A capital requisition form is an officially drafted document which is used in companies by employees or departments to jot down the details of the capital that is required by them to carry on with an ongoing project or task or to start a new venture for the profit of the company.
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Features:
Requester Information:
Identifies the employee or department requesting the capital asset.
Asset Description:
Provides a detailed description of the requested asset, including its purpose, function, and any relevant specifications (model number, brand, etc.).
Estimated Cost:
Clearly specifies the estimated cost of acquiring the asset, including potential installation or setup fees.
Justification:
A crucial section where the requester explains the need for the asset and how it will benefit the organization.
Expected Useful Life:
Indicates the anticipated duration for which the asset will remain functional and contribute to the organization.
Approval Workflow:
The template may designate sections for signatures from department heads, budget managers, or other relevant personnel required for approval.
Benefits:
Standardized Process:
The template ensures a consistent format for requesting capital assets, facilitating efficient review and decision-making.
Improved Budgeting:
By requiring justification and cost estimates, the template promotes better budgeting and prioritization of capital expenditures.
Transparency & Accountability:
The documented requisition process fosters transparency regarding capital spending requests and holds requesters accountable for justifying their needs.
Reduced Risk:
Justifications and alternatives considered sections can help identify potential risks associated with the asset purchase and encourage informed decision-making.
Streamlined Approval Process:
A clear workflow with designated approval sections can expedite the overall capital requisition process.
