|
Fixed Asset Management Software
|
|
|
|
|
What is Fixed Assets Management System?
|
|
|
|
|
Fixed Asset Management system involves tracking of physical assets. All the transactions regarding your physical assets are managed and manipulated at this stage. Typically, we consider plants, equipments, buildings, furniture etc as fixed assets and when talking about the management of these assets, we include all the fixtures and depreciations as well.
|
|
|
|
Why do you need Fixed Asset Management Software?
|
|
|
|
|
|
Fixed assets Management system is an important concern of every company, regardless of size. Fixed assets are defined as any 'permanent' object that a business uses internally. Without an accurate method of tracking of these assets it would be very easy for a company to lose control of them.
|
|
|
|
Fixed Asset Management software allows companies to track what assets it owns, where each is located, who has it, when it was checked out, when it is due for return, when it is scheduled for maintenance, and the cost and depreciation of each asset.
|
|
|
|
The reporting option that is built into most asset tracking solutions provides pre-built reports, including assets by category and department, check-in/check-out, net book value of assets, assets past due, audit history, and transactions.
|
|
|
|
Benefits derived from implementing a Fixed Asset Management system Program include tax reductions as companies are able to reduce unnecessary capital expenditures as well as correct valuation for insurance purposes thereby minimizing premiums and rates.
|
|
|
|
Fixed Asset Management Software Benefits
|
|
|
- Track Assets information
- Maintain historical information and requirements
- Track record of depreciation and asset lifecycle management
- Tax reduction benefits
- Maintain audit history
|
|
Fixed Asset Management Software often integrates with:
|
|
|
- General Ledger
- Balance Sheet
- Expenses and purchase control
- Cash Flow Management
|
|
Functionalities you may need in the Fixed Assets Management Software module:
|
|
|
- Does it work with single account or multiple accounts?
- Can it process depreciation entries?
- Can it process end of life value?
- Can we use different depreciation techniques?
- Are there any standard reports with the system?
- Can the reports be customized?
- Does the system generate at-the-point reports?
|
