It’s a very challenging task for every organization to track the location, quantity, condition, maintenance and depreciation status of their fixed assets. To manage and maintain such tasks, a dedicated process is to be designed i.e.; Fixed Asset Management. Fixed Asset Management is an organization’s process of keeping a track of the fixed assets and managing them for the purpose of financial accounting, theft prevention and pre-emptive maintenance.
Asset management software is generally used to track the information related to an asset for financial reporting purposes and the physical location of an asset. Whereas the financial reporting elements of tracking relate to accounting procedures and valuation needs but may or may not relate to location information. Plant & Equipment, Buildings, Fixtures & Fittings, Machinery, Vehicles, Heavy Equipment are some commonly tracked assets; you can easily manage them through fixed asset management software.
Asset tracking software enables organizations to track assets it owns, locations, who possess it, about the transactions, maintenance schedule, and the cost and depreciation of each asset. The asset management software also renders reporting facilities such as pre-built reports, category wise, and department-wise assets reports, check-in/check-out, the balance sheet value of assets, assets payable, audit history, and transactions. Such information is captured in one program, and by doing this, companies can reduce expenses through loss prevention and improved equipment maintenance and reduce unnecessary equipment purchases, and they can more accurately calculate taxes based on depreciation schedules.
Fixed Asset Management Software is software that automates the process of tracking assets through the various stages in the asset lifecycle.
Fixed Asset Management software improves efficiency and financial strength in businesses by maintaining its existing assets while avoiding unnecessary equipment purchase and upgrades. Fixed Asset Management Software is vital in providing greater transparency in the following areas; due date of return of asset, check-in and check-out of asset, location, maintenance scheduling, depreciation, cost, and audit history.
Fixed Asset Management Software identifies the optimal asset management strategies and enables accurate business tax filling by using its automated features for providing depreciating asset value