Managing fixed assets differs significantly from managing current assets. It involves various processes to ensure efficient handling of fixed assets.
However, manual management of fixed assets can be challenging. Tasks like physical verification and tracking asset lifecycles manually are not only difficult but can also result in errors.
In such cases, utilizing fixed assets software can be beneficial. This software enables organizations to manage assets easily by digitizing documents efficiently in a centralized repository.
It is a superior method of managing fixed assets as it eliminates paperwork and provides accurate information about the status of assets through technology.
In this post, we will discuss key points to help you understand how to efficiently manage fixed assets.
Role of Fixed Asset Management Software in Efficient Asset Handling
Fixed assets software enables organizations to utilize automated technology for efficient management of fixed assets. This technology helps in tracking and monitoring assets, simplifying auditing and verification processes, and enhancing workplace efficiency.
It serves as a centralized system for managing company assets and streamlines management procedures by establishing rules and standard operating procedures (SOPs) to improve operational efficiency. Here are some ways in which fixed asset management software has transformed asset handling:
1- Asset tracking and lifecycle
A fixed asset management system provides the complete lifecycle history of assets, storing detailed information and financial history. It offers essential data to companies, enabling them to make informed decisions.
The software provides real-time data on factors like location to facilitate smoother tracking and movement of assets. It simplifies the process of transferring properties in a structured manner and ensures proper handling through continuous tracking.
2- Categorizing assets
The software allows organizations to categorize assets into various categories such as general assets, IT assets, furniture, machinery, etc. It also enables the creation of more specific subcategories like Air Conditioners for efficient viewing and management.
3- Barcode and QR code labeling
Automated management features barcodes and QR codes for labeling company assets, making tracking easier. Each code is associated with a unique asset, ensuring continuous tracking regardless of movement or transfer.
4- Auditing and physical verification
Automated management software simplifies auditing and verification of fixed assets by organizing, labeling, and categorizing assets in a centralized repository. This streamlines the audit and verification processes, making them quick and effortless.
5- Asset bundling and depreciation
A good fixed asset management system allows grouping similar properties and labeling them as parent or children components. This facilitates tracking depreciation amounts for specific components and ensures accurate depreciation calculations while complying with regulations.
6- Reminders and notifications
The software eliminates concerns about missing important dates or tasks related to asset management by providing automated reminders and notifications. It ensures timely completion of services, rent payments, contract renewals, and other crucial activities through dashboard alerts and email notifications.
Getting Started with a Fixed Assets Management Software
Getting started with fixed assets management software is straightforward. You can reach out to companies offering these systems through their website and fill out a contact form to receive a personalized software package.
Here’s a step-by-step guide:
- Visit the company’s (NewGen) website.
- Click on the “Contact Us” button.
- Provide the required information in the designated fields.
- Click on “Submit”.
- Wait for the company’s email.
- Upon receiving the email, collaborate with the software management team to tailor a suitable package for your company.
Conclusion
Automated fixed asset management software represents the future of company asset management. It enables tracking of assets from acquisition to disposal with complete visibility. The software facilitates efficient categorization and monitoring of assets for streamlined audits and verification processes.
By leveraging such systems, you can ensure seamless asset management with automated reminders and notifications for essential asset-related tasks.
