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This research work is the Automation of a manual process of assets management system in a company setting. This is an information Technology approach in handling the complex organizational asset management challenges done manually. The manual asset management process is faced which many challenges such as unaccountability of assets, inadequacies and inconsistency in assets budgeting. The “Asset Register” software designed replaces this manual operation with a lot of benefits giving the organization prospects on how best their assets are maintained, manage and valued at any point in time. A central database was designed and implemented using MySQL to provide efficient means of record keeping for assets. Hypertext mark-up language and cascading style sheet were used to develop the Administrator interfaces and PHP was used as a scripting language to process requests between the client and the database. The functionality of the system shows that it achieved high performance and speed up the allocation process.
Asset management System “ is a systematic process of maintaining, upgrading and operating assets, combining engineering principles with sound business practice and economic rationale, and providing tools to facilitate a more organized and flexible approach to making the decisions necessary to achieve the public’s expectations”( en.wikipedia.org /wiki/asset_management)
Asset Management is presently a key focus area for many companies in developed as well as developing countries. Asset Management merges quality asset data with well-defined objectives to help improve an organizational business process for resource allocation and utilization.
These practices are generally carried out using the manual process of paper work at various stages for knowing assets values and evaluating their efficiency. The involvement of information technology introduces the development of customized software to generally automate this process of assets management, Known as the Asset Register (Smith, 2005).
Using Asset Register assists any establishment not
only in keeping track of its
assets but also helps with prioritization of rehabilitation, repair, and replacement of structures.
Prioritization in turn helps to optimize the use of the limited amount of funds an organization
may have available for running its business activities (Hagquist, 2006).
The unparalleled success of the case study i.e. Sahad Ajmal Foods Ltd reflects a combination of research, creativity, quality, and aggressive marketing. In fact Sahad Ajmal Foods Nigeria Limited perception on Asset Management can be seen as a strategic and systematic process of operating, maintaining, upgrading, and expanding physical assets effectively throughout their lifecycle. It focuses on business and engineering practices for resource allocation and utilization, with the objective of better decision making based upon quality information and well-defined objectives.
1.2 Problem Statement
To determine the asset value and depreciation in every organization has been a problem. Hence, there are limited number of staff working in the account department which makes the existing asset account to be delegated to some staff by their departmental heads at the end of each period. The handling of Asset Account by numerous staff creates positing error omission error and inaccurate calculated results.
Apart from that, there is no adequate record storage and disposal system which resulting in non-documentation of some existing asset are as well as continuous recording of scrapes. However, the method of asset depreciation being used in the existing system is ineffective.
The motivation toward this study is to bring to light the successful possibilities of Information Technology incorporation to replace the old way of managing assets of this organization in order to solve certain problems including decision making and monetary valuation of assets
Prompt decision making facility system that will help the complete operation in the organization.
Monetary valuation of disposable assets within the organization and also good maintenance culture for machineries, generating plants etc.
1.4 Aim and Objectives
The aim of this study is to develop an asset management system using Sahad Ajmal Foods Ltd as a case study the objective are as follows:
i. Elimination of mostly paper forecasting for assets life span and the budgeting system of the company to reduced wastage of company revenue
ii. Accurate data analyses for quick and better decision making assets such as farm products, company manufacturing.
iii. Record keeping of all fixed asset of the organization i.e. plants, machinery and also braked down production equipment’s for maintainace.
iv. Creating an Asset Management program data that will be useful to better justify capital and maintenance expenses for the company general activities. etc.
The following steps will be taken in order to meet the objective of this work
i. A review of literature on how organizations asset management is done including General staff orientation within and outside the company in the understanding the concept of Assets management and the need for it.
ii. Collection of data from various unite of the department which will assist in the design of the software and Analyzing the data given for the anticipated software (Assets Register) to Design the software “Assets Register based on data given and specifications
iii. Designing an underlying database for record and information tracking.
iv. MySQL is used as a database platform for the system implementation.
v. PHP is also used as the server site scripting language for this project And HTML and CSS is used to design graphical interface for the system design.
Though the company having many other factory scattered around Zaria. The project is limited to the main factory at Sapele Street Sabon Gari Zaria has all functional unit of the organization such as the production, personnel, research, marketing, accounting, purchasing and store.
1.7 Definitions of terms
i. Asset Management (AM) or Assets Management Systems (AMS)
Assets are resources controlled by an entity as a result
of past events (such as through
acquisition, donation to the entity by an external party, or transfer from another entity)
and from which future economic benefits or service potential are expected to flow to the
ii. Assets Register:
Asset Register is the designed software responsible for storing data, managing information coordinating all activities of Asset management in an organization.
iii. Asset Manager:
Another name for Asset Register
iv. Asset Management - is a set of tools and organizational procedures designed to support the proficient management of non-current assets. Asset management stresses full life-cycle management from procurement through maintenance to disposal..
v. Current asset
Thisis an asset that normally would be convertible into cash or consumed by an entity within the normal operating cycle of the entity (one year). Current assets include: stocks, debtors, and short-term deposits.
vi. Non-current asset
This is an asset that is not expected to be converted into cash, sold, or exchanged within the normal operating cycle of the entity (one year). Noncurrent assets include land, buildings, and leasehold improvements, machinery and other equipment, motor vehicles, and office furniture.
vii. Capitalization threshold value
This is the value at acquisition of non-current, assets at or .above which expenditure is to be capitalized under an accrual accounting framework, and to which depreciation will be applied. Under both an accrual and a cash accounting framework, the acquisition and disposal of non-current assets valued at or above the threshold value should be recorded in an asset register.
viii. Moveable assets
These are non-current assets that are not land or buildings or
attached to land
or buildings or a specific location, but which can be readily moved from one location to another.
ix. Inventory assets
are moveable assets where the value at
acquisition is less than the
Chapter one highlight a recap of what the entire project is to cover. Chapter two covers related literature in other to foster the improvement and development of knowledge, particularly with IT incorporations. Chapter three gives the general description of the system design and its integrated database. Chapter four gives an overview and success possibility of how the system is implemented, describing, the choice of all designed tools used in the design and why they are used as a choice of tool. And Chapter five concludes the work.
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