Top 5 Reasons to choose Fixed Asset Management Systems
Assets are building blocks of every organization. Utmost importance is required to track assets. Most of the organizations rely on either spreadsheets or manual methods to save data related to assets. It causes potential issues including errors in the tracking of procured assets, missing of asset assignee information. The calculation performed on this incorrect data creates a severe damage. Fixed asset management system accurately tracks asset using RFID & Barcode technology. Physical verification is now made easy and develops customized reports, eliminates ghost assets, reduce pilferages and it provides options to update asset information regularly.
Each asset has its’ definite set of labels, it includes procurement details, asset quantity, depreciation rates, receipts, maintenance schedules, and the pattern of use. Recording these attributes is very important to estimate asset life and increase asset efficiency. Fixed asset management software provides an option to save all these details related to the asset. It reduces asset downtime, enables easy physical audit; the organizations can have great control over assets.
Organizations are bound to calculate depreciation of assets in accordance with policies defined by the government. Companies Act 2013, India & Income Tax Act, India are few such policies. It is a difficult task for an organization to stay religiously update with these policies. Usage of spreadsheets & legacy systems results in error-prone calculations. FAMS enables calculating accurate depreciation of assets in adherence to various policies and generates required reports. Customize compliance to various accounting principles & jurisdictions.
Maintenance of assets
Registering and maintaining up-to-date records on all asset related problems, users can immediately identify assets under warranty, maintenance support details and the performance history of each asset. The user will have the ability to look at the past, current and future maintenance plans for an asset or groups of assets. These systems help in reducing maintenance cost, notify warranty & insurance premium timelines. Better conservation of assets results eliminating premature replacement of machinery and equipment. Timely, routine repairs can avoid large-scale repairs.
Fixed asset management systems provide high security by creating structured workflow. At the organization level, access is given to an individual or group based on organization’s requirement. FAMS create transparency with and generates necessary reports. It gives top-level management a great control over the assets present in organization.