MOROIL is a company that was created in 1968. Its main activities are: oil refining, packaging and distribution.
We used to manage our Fixed Assets Register manually. With the volume of assets that we have, it was sometimes difficult to trace information on very old assets. With the support of our auditors, we concluded that we needed a computerized Fixed Assets Register. We therefore looked for the different solutions available on the market and chose SICORAX® Fixed Assets Register because the software was the one that better responded to our needs.
At MOROIL we revalue our assets, such as tanks, which can have a lifetime of 50 years. From time to time, repairs are carried out on the tank and this process increases its value. Then the asset needs to be depreciated again. It is an on-going process. We have decided to strictly conform to the regulations recommended by the International Accounting Standard and are moving towards this direction. SICORAX® contributes to helping us in this aim.
At the end of the financial year, we log in the SICORAX® module, we input the date : 30th of June, et we immediately get the depreciation, the net book value, the accumulated depreciation, report on all assets sold, and so on… We have all the information to help us manage our assets. The system is very fast.
I have to add that the software gives us the depreciation on a monthly basis as well. It is a great advantage, as we also have to do our accounting monthly.
With SICORAX®, we are able to provide, without any delay, relevant information to the senior management. SICORAX® Fixed Assets is a tool that helps us to take important decisions. |
