Asset Accounting Solution
MAG is a boutique platform for accounting and financial reporting of infrastructure, property, plant and equipment. It was developed by Vanguard Consulting Group, a Chartered Accountant public practice which specialises in financial reporting and asset accounting services to local government councils.
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 renewal 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. It can be used continuously or as a temporary solution if councils need to guarantee data is simplified until another system is implemented.
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 reporting, such as infrastructure, property, plant and equipment disclosure note to financial statements and infrastructure assets report (Special Schedule 7 in NSW).
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 management and forecasting
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 matter of minutes.
We can do this for you as well at a nominal fee.
Take with you a PDF presentation which is available on this link >> MAG.
Get in touch if you have any questions or would like an online presentation of the system
MAG - My Asset Guard
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