Fixed Asset Management SoftwareWho needs asset management? And is it crucial for your business? Your assets are essential to effectively and successfully running your business, so asset management is completely necessary. The National Facilities Management & Technology Conference statistic shows that 80% of workers waste about half a day retrieving information. Wasted time is paid in income loss, which you can avoid by investing in asset management software.
Asset management software streamlines all your operations making it easier to monitor, track, and maintain your assets. Keep reading to learn more about asset management software and how you can select the best software for your business to ensure efficiency.
What Are Fixed Assets?
Fixed assets refer to any significant assets used in everyday operations of running your company to generate income through the production of services and goods. Fixed assets are typically long-term assets that cannot be consumed, sold, or converted into instant cash. They often appear in physical form and can include equipment, property, and land.
Intangible assets such as patents and copyrights can also be considered fixed assets. Other forms of fixed assets found in a business include fixtures and furniture, vehicles, office equipment, machinery and equipment, and infrastructure. Your fixed assets will appear under current assets on the balance sheet in terms of accounting.
What Is A Fixed Asset Management
Fixed asset management refers to maintaining and tracking your company’s equipment and physical assets. It is crucial to monitor your assets, especially if you rely on them to produce services and goods to generate income.
Data compiled by MarketsandMarkets shows that the asset management system market is expected to grow to more than $27 billion by 2025. More industries worldwide have realised that they need to keep equipment downtime to a minimum to achieve top performance. With fixed asset management software, you can easily and regularly monitor your equipment and scheduled maintenance on time, which helps you eliminate the need for downtime.
It is essential to use fixed asset management software to ensure successful asset management. It also offers you the tools to efficiently manage your fixed assets by giving users different features and functions. When it comes to managing assets, each business will have different goals of managing its assets. These goals may include increasing the operational output, improving production efficiency, monitoring the equipment, reducing maintenance costs and unplanned downtime, and real-time tracking.
Fixed asset management allows your organisation to improve the lifetime value of the assets and ensure they stay in excellent condition. According to recent statistics from the Retail Wire, retailers worldwide lose revenue due to overstock and out-of-stocks. The average retailer experiences a 4.1% loss of income due to being out-of-stock and a 3.2% loss of revenue because of overstocks. With fixed asset management software, this will no longer be a problem.
Benefits Of Fixed Asset Management
Fixed asset management is essential for your business for different reasons. By managing your assets, you can maximise the value of your investments. Here are the benefits of fixed asset management:
- Reduce loss and theft: It is not uncommon to lose your assets now and then either because of theft or human error. With an asset management system, you can log in the asset theft for clerical reasons, and it will also be helpful to keep an account of the incident for insurance purposes.
- Equipment maintenance: Better maintained equipment is equivalent to productive operations. With an asset management system, you no longer have to forget about servicing dates as it reminds you, ensuring you do not void warranties.
- Reducing costs: Your company loses money when operations are not running seamlessly. With a fixed asset management solution, you will know when assets require maintenance or when the equipment is outdated, saving you future costly repairs. Proper asset management can help your organisation stay on budget.
- Centralised information: You can use fixed assets for several years, so it’s best to have a fixed asset management system to ensure the documents are centralised.
- Track assets in real-time: An asset management system allows you to monitor and track your assets in real-time. It makes it easier to avoid theft or misplacement of assets.
While fixed asset management can offer your company multiple benefits, it also has its challenges, including:
- Large volume of data: It can be challenging and tedious to constantly monitor and track assets as fixed assets are used for a long-time by the organisation. Their value may depreciate over their lifetime, and the data on these will keep increasing quickly.
How To Choose The Best Fixed Asset Management Software
Here is how to choose the best-fixed asset management software:
- Start by identifying your organisation’s requirements
- Have an implementation team that will help you select vendors
- Use a search engine to look up the different asset management software
- Scan the different options you will find in your search
- Take your time to evaluate your preferred fixed asset management software using your data
Fixed asset management is vital for your business, and it can significantly scale your operations. It helps streamline processes and ensure you are on top of things. It would be best to ensure that you purchase the proper fixed asset management software for your business to reap the benefits.
At ASP Microcomputers, we offer fixed asset management solutions. We offer a range of solutions you can select from depending on your business goals. While we predominantly cater to the Australian market, we provide our solutions worldwide.
We offer different solutions to businesses across various industries including Inventory Management, Portable Barcode Readers, Supply Chain Management, Time and Attendance and Asset Tracking to name but a few.