Benefits of Integrating Your ITAM Repository With Your Accounting System

Several years ago, trying to integrate your IT Asset Management (ITAM) repository with your accounting system proved to be a cumbersome task, and required hours of development work. Now most ITAM and accounting systems include open APIs that allow seamless integrations between one another. This type of technology allows IT Asset Management and Finance departments to automatically share data with each other, therefore providing a smoother and unified working relationship.

Integrating your IT Asset Management repository with your organization’s accounting system can ensure critical information is always available in a single view.

Why Would You Want To Integrate Both Systems?

Let’s take the IT Asset Disposition (ITAD) process for example, an IT Asset Manager could be disposing 20 broken printers. When the printers are disposed of, the asset records in the asset repository are updated to reflect their new disposed status. Without an integration, the finance department may not be aware of the disposal, or what assets were disposed. Having an integration between your asset repository and accounting system ensures that both applications are aligned and contain the same information (where applicable).

Having stale and/or incorrect data in either systems can be problematic and costly, especially when physical audits occur. When audits are performed, incorrect information on the whereabouts or status of an asset can cause issues which may reflect poorly on an organisation.

Below are examples of where integrating financial information into your asset repository can benefit your ITAM function:

• Enhanced Visibility of Incoming Purchase Orders (PO) – Having direct visibility into what purchase orders are coming can help prepare your ITAM teams’ workload. By integrating your asset repository with your accounting system, IT Asset Managers are aware of what assets will be arriving and when. This enables your ITAM function to be proactive, rather than reactive.
• Smoother Asset Transfer Process – When assets move between different users and departments, the accounting system can automatically transfer assets between different cost centers. This ensures only the right departments are being charged for the assets they own.
• Shared Vendor Performance Data – By incorporating a vendor scorecard into your ITAM system, vendor performance feedback can easily be shared with your finance and procurement team. For example, when newly purchased assets arrive damaged, or when assets are delivered late, this type of information can be shared with the appropriate teams in finance, and can be used during future purchasing decisions.
• Improved Visibility of Assets – Integrating your asset repository with your accounting system can provide visibility into assets that you previously didn’t know about.
• Seamless Disposal Process – When assets are disposed of, your accounting system can be notified to write off fixed assets in real-time.
• Stronger IT & Financial Governance – By integrating IT Asset & Financial systems, organisations can benefit from accurate data, and aligned processes. By sharing serial number, asset tag, and location data, your finance team will have better visibility over their fixed assets.

Since IT Asset Management and Finance work closely together throughout the lifecycle of an asset, integrating both systems will ensure that both departments are always on the same page when it comes to the management of all IT investments. Creating such an integration is a key success factor when building a successful IT Asset Management practice.