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Fixed Asset Tracking | Data Elements to be Collected

Fixed Asset Tracking | Data Elements to be Collected:

Fixed Asset Tracking |  Data Elements to be Collected

Tracking of Fixed assets is vital for organizations of all sizes. Any organization can benefit from attaining services from fixed asset management software which will assist in reducing costs, improving accountability, stabilize operations etc.

As there are many advantages of fixed asset management software, it usually becomes strenuous to determine which of the elements are relevant to maintain. Here, we’ve penned down 20 imperative elements to keep track on the fixed assets of your organization.

Given below are the 20 fixed asset data elements that can take your organization closer to its goal of a successful audit:

  • Useful life
  • Condition
  • Asset code
  • Purchase order number
  • Department
  • Vendor
  • Fund
  • Location
  • Acquisition method
  • Acquisition cost
  • Description
  • Employee Assigned
  • Serial number
  • Model
  • Purchase date
  • Category
  • Class

FIXED ASSET VERIFICATION, TRACKING AND ACCOUNTABILITY

For most organizations, Investing on fixed assets is a rigorous process and they can’t dispose the assets prematurely due to regrettable instances like misuse and theft. Fixed asset verification & tracking can help to safeguard the fixed assets and also ensure accountability right throughout the organization.

By keeping up-to-date records on fixed asset data elements, you can breathe easier knowing that your resources are being managed efficiently to the full extent.

FIXED ASSET TRACKING AND EFFICIENCY

Maintaining a record of asset characteristics is quiet essential in the lead up to increased organizational efficiency and a steady internal communication setup. This also helps in streamlining inventory and purchasing processes in future.

By maintaining all of the asset data in one place and doing asset verification, the organization can conveniently access information at any time, and can be rest assured that the information is up-to-date.

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