, and equipment.
    • Automated tracking of asset acquisitions, transfers, and disposals.
    • Integration with Yardi Lease Management for leasehold improvements and tracking.
    • Automated depreciation and amortization
    • Automated creation of assets from general ledger or payables.
    • Includes compatibility with depreciation methods and conventions required for multiple accounting standards.
    • Automatic calculation of lease amortization for tenant improvements and lease commissions.
    • Adjustments for partial periods, transfers, reclassifications, impairments, splits and asset revaluations.
  • Reporting and Compliance
    • Real-time asset and depreciation reporting with drill down to all data.
    • Compliance with tax laws and accounting standards (e.g., IFRS, GAAP).
  • Audit Readiness
    • Detailed audit trails for all asset and lease transactions.
    • Pre-built reports for financial audits and tax filings.
  • Integration and Usability
    • Role-based access controls to ensure data security.
    • User-friendly dashboards and reporting tools.
    • Seamless integration with Yardi Voyager 7s for General Ledger, Lease Management (tenant improvements and lease commissions), Payables and purchase orders.
    • In addition, Fixed Asset Manager in Elevate offers integration with other Elevate modules such as Facility Manager (work orders and inspections), Construction Manager (capitalization of assets), Forecast Manager, and Lease Manager.

 

How 33Floors Can Help You Leverage Yardi Fixed Assets

At 33Floors, our expert Yardi consultants specialize in implementing and optimizing Yardi Voyager modules to meet the unique challenges of real estate companies. Our vast experience ensures a seamless transition to Voyager Fixed Assets tailored to your specific needs.

Here’s how 33Floors can support you:

  • Implementation and Customization: 33Floors oversees the entire implementation process, working with you to confirm requirements, map workflows, plan data migration, and conduct testing before completing configuration tasks, including:
    • Setting up asset categories, depreciation schedules and lease amortization rules.
    • Configuring integration with 7s modules and Elevate modules.
    • Defining user roles and permissions.
    • Creating custom reports for compliance and management insights.
  • Training and Support: 33Floors provides hands-on training to ensure your team can use Voyager’s Fixed Assets module effectively. Meanwhile, our expert support services extend beyond implementation, offering troubleshooting and ongoing guidance.
  • Ongoing Optimization: As your real estate portfolio grows, we help optimize fixed asset management processes to scale efficiently and maintain compliance.

 

Why implement Yardi Fixed Assets now?

With increasing regulatory demands and portfolio complexities, automating fixed asset management is no longer optional — it’s essential. Yardi Fixed Assets delivers the tools you need to stay compliant, reduce errors, and gain real-time insights into your portfolio. By simplifying fixed asset management, your organization can save time and reduce manual effort, enhance compliance and financial transparency, and focus on strategic growth in a competitive market.

Contact 33Floors today to let our team of skilled Yardi consultants guide you through the transition to smarter, more efficient asset management. It’s time to take control of your fixed assets and drive your success with Yardi Fixed Assets.

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