Fixed Asset Management Software: Pick the Right Program to Manage Assets
Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventative maintenance, and theft deterrence. Organizations face a significant challenge to track the location, quantity, condition, maintenance and depreciation status of their fixed assets. A popular approach to tracking fixed assets uses serial numbered asset tags, which are labels often with bar codes for easy and accurate reading. The owner of the assets can take inventory with a mobile bar code reader and then produce a report. Off-the-shelf software packages for fixed asset management allow you to replace your old spreadsheets and manage your fixed assets and asset depreciation proficiently saving you time and money.
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Key features of Fixed Asset Management Software
Asset Details. Track codes, purchase price, insurance details, warranty periods, service logs and salvage values. Track ongoing costs associated with keeping the asset and add your own notes or create customizable fields.
Fixed Asset Types. The ability to create lists of all different asset types that can be grouped quickly and easily. Asset groups can have individual depreciation methods.
Disposal. Track and dispose of assets tracking depreciation and salvage values.
Fixed Asset Register. Allows for the complete tracking of Fixed Assets where you can choose between multiple depreciation methods, including No Depreciation, Straight Line and Declining Balance.
Service Log. Assets can be maintained and tracked with a service log and service schedules recorded.
The benefits of Fixed Asset Software
Save time and money.
Reduce theft and losses.
Prevent the over-payment of depreciation taxes and insurance.
Reduce the risk of regulatory non-compliance.
Improve planning and budgeting functions.
Establish an accurate baseline of fixed assets.
Eliminate 'ghost' assets.
Provide an interface with a bar code scanner and thus enable the printing of labels with bar codes.
Track asset assignment and returns with an employee.
Integrate capex purchases via the accounts payable facility to the assets register.
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