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Financial Services IT Audit
Financial Services Firm Improves Accuracy of IT Audit to Save on Annual Use Taxes
Audits are important to IT asset management, but they are time consuming, tedious and unfortunately not reliable. Even regular audits, or incremental audits, waste resources and are only valuable until a move or add is not immediately logged.
An international financial services firm was struggling with accurately accounting their IT assets’ current locations and status. The firm knew their asset information was not up to date and needed a solution that was as dynamic as their business. They also discovered that assets in various offices across the country that had been counted as in service were in fact offline and had been decommissioned. The firm’s financial team felt that the firm was paying much too much in both annual use taxes in some states on assets not currently located in those states, and because the firm was not able to claim depreciation on decommissioned assets. They chose Asset Vue as a reliable way to prove these through more accurate audits with real time information on where their assets are worldwide.
Within weeks of the initial consult, the Asset Vue Services team stood up the application, performed an audit and tagged all assets within weeks to implement a sustainable solution. The on-site team worked closely with the financial services firm’s IT managers to replicate the installation across all sites nationally, and, for the first time, get an accurate audit of every IT asset in use. This immediately freed up hundreds of person hours previously spent on regular, incremental audits.
The new system from Asset Vue was quickly put through its paces through automating more of the receiving process and, through an integration with HP Asset Manager and Svc Now, automate more of the lifecycle process for critical assets.
As the client had suspected, Asset Vue Inventory was able to create an accurate audit of assets that were no longer located in a state with an annual use tax. The system was also able to notify managers in advance when warranties or the set useful life of assets was coming up, accelerate and automate more of the decommissioning process, and record depreciation on these assets. Claiming that depreciation saved the firm more money. In all, the cost avoidance for this firm as a result of implementing the Asset Vue system is in the millions, and the money saved exceeded the cost of the system in its first year deployed.
Not every Asset Vue client has so dramatic a tax situation as this one, but every IT department and data center can benefit from more accurately understanding the current status, lifecycle stage, and location of every critical asset in their inventory. The first step for any financial services firm - or any IT operation - is an accurate audit of assets. For a discussion how Asset Vue can benefit your company, feel free to schedule a call.