Managing fixed assets is a lot different than current assets. You have to perform different things in order to manage fixed assets efficiently.
However, managing them manually can be a little tough. Performing procedures like physical verification or tracking the lifecycle of assets manually is not only tough but can also lead to errors and mistakes.
In such a scenario, using fixed assets software can be useful. This software solution allows organizations to easily manage assets with efficient digitization of documents in a unified depository.
This is a far better method of managing fixed assets as it eliminates paperwork and utilizes technology to give accurate details about asset status.
In this article, I’ll go over some main points to help you understand how it’s done efficiently.
Let’s start!
Role of Fixed Asset Management Software in Efficient Asset Handling
Fixed assets software allows organizations to use automated technology to manage fixed assets in an efficient way. Using this technology, organizations can track and monitor their assets, making auditing and verification processes simpler while improving efficiency in the workplace.
It acts like a centralized system for managing company assets and streamlines the management procedures. It also lays down rules and SOPs to increase the efficiency of all business operations. Here are some ways in which fixed asset management software has revolutionized the way assets are handled:
1- Asset tracking and lifecycle
A fixed asset management system will give you the whole lifecycle history of the asset. It stores detailed information and the financial history of the property. It provides important data to companies and helps them to make smarter decisions.
The software offers real-time data related to different factors such as location to make tracking smoother. It makes it much easier to move and transfer properties in a certain order. It also maintains tracking so that employees can ensure that they are being handled properly.
2- Categorizing assets
The tool allows organizing assets in different categories including general assets, IT assets, furniture, machinery, etc. Besides this, the option of creating more specific division categories such as Air Conditioners, etc. Categorizing in an organized way will let you view and manage them more efficiently.
3- Barcode and QR code labeling
One of the smartest features of automated management is the use of barcodes and QR codes to label company property. The barcodes and labeling make tracking a lot easier. Since each code is associated with each unique asset, it allows a continuous track regardless of any movement or transfer.
4- Auditing and physical verification
Auditing and verification of fixed assets of companies are very important. This auditing has become a lot easier with automated management software. As everything is labeled, organized, and categorized on the centralized repository, audits and verification can be done quickly and effortlessly.
5- Asset bundling and depreciation
A good fixed asset management system will let you group many properties of a similar kind and label them as parent or children components. By doing this, one can easily track the depreciation amounts for particular components. It also makes sure there are no errors involved during the calculation of depreciation. The software with its integrated rules will automatically take care of the regulatory compliances and calculate the depreciation.
6- Reminders and notifications
With this software, there’s no need to worry about forgetting dates and services important to asset management. It helps avoid being late for services due, payment of rent, renewal of lease of contracts, or any such issues. The system will automatically display the reminder on the dashboard when entering all the necessary details on the acquisition of the asset. It also notifies the user via email so that you never miss important dates.
Getting Started with a Fixed Assets Management Software
Getting started with general fixed assets management software is easy. Usually, you have to contact the companies offering these systems to people. They offer a proper contact form that can be filled out and submitted. Later on, the company contacts you to offer a personalized software package.
Here’s how to do it:
- Open the company’s (NewGen) website.
- Click on the “Contact Us” button.
- Input the required information in the designated sections.
- Now, click on “Submit”.
- Wait for the company’s email.
- After receiving the email, create a proper package for your company with the assistance of the software’s management team.
Conclusion
Automated fixed asset management software is indeed the future of company asset management. It helps you to track your assets from acquisition to disposal with end-to-end visibility. It also allows you to efficiently categorize and monitor assets for streamlined audits and verification.
By using such systems, you can ensure seamless management with automated reminders and notifications related to asset procedures.
