Tracking company’s fixed assets such as machines, equipments, furniture etc effectively is a mandatory task for every organization irrespective of its size, structure or industry. Managing these fixed assets, however, is a tedious and difficult task without a reliable system in place.
Assets that aren’t properly managed can get lost in the system, remaining unused or underutilized due to the challenging task of tracking the location, quantity, condition, maintenance and depreciation status. Moreover, tracking and maintaining assets in multiple locations can take its toll on organizations productive man-hours especially at the time of preparing for audit.
To overcome this challenge, a comprehensive system needs to be adopted by organizations to manage their assets and get the most out of them to maximize their efficiency. These systems are known as fixed asset management softwares. Leveraging a fixed asset management solution for managing assets and asset related data can streamline the process. Thus, facilitating more insights into your data, allowing you to focus on other important tasks.
Below are the 8 inevitable benefits of a Fixed Asset Management Software:
Organized Asset Data: A web-based asset management software can facilitate multiple users to access and maintain asset records in real-time, in a comprehensive single database reducing the need for maintaining multiple spreadsheets.
Regulatory Compliance: Government imposes heavy regulations on many small and medium-sized enterprises. In order to comply with these regulations, firms are required to efficiently capture and report data to certain regulatory boards. Asset tracking software helps your organization comply with regulatory requirements by managing information related to equipment maintenance, calibration, and testing. It streamlines your reporting requirements effectively by facilitating compliance and related reports in minutes.
Transfer of Asset Automation: There is a regular need for your assets to be moved and allocated to different locations and different teams at different point of time. Asset management software lets you see where your assets are and in what quantity to help you determine their allocation. It also lets you schedule asset transfer, making sure all your assets are being utilized in their best capacity without any delays.
Automate Depreciation Calculation: It is mandatory for organizations to produce compliant accounting reports. Asset management software like Eazy Asset calculates your asset depreciation automatically on annual or bi-annual basis according to the norms laid down by the government.
Ensure Asset Maintenance: Many times, companies fall behind in maintaining assets because of manual methods to track their schedules. Asset management software enables your organization to maintain good condition of assets by scheduling timely maintenance and making sure correct procedures are followed by employees while using them. It also enables you to keep a track on asset utilization and its downtime. This information enables your organization to schedule maintenance during its downtime to ensure maximum productivity.
Avoid Unnecessary Expenses: It is important to track an assets life cycle used in short and long term projects. By getting access to information such as the frequency of a particular assets utilization, timely maintenance can be scheduled which increases assets life and reduces unnecessary repair & maintenance cost. Such information also enables your organization to plan its replacement on time, effectively.
Improve Productivity: An asset management solution can help you keep track different items passing through your departments. Eazy Asset can also scan RFIDs automatically to log their movement helping your organization in saving time and improving productivity by focusing on more important tasks.
Save Time: Eazy Asset lets you access asset records easily or download the information required with its user friendly and customized reporting tool. These reports are generated within minutes, letting you save time in terms of generating reports and managing data. It also facilitates instant reports for auditing needs saving your time further.
Eazy Asset is a comprehensive and customizable management tool that cleanses and fortifies the fixed asset register to establish a strong foundation for effective fixed asset management. It provides the necessary data visibility to identify operational savings in many areas and avoid the risk of non-compliance with financial, tax and regulatory issues. It provides complete details of each asset available in the organization such as cost, useful life, user, location, department, cost centre, physical location, asset ID, physical ID, date of use and much more.