Realizing Why Fixed Asset Management Software Matters

By May 29, 2017Asset Tracking, Blog

Realizing Why Fixed Asset Management Software Matters

When you are in charge of multiple projects, fixed assets take center stage in the process. Whether a small business or a large corporation, your workflow preparation for any project of any size starts as soon as you close the deal. With so many different tasks to accomplish, it’s imperative that you have the assets in place and ready to go to get the job done. Having the right fixed asset management software in place is one of the best decisions any company can make. It streamlines what used to be a complicated and time-consuming process.

In any job, being organized is always important. Employees need to know what tools or equipment is needed to get the job done in a timely manner. Not everyone knows where the necessary tools are, who has them, when they might be returned and the condition they are in. When time and money are of the essence and co-workers or customers are depending on you, fixed asset management software ensures that you always know where your assets are.

The best way to organize businesses of any size is to track every moving piece of the puzzle right from the moment it enters the workplace. Fixed assets are tangible items that a business owns and expects to use in its operations for a significant amount of time. These items are essential to the business and are important to safeguard and maintain. There are many different fixed asset management systems available. In the search for the right fit, the selected software should provide basic information about a company’s fixed assets such as:

  • Location
  • Check-in and check-out
  • Anticipated return date
  • Maintenance schedule/history
  • Audit history
  • Cost
  • Depreciation

Once you have this data available to view anytime from anywhere, all the other asset management pieces fall easily into place. Fixed Asset Management software saves companies two very important things – time and money. And for its employees, it gives them accountability and a sense of responsibility.

Today’s asset management systems allow for greater transparency for businesses looking to boost the bottom line and run more efficiently. Companies are finding numerous benefits to implementing fixed asset management software in various divisions of the business. From a reduction in employee theft to assistance with recovery after a disaster (natural or man-made), fixed asset management even improves the budgeting process and eliminates duplicate spending. Other additional benefits include:

Elimination of costly errors. Fixed asset software automates workflow processes and reduces errors due to manual data entry typically found with handwritten ledgers or electronic spreadsheets. This increases visibility into various actions, such as transferring assets, adding or disposing of assets, tracking depreciation and managing inventory.

Easy integration. Fixed asset management software systems now integrate directly with other accounting modules, allowing for seamless data transfer between applications.

Tracking an asset’s lifecycle. Tracking assets throughout their lifecycle provide businesses with an accurate audit trail and financial record from the moment it is put into use. The data recorded acts as a secure database, storing all asset-related information in one searchable location that is accessible by all allocated users.

Asset Panda is a cloud-based fixed asset management software solution. We leverage a powerful platform tied to free mobile apps to deliver a state-of-the-art, simple and secure way of managing your fixed assets. The apps are simple and easy to navigate allowing our clients to deploy them at every level of the organization.

Asset Panda helps you keep track of where your assets are located, the check in/check out status, and builds a service history for each piece of equipment for future auditing purposes. Completely customizable, clients are entitled to an unlimited number of users and may add specific details in their custom entries. The depth of this information empowers clients to make better, more informed decisions, eliminates guesswork and costly errors, and cuts down on wasteful spending.

Give Asset Panda a try free for 14 days, and discover what impact fixed asset management software has on your organization’s daily operations. For more information, go to assetpanda.com.

 

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