Is Asset Depreciation Important for Maintenance Department?

The CMMS which the maintenance teams use to organize the operations is mainly accessed by other departments which include the finance department. The department requires access to software for tax purposes and bookkeeping. Through the CMMS, the tax and accounting specialists review major and minor repairs which are made to capital assets. The minor repairs are deducted immediately where the major repairs or any improvements are said to be depreciated over time.

Is Asset Depreciation Important for Maintenance Department?

After there is a retrieval of data from CMMS, the finance team retrieves data from the other softwares like enterprise asset management (EAM) software. The CMMS is used for tracking repairs and another system for tracking the value of the assets over the years where this is regarded as inefficiency.

To help improve any efficiency, the CMMS is making it easier for the companies to store all the asset-related data in one place with the features like depreciation tracking.

Below are the benefits of Tracking the Asset Depreciation in CMMS:

Eliminating the redundant data entry

Rather than entering the same data in the EAM software, ERP software and the accounting softwares like QuickBooks, the asset managers can log the data once in the CMMS. The CMMS then syncs with other softwares.

For example, when a major repair is completed of an asset, the maintenance team then logs the parts and cost data in the CMMS. Instead, the asset manager emailing the finance team about the repair, the CMMS can automatically send the information to QuickBooks.

It aligns finances and the maintenance teams

Since depreciation is an allocation process and not a valuation process, the maintenance team can align better with the accounting team, when there is bookkeeping data in the CMMS.

There is a reduction of expenses with less software

In addition to EAM, there are customers who use the CMMS software. Usually, this is considered unnecessary since CMMS has an asset specific feature like warranty tracking, downtime tracking, and depreciation tracking. Since CMMS and EAM software can cost a lot of money, it is considered to be irresponsible to have two systems with the overlapping features.

Below is the way to track the asset depreciation in CMMS:

Purchase price - The amount which is paid to acquire the asset.

Residual price - The assets worth which is at the end of its useful life or how much you can sell it, where it is called the salvage value.

Useful life - This is how long the asset is expected to help the organization create a product and generate revenue.

The placed-in-service date - The date on which the asset is initially activated in the facility.

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What Do Our Clients Says ?

Amrapali Exports - Esteemed Clients of cryotos
Anuraj Sharma - Maintenance Manager

The best thing about Cryotos CMMS software is that it always tells me when something needs to be fixed - before it breaks and cost me a fortune!

The software is very user-friendly, and even if I don't know how to do something, the support team is always there to help me out.

Most importantly, unlike other such software, Cryotos is editable and hence the user can modify how the software works as per their need, we made several changes in the workflow & flowchart with the help of development team.

I don't know what I would do without Cryotos! I've been using it for years, and it has saved me so much time and money. I highly recommend it to anyone who wants to manage their assets efficiently.

Resil Chemicals - Esteemed Clients of Cryotos
Jeevan Belliappa - Head, Information Technology

Since we've been using Cryotos CMMS Software, our asset maintenance management has been running more smoothly than ever. We're able to track and optimize our preventive maintenance with ease, thanks to the customized process workflow. This has been a lifesaver for our team!

The Cryotos CMMS software has allowed us to manage our assets more effectively and efficiently. It has helped us to improve our asset utilization. The software is user-friendly and easy to navigate, and the support team is always quick to help with any questions we have. We're very happy with the results we've seen so far and we're confident that we'll continue to see improvements in our asset management as we use the Cryotos CMMS software.

Planys - Cryotos Esteemed Client
Antony Jacob Ashish - Lead, R&D

Cryotos goes above and beyond when it comes to customer satisfaction. Planys Technologies use Cryotos for preventive/ corrective maintenance of our critical systems and not once did we face a problem that was not dealt with immediately. The team is extremely professional and helpful. We can rely on Cryotos when it comes to the operations and processes.

Thanks to the whole team for the amazing performance and thought leadership. It's rare to see teams that can put themselves in the customer's shoes and think from their perspectives - Cryotos team doesthat and more.

We recommend Cryotos if you are looking to put an end to your preventive maintenance problems and sign up with them!

Thanks to the team for an awesome job.

Xpert IFM - Esteemed Clients of Cryotos
Siva Shankar - AGM, (Operations & BD)

On behalf of Xpert FMS we would like to express our sincere appreciation for the excellent support Cryotos team have provided us for our building and facility management. Cryotos has always provided support that is timely and meets our expectations. Professionalism and quick response are the hallmarks of this team.

Sincere appreciation for the team's brilliant performance and wish them continued success. We highly recommend Cryotos as they have executed well on all assigned tasks and continue to outperform.

Thanks to all the hard work, our lives have become easier.

ST Jude India Childcare Centers - Cryotos Esteemed Client
Mukesh J - CIO

We are able to raised the workorder and tracking of these till the closure as helped us to provide better services our beneficiaries. Workflow-based work order management has helped us to define processes for each locations separatley. System provide notification once order is raised for assignment to engineer.

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