New Asset Accounting Solution

MAG is a boutique platform for accounting and financial reporting of infrastructure, property, plant and equipment.

If your council is experiencing problems with compilation of reliable and auditable asset registers, accounting for different aspects of assets lifecycle, assigning condition to assets or calculation and reporting of backlog, then MAG is the solution you are looking for.

MAG is a highly sophisticated and simple platform that can streamline your asset accounting and reporting at the lowest possible cost. Its main advantage is that it was developed by experienced and dedicated asset accounting professionals with a passion for effective asset management. You may be confident that all accounting and critical asset management reporting criteria are covered by algorithms embedded into the system.

MAG has many features that make it stand out from other platforms. Some of them are described below.

Our AI developed "MAGister" Milly will share with you some major aspects of the system in the video below.

Key Features

Reporting

MAG was designed to deliver important asset financial and performance reports, such as infrastructure, property, plant and equipment disclosure note to financial statements and infrastructure performance report by merely pressing one button.

Posting transactions

Once all original data and opening balances of values are imported, MAG is ready to go.

Creating transactions throughout the year can be done manually for an individual asset or imported using a template file. Import transactions can be done on an individual asset or for a bulk of assets (for example, for revaluation).

Asset Accounting

MAG was built with an aim to streamline asset accounting processes.

For example, annual depreciation is recalculated automatically every time you add new transactions. MAG also calculates for you the value of a loss from disposal as a result of renewal or replacement of an asset.

Various types of specific transactions are allowed to be posted. For example, found or de-recognised assets; contributed or sold assets, etc.

Asset management

It has never been so simple to report on infrastructure performance.

Based on condition models developed by a council for specific asset categories, MAG determines the levels of condition for each asset. The cost to bring infrastructure backlog to a satisfactory standard (backlog) and the cost to achieve an agreed-upon level of service are then calculated using embedded formulas.

Based on various inputs into the condition models, a council can generate several scenarios of infrastructure backlog. In the absence of condition models established by a council for particular asset types or categories, MAG will employ a default model.

MAG automatically develops forecasts for annual depreciation, carrying value of assets, and necessary renewal spending in each of the subsequent ten years.

Transition

Transition to MAG is easy and straightforward. All original technical and financial assets data is copied into a template Excel file which is then imported into MAG in a couple of minutes.

In case you decide to stop using MAG after some time, exporting of all data is a one click away. In other words, the exit price for moving to another system is zero.

MAG is the ultimate solution for your asset accounting and reporting needs. Contact us today to find out how we can help you achieve your asset accounting and reporting goals.