By -

Fixed Assets Management Software

Organizations face a significant challenge when tracking the condition, maintenance, location and depreciation of their fixed assets. There is a simplified approach that organizations use in tracking fixed assets which is by using serial numbered asset tags that labels, often with barcodes for easy and accurate reading. No matter the size of an organization, tracking assets is an essential concern for every company because, without an accurate method of keeping track of assets, it would be straightforward for a company to lose control of them. With the continuous technology advancement, asset tracking software is now available that will ensure effective tracking of valuable assets of any organizations.

What is Fixed Asset Management?

Fixed Asset Management is an accounting process that ensures tracking of fixed asset for financial accounting, theft deterrence, and preventive maintenance. Asset tracking software allows companies to track all assets in all categories such as where assets are located when it was checked out when it is due for return when it is scheduled for maintenance, the cost, and depreciation of each asset. With effective fixed asset management, companies will be able to reduce new and unnecessary equipment purchases, and can consequently calculate taxes accurately based on depreciation schedules.

 Importance of Fixed Asset Management

1.       Managing maintenance and repairs: Keeping track of the maintenance requirements that keep a company's valuable assets in perfect working condition is not an easy task, but with fixed asset management, all assets will be tracked effectively and efficiently.
2.       Depreciation: All assets will depreciate over time so there is a need to monitor the status and current value of your company’s assets, whether it is an asset that will remain in the company for a long period or an asset that have to be moved from one location to another.
3.       Cost reduction: Fixed asset management software ensures that your assets are maintained most cost-effectively. This could potentially save money by providing time to plan out the tracking down and find the most cost-effective options.
4.       Improved efficiency and accuracy: The full implementation of effective fixed asset management enables companies to access real-time data about how each asset is functioning. It will evaluate the lifestyle of assets and as well measures performance and efficiency.
5.       Increased security: With the help of fixed asset management, it is much easier to store and track data accurately which makes it easier to minimize the chance of human error and consequently, ensures that only authorized personnel can view sensitive information of the company
For every company that sees its asset as the main component of its operations, it is essential to have a clear picture of the overall value of its holdings by tracking all fixed and movable assets with a useful fixed asset management software. One of such software includes that from facts.ae.
Tracking not only helps companies in understanding the current value of its fixed assets, but it also helps in planning routine maintenance to maximize the lifespan of high-value assets.

Comments

Post a Comment

Popular posts from this blog

What are the benefits of HR software?

By -
Image
  What are the benefits of HR software? Unsure whether to take the plunge and invest in HR software ? With so many kinds of tech out there, it can be difficult to work out what will benefit your business the most. Read on to learn more about HR software and the benefits of human resource management systems. Why HR software? The most valuable and important resource in your company is not your office building or your warehouse, it’s the people who work there. That’s why it makes good business sense to look after your employees and help them work at their best. As Richard Branson famously once said: "Look after your people and they will look after your customers. It's that simple".  HR software makes managing people simple, saves you (and everyone else) a lot of time. Spending less time wading through manual admin and you can focus on the things that keeps your employees happy and focused on the job at hand. What is HR software? At its simplest, HR software – so
Read more

How to efficiently manage your resources through HR software on Work from Home Policies

By -
Work from home or remote working is an agreement between employees and company or office from a non-office location. In the recent Covid 19 pandemic issues it is advisable to work from home. The major concern of a company is how to monitor the output of an employee in this situation. Definitely, a good Human Resource or Capital Management (HCM) can helps a lot in this situation. The key is to create better work from home policies that sets the goals and clear objectives.   Policies and communications helps the team to be connected and productive if they are away from the office. FactsHCM can easily help in this scenario, as a subject matter expert and a dedicated HCM solution . FactsHCM can play a pivotal role in this. Designed as per the industry-accepted standards FactsHCM easily manages the entire organizational requirements and answers to your problems.  FactsHCM turns your tedious work from home issues into a few clicks. FactsHCM also ensures government compliance
Read more

What are the Tips to select the right ERP?

By -
Image
  Today making purchase seems to be easier than ever before, click on website, scroll, pay, and they are on your doorstep. It's not quite easy, though, when you are buying enterprise software. Here are 8 tips to help you buy the right technology vendor for your company. Tip 1: Support matters, it matters in the new shoes you bought online and it matters in software and service you are looking for a partner whose product experts take pride in keeping your technology running and your company humming and it’s all predictable when vendor focuses on 1 version of the product. Tip 2: Service begins day 1: That means looking for a partner who will take responsibility getting you live on time and on budget and make sure your vendor is having equally high standards. TIP 3: Simplicity goes a long way: multiple versions and messy integrations, but it doesn't have to be like this. Look for a partner who offers single software for all of the customers. A concept of 1 again goes a
Read more