Accounts
Intro
Accounts are an important part of an Enterprise Asset Management (EAM)/Computerized Maintenance Management System (CMMS) as they are used to manage the financial aspects of maintenance and asset management. In an EAM/CMMS, accounts are typically used in the following ways:
- Budget Management: Accounts are used to manage the maintenance budget by tracking expenses and ensuring that they do not exceed the allocated budget.
- Cost Tracking: Accounts are used to track the costs associated with each maintenance activity, such as labor costs, materials costs, and equipment costs. This allows maintenance managers to identify areas where costs can be reduced or optimized.
- Purchase Order Management: Accounts are used to track purchase orders and their associated costs. This allows maintenance managers to ensure that purchase orders are approved and processed in a timely manner and that they do not exceed the allocated budget.
- Asset Valuation: Accounts are used to value assets by tracking their acquisition cost, depreciation, and current value. This allows organizations to make informed decisions about asset replacement, maintenance, and disposal.
- Financial Reporting: Accounts are used to generate financial reports, such as balance sheets and profit and loss statements, which provide valuable insights into the financial performance of the maintenance department. Overall, accounts play a crucial role in an EAM/CMMS by enabling maintenance managers to manage the financial aspects of maintenance and asset management more effectively.
- Used to decide which Labor costs should be inventory/billed/comp etc..,