What is fixed asset management?
Fixed asset management is the process of planning and controlling the acquisition, operation, maintenance, replenishment and disposal of organizational assets. This process improves asset delivery and reduces the costs and risks involved, and ensures adequate maintenance and proper deployment of systems, individuals and operations as a positive capital enhancement throughout the asset's life cycle.
Fixed asset management is also the process of tracking and maintaining an enterprise's physical assets and equipment, organizations frequently use barcodes, QR codes or RFID to help track its assets as they are easy to scan and use with mobile devices, and asset types include vehicles, computers, furniture and machinery.
How does the fixed asset management software work?
Fixed asset management software works by allowing you to register individual asset profiles, these profiles are unique assets and mirror, so, if you use fixed asset management system to manage IT assets, each laptop, phone and computer will get their own profile.
After that, you will be able to distinguish tangible assets with asset tags, in this way you will be able to accelerate edits on asset data and maintain the fixed asset register in a better and more transparent manner. Each time you scan an an asset sign, the last site seen will be updated as well as the user who scans the tag, will open the asset profile, and be ready to edit.
Fixed asset management objectives
Organizations should implement and follow best practices for managing fixed assets in order to achieve their objectives. Fixed assets management objectives include:
1. Tracking and protecting fixed assets
The fixed asset management system is used in financial accounting to keep asset records and balance sheet up to date, this is very important for budget, forecasting and asset consumption accounts, also expensive fixed assets, so theft is often a real concern, and this is one of the reasons why fixed asset management solutions offer specific asset tracking features to monitor asset location.
2. Increased efficiency
The fixed asset management system allows optimal working conditions to be maintained through proactive maintenance schedules. Maintaining assets in good operating condition is a major part of fixed asset management. Routine maintenance is necessary to avoid unforeseen failures that shorten the life of assets and cause operational problems. The fixed asset management system also contributes to
Increasing machine operating time, avoiding machine failures through proactive actions reduces machine failure time and improves machine availability and reliability.
3. Regular monitoring
Regular asset control alerts management to insufficient use of machines and performance problems. In this way, early remedial action can be taken to increase the overall equipment efficiency and asset utilization rates, and continuous monitoring and maintenance helps keep assets in good condition.
4. Increased productivity of investments
Fixed assets such as servers, transportation trucks and elevators require significant capital investment, and may form a large part of the company's net value. In some companies, up to 40 percent of the investment goes to purchase equipment and vehicles, and the better and more effective the company manages its assets, the more likely it is to maximize value from these investments.
Features of the Fixed Asset Management System from Fekrait Software
The fixed asset management system makes it easier for you to keep track of the multiple aspects involved in the process. Here are some of the benefits offered by the fixed asset management system of a software enterprise, otherwise many benefits:
1. Storage of all asset data
The fixed asset management system can not only store information for you, but also organize it in a way that you can easily look at when you need to find specific asset data quickly.
2. Facilitation of audits and reporting
When your company faces an audit, you must be ready to provide asset information at any moment, If you don't have this information ready in advance, your team may be left scrambling to get it together and maybe end up doing sub-standard work, However, already compiling this information into a database will make it easier for you and the relevant departments to put together asset reports and quarterly valuations.
3. Asset allocation
The Fixed Asset Management System shows you where your assets are at any time and helps you identify the difference you need assets on any day, allows you to get all your information in one place scheduling the use of equipment and making sure that no one is left without the tools they need to accomplish the task. Fixed assets remain in best condition when properly managed.
Using the asset management system of Fekrait Software, enterprises can also:
- Tracking and control of fixed assets
- Supervision of equipment and machinery in multiple locations
- Lower maintenance costs
- Improved operational efficiency
- Maintain a record of retired, sold, stolen or lost assets
- View your fixed asset register
- Preserve your fixed assets
- Monitor how your assets are used and where they exist
- Making better business decisions than fixed asset data
Conclusion:
Digital tools make fixed asset management a lot easier, so buying a fixed asset management software that is capable of doing so is also a long-term investment, but the fixed asset management system must be selected based on an accurate analysis of the organization's needs and budget, a system that offers important features, in particular the fixed asset management system of an IDEA software organization that we address for its features.
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References:
1. << Software market growth engines
Fixed Assets >>, economica
2. << Global Capital and Fixed Assets Guide 2024 >>, ey
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