What is fixed asset management and how to choose the best fixed asset management software?
For a business to run efficiently, it needs some sort of fixed assets. The number of fixed assets will grow as the business expands. The majority of the time, the amount of fixed assets a company holds is used to estimate its value.
A company’s fixed assets assist in a variety of ways, including generating income, raising the value of the company, obtaining liquidity, and more. Consequently, good fixed asset management is crucial for every firm.
Nowadays, the majority of businesses employ fixed asset management software to manage their fixed assets.
What is fixed asset management?
Tracking, observing, and maintaining a company’s physical assets and equipment is known as fixed asset management. All kinds of equipment, computers, furniture, vehicles, trucks, elevators and other items are included in the fixed assets.
A company keeps track of the equipment and vehicles’ operational status through fixed asset management, which reduces equipment breakdowns and downtime. Inventory that has been misplaced or lost can be quickly discovered when the assets are properly tracked. And that raises the asset’s lifespan worth.
What is fixed asset management software?
Fixed asset management is extremely complicated, particularly for multinational corporations and businesses with large inventory. Developers have therefore created the ideal solution, known as FAM software, to make the process simple.
With complete visibility into the management process from acquisition to disposition, the program enables business owners to manage fixed assets. Additionally, it guarantees compliance through regular audits. You can create reports on asset status using the software.
Each FAM software, however, is unique and serves various business needs. So, when selecting the software for your company, you must be very careful. Make sure the software you choose has the features listed below.
Important features that you have to look at when choosing a FAM software
The FAM software you choose will provide excellent asset management for your company if it contains all of the capabilities listed below.
- The administration procedure must be made simple by the FAM software. Real-time information about all fixed assets should be provided, including cost tracking, problem detection, schedule maintenance, asset monitoring, asset accounting, and more.
- An effective inventory management feature that tracks the tools, equipment components, and other supplies that are shipped out of the warehouse should be included in the software. It must oversee the distribution of inventories, transfers, replacements, billing, cycle counting, and multi-site administration.
- For audit trail purposes, the software must provide complete information on asset status, history, and location.
- It ought to offer a solitary input interface to allow for the quick insertion and updating of assets.
- In order to make it easier to recognize the parent/child relationship of the assets, the fixed assets in the program must be organized in hierarchies.
- The software must primarily support mobile devices and integrate with other programs. Because doing so will make business owners’ use of the software more effective. Additionally, you will be able to view real-time data from any device at any time with mobile access.
- A work order management feature that centralizes the work requests and gives visibility to the whole maintenance staff is a requirement of the software. Additionally, this feature speeds up response times and boosts productivity. Additionally, the feature allows for the development, scheduling, fulfillment, and maintenance of work orders.
- In the FAM software you select, analytics and reporting capabilities are a necessity. They allow you to monitor asset performance and identify issues more quickly.
A firm needs fixed assets since they can produce income for the company. You can monitor malfunctions and downtime, reduce lost goods, and more when you manage the fixed assets. Determine your business needs before selecting FAM software, and make sure the program has each of the features provided 9xflixcom.