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Procurement and Asset Management

Introduction

Procurement is the process whereby employees can order goods to be purchased for company use. Asset Management is the process to keep track of the inventory of purchased goods.

Procurement An employee can request a new item (e.g. laptop, chair, etc.) by filling in a Purchase Order (PO). The finance department (in our example) will review the request and either order the item or reject the request. Once the item has been ordered and delivered, it will be assigned to the employee in question or to a client or location, depending on the designation of the requested item. Using the button Create asset the item can be added to the Asset Register.

Asset Management We need to keep an asset register that contains a list of all important assets we wish to keep track off. This is especially important for assets that carry information as there are legal imperatives to know where they are or whom has access to them. It is also important to allow a company to know what assets to collect when an employee leaves the company.

Boost Implementation

For our Procurement and Asset Management example you will need the following Departments and Forms:

  1. A Finance department to manage the processes of Procurement and Asset Management. See Setting up Boost to create the necessary Departments and Users

  2. The following pre-defined Forms will be used

    • Employee
    • Client
    • Purchase Order
    • Asset

Go to the One-stop-shop to to download the forms and import into your own Boost system

See Forms for a description on how to customize the pre-defined forms

Usage

Procurement Put this under user manual part with link to it.

  • Any employee can request an item by filling in a Purchase Order form.
  • When creating a new purchase order,
    • the user must enter their own name as the person ordering the item
    • next select the purpose of the request: "Ordered For".
      • if it is for another employee, select Employee and then select the name of employee for whom the order is destined.
      • if the order is for a client, select Client and then select the client for which the order is destined.
      • if the order is for internal use or some other purpose, select Other and fill in the relevant details in the Purpose field.
    • Fill in the rest of the details required to enable Finance to process the request:
      • Description
      • Order URL
      • Unit Price
      • Quantity
      • Additional information (if applicable)
      • Due date (optional) - if the item in question is needed by a specific time.
  • All new purchase orders will trigger workflow within finance for approval (or rejection)
  • Finance will check with the relevant responsible person for approval.
  • If the PO gets rejected, finance will update the Purchase order and notify the "Ordered By"
  • If the order is approved, finance will update the PO and order the item.
  • Finance can upload the invoice to the PO for future reference
  • Finance can return (item was damaged etc. on delivery) or cancel the order
  • Once the item is delivered, Finance can (where relevant for Asses Management):
    • Add the item to the Asset Register by using the "Convert to Asset" transformation to book it into the Asset Management System.
    • Inform Ordered By and Ordered For (if applicable)
    • Update PO with latest status Delivered.

Asset management

  • Whenever an asset changes hands, the Employees in question must inform Finance of the changes in ownership or location so that the asset register can be updated accordingly.
  • Whenever a change occurs, finance will add an entry to the Status module of the asset to log the nature of the change.
  • Finance will also update the Current User if applicable. Finance can at any time pull up a list of all items for a specific employee (uselful for leaving employees) or view the full history of a specific asset to get its current owner of see who had it before.
  • An asset can be designated as:
    • Active
    • Sold
    • On loan
    • Under Repair
    • Retired
  • In all of the above cases, the last entry in the asset status table must be updated with a note of what ocurred and when and the the asset status must be updated accordingly.