PUBLISHED: June 10, 2022
Monitoring company’s fixed asset can be a challenge to many companies and managing it manually can bring harm to the company. That is why nowadays, companies opt to reliable yet cost-effective fixed asset management system to help them properly monitor their fixed assets. Before diving in on how a fixed asset management system can greatly affect business’ overall operation and success, let us first define fixed asset.
Fixed Asset can usually be seen on the balance sheet as PPE or property, plant, and equipment. These are tangible assets that provides benefits to the company that lasts over a long period of time. Some samples of these assets are lands, machinery, hardware, vehicles, tools, and furniture.
Fixed Asset Management System
Is an automated system that tracks, monitors, and improve the company’s physical assets. With a fixed asset management system, the company can easily oversee assets acquisition and disposition, track assets from different locations, automate depreciation value and document the overall lifespan of such assets.
Benefits of Having Fixed Asset Management System
Fixing and managing a company’s asset is sometimes painstaking that is why identifying the right fixed asset management system and its benefits for one’s company is important.
- Quick and Easy Management – in just a few clicks, be able to manage the company’s asset and determine which needs to sold, depreciated, and acquired.
- Streamline Process – have a 360-degree view of the company’s overall asset health.
- Improved Security – never have to worry about data breach with multi-factor authentication to guard the company’s data.
- Accurate Reporting – generate timely and relevant reports that are ready for presentation and analyzation.
Having a fixed asset management system is definitely a must-have for companies especially now that digitalization is rising up. Incorporated with a government compliant accounting system, this will absolutely take one’s business to whole new level.
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