Company Assets (Introduction and Key Concepts and Glossary)

Company Assets (Introduction and Key Concepts and Glossary)


‌Introduction and Key Concepts

Navigation: Company Assets

‌Overview of the Company Assets Module




The Company Assets Module is an INTERNAL stock control and management system. The Company Assets Module allows you to:

  • view asset items by company;

  • request asset item;

  • reject asset requests;

  • collect/return asset item or report as lost.

As such HR is always aware of the status of an asset item ( whether assigned, collected, returned or lost) and the company's stock is kept updated when the related transactions are completed.

Employees/managers can also access this module via the Self-Service Options. Managers can approve requests for items from their staff through the manager's self serve. Tracking assets by serial numbers is also supported.



‌A Guide to Use the Company Assets Module


This guide outlines the typical process of asset management within the HRplus Company Assets Module.


Roles and Responsibiltiies

  1. Asset Manager:

    Role: Responsible for overseeing and managing company assets within the HRplus system.

    Key Responsibilities:

    • Setting up and categorizing assets into groups.

    • Defining individual asset details and quantities.

    • Assigning Asset Managers to specific asset groups.

    • Linking assets to job titles.

    • Configuring employee asset visibility settings.

    • Reviewing and approving/rejecting asset requests.

    • Tracking asset allocation, returns, and losses.

  2. Employee:

    Role: Requests and utilizes company assets as needed for their job role.

    Key Actions:

    • Submitting asset requests through Employee Self-Service.

    • Selecting assets from available pool assets or job-linked assets.

    • Collecting and returning assets.

    • Reporting lost assets.

  3. Manager:

    Role: Supervises employees and can request assets on their behalf.

    Key Actions:

    • Submitting asset requests for employees.

    • Approving asset requests submitted by their team members (through Manager Self-Service).


Steps

Description

Step 1

Asset Setup:


Company Assets>>Asset Setup>>Asset Groups Company Assets>>Asset Setup>>Asset Items Company Assets>>Asset Setup>>Asset Manager Company Assets>>Asset Setup>>Job Asset Links Company Assets>>Asset Setup>>Asset Options Company Assets>>Asset Setup>>Asset Transactions



Asset Groups

An asset group is a collection of assets that share similar qualities and can be categorized according to various criteria, such as vehicles, furniture, or stationery.

How to set up Asset Groups?



Asset Items

  • An asset group categorizes company equipment based on shared characteristics, usage, or management needs within an asset management system.

  • Asset group classifications include:

    • Equipment Type

    • Department or Location

    • Maintenance and Service Schedule

    • Depreciation Schedule

    • Acquisition Date

    • Leased vs Owned

  • Implementing asset groups aids in improved asset management, inventory understanding, efficient maintenance planning, performance assessment, and informed resource allocation, ultimately enhancing operational efficiency and reducing oversight risks.

How to set up an Asset Item?



Asset Manager

  • The Asset Manager manages company assets.

  • Multiple Asset Managers can be set up to manage their departments.

How to set up an Asset Manager 

How to link an Asset Group to an Asset Manager



Job Asset Links

  • The Job Asset Links feature enables the linking of all Asset Items required for a specific job.

  • Multiple Asset Items can be linked to a job as needed.

How to set up Job Asset Links


Steps

Description



Asset Options

  • Set up assets as follows:

    • Company Assets: the entire company would be able to view these assets.

    • Job Assets: Assets assigned to specific staff types.

How to set up Asset Options 


Asset Transactions

Process employee assets.

How to set up Asset Item Transactions

Step 2

Asset Management and Transactions:


Company Assets>>Asset Setup>>Asset Transactions>>Asset Request Home>>My Benefits>>My Company Assets

Company Assets>>Asset Transactions>>Employee Asset Transactions



Asset Request

  • Asset Request enables employees to request company assets through Employee Self Serve, Manager Self Serve, or through their Asset Manager.

  • Asset Managers can approve employee requests.

  • Asset requests must be linked to the Employee, Manager, or Asset Manager in the Asset Item set up to be able to process these requests.

How to request an Asset via the Company Asset Module 


My Company Assets

Employees can request Assets via the Employee Self Service. How to request an Asset via Employee self serve


Employee Asset Transactions

Manage assets assigned to employees.

How to use the Employee Asset Transactions 

‌Glossary of Terms found in the Company Assets Module

  1. Asset Group: Categories or classifications of assets within the organization, such as Property, Vehicles, Electronics, etc.

  2. Asset Items/Inventory: Individual units or instances of assets within the organization's inventory, each identified by a unique Asset Item Code and comprising details such as quantities, serial/model numbers, and expiry dates.

  3. Asset Manager: Individual or team responsible for overseeing and managing the assets of the organization, including tasks such as asset tracking, maintenance scheduling, and procurement.

  4. Asset Options: Configuration settings that determine the visibility of assets for employees, allowing them to view all company assets or only those linked to their job roles.

  5. Asset Requests: Requests submitted by employees for access to specific assets, facilitating the allocation of assets based on organizational needs and employee requirements.

  6. Asset Transactions: Records of asset movements and changes, including updates to asset amounts, tracking of transactions, and maintenance of accurate asset records.

  7. Company Assets: Assets owned or held by the organization and not job specific, which employees can view and request through the asset management system, contributing to effective resource utilization and operational efficiency.

  8. Employee Assets Transactions: Records of employee interactions with assets, including asset collection, returns, and reporting of lost assets, ensuring accountability and efficient asset management.

  9. Employee Self-Service: System allowing employees to view and request assets independently through a self-service portal, enhancing accessibility and streamlining asset allocation processes.

  11. Manager Self-Service: Platform enabling managers to request assets on behalf of employees and view transactions processed by HR, streamlining asset allocation processes and improving oversight.

‌Company Assets Module Updates: What's New?



This article provides a summary of recent updates to the HRplus Company Assets module, focusing on key enhancements. These updates include new features, fixes and improvements designed to improve both user experience and the effectiveness of the module.

September 29th – November 30th, 2022

  1. Employee Asset Transactions Import: Introduced features for importing employee asset transactions, allowing bulk management of asset data.

Read more here.

January 5th – February 6th, 2022

  1. Asset Item Requests: Added functionality for employees to request asset items, improving asset allocation workflows.

Read more here.

April 6th – May 2nd, 2021

  1. Asset Manager(s): Enhanced asset management tools, including the ability to assign multiple asset managers for better tracking.

Read more here.

December 14th, 2020 – January 6th, 2021

  1. Asset Audits: New audit features for tracking asset items and conducting compliance checks on company assets.

Read more here.

August 22nd – September 4th, 2020

  1. Employee Asset Transactions: Updates to employee asset transaction processes, improving asset tracking. Read more here.

August 2nd – August 21st, 2020

  1. Asset Items Export: Introduced tools for exporting asset items, streamlining data sharing and reporting. Read more here.

June 12th – July 7th, 2020

  1. Asset Items Management: New features for managing asset items, including tracking and updates. Read more here.

April 30th – May 26th, 2020


  1. Asset Manager: Enhanced tools for managing company assets, including assigning and tracking responsibility.

Read more here. 


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