A fixed asset management software is a tool that allows you to track and manage your company’s assets. The software provides a detailed overview of all of your assets. You can view the assets’ location, condition, and maintenance schedules. If you’re managing a fleet of vehicles or equipment, it also accurately tracks mileage. It helps in calculating business expenses like fuel costs or road tax.
Benefits of Fixed Assets Software
Fixed assets software can help with asset management, capital expenditure planning and forecasting. Moreover, it also helps with depreciation calculations and asset maintenance. With fixed asset software, your company can effectively track its assets from a single platform. It allows you to manage your company’s assets efficiently. You can make informed decisions regarding their use and maintenance while avoiding unnecessary costs or risks.
A comprehensive asset software also allows companies to improve their business processes. It eliminates manual tasks such as tagging and scanning documents, which take up valuable time. You can use this time elsewhere in the organization.
Key Features of a Fixed Asset Management Software
Fixed asset management software is software that helps to manage fixed assets. It includes the following key features:
- Asset tracking
- Asset tagging and barcode scanning
- Maintenance scheduling and reporting
- Depreciation calculations and reporting
- Location management and condition monitoring, including temperature sensors, humidity monitors, etc. (where applicable)
The best fixed asset software will automate these processes so you can do everything in one place.
Asset tracking is critical to your business. If you do not monitor your assets, you’ll have trouble keeping tabs on their value and lifespan.
This means that asset tracking can be a challenge. Especially in large companies with many different departments and teams working together across multiple locations, it becomes problematic. However, with asset software, you can track your assets with each.
- Tagging assets is a way to organize them by location, type, department, and more.
- Tagging assets in real time allows you to keep track of assets that are in use.
Asset Maintenance Schedule
A good asset maintenance schedule should be updated regularly and made accessible to all employees. The maintenance schedule should also be as simple to use as possible.
Here’s an example of a good, basic asset maintenance schedule:
- Date/Time Period (Weekly, Monthly etc.)
- Asset Name/Type/Make/Model Number
- Condition at Start of Period (Excellent, Good, Poor)
This is where you rate how well the asset is currently functioning based on its age, wear and tear and other factors like this. If it’s rated poorly here, then it will get checked more frequently in later steps on this list! This way, you can ensure that it doesn’t lose any value before buying another one when needed. If possible, try not putting down too much effort into this step, though, because those costs aren’t worth paying off right now either way.”
Asset Depreciation and Reporting
The software helps allocate the cost evenly over time, reducing the impact on cash flow. Depreciation can be done using either a straight-line method or an accelerated method. The most common method used is straight-line, which is also simple and easy to understand.
The following are some of the benefits of implementing fixed assets software;
- Improved internal controls
- Streamlined inventory processes
- Accurate reporting
Asset Condition and Location Management
The condition and location of your fixed assets are critical for the success of your business.
- Having a good understanding of the condition of your fixed assets is essential for making smart decisions. By using a software solution that allows you to accurately categorize each asset’s condition into one or more categories, you can easily identify which assets should be retired first. It helps you free up funds for other projects.
- Keeping track of all your physical equipment at any given time can help prevent accidents due to misplacement. It also allows employees working remotely to access it when needed via mobile devices without having an issue getting access.
Capital Expenditure Planning and Budgeting
Fixed asset management software should be able to help you plan and budget for capital expenditure. You need to know how much money you should spend on new assets, and these software systems will help you determine the right amount of money to spend. The fixed assets management system will also help you plan for the future. So, capital expenditures are not made without careful consideration.
Dashboards & Reports
Dashboards and reports are critical in an organization. They help the business owners, managers, and employees keep track of their fixed assets. There are different types of dashboards that you can find in the market, such as;
- * Basic dashboard, which is used for basic tasks like getting a real-time update on your fixed assets
- * Advanced dashboard, which gives more information about the fixed assets like depreciation cost and expense for each type of asset.
Additionally, there are also different types of reports you can get from this software, such as;
- * Monthly report provides an overview of your company’s financial condition during the month. This report helps monitor your company’s performance by comparing actual versus budgeted results.
- * Yearly budgeting based on expected sales volume & profit margin percentage
Finding the Best Software for Your Business
Check the Features of the Software
There are many ways to do this, such as looking at a company’s website or calling them directly.
Check the Price of the Software
You can get an estimate by asking for a consultation before purchasing any fixed assets software. You can also request an online demo that lets you test out its features without cost.
Check Customer Reviews of the Software
Customer reviews are vital because they tell you what other people think about it. It gives you an idea about how well-received it is across different industries and businesses. However, there are some things to keep in mind when reading them.
A review’s rating doesn’t always indicate whether it’s good or bad (it depends on what kind of review). If someone gave five stars but didn’t explain why they liked it so much, then chances are high there might be something wrong with their experience. Some reviewers may not understand how certain pieces work together. So, their feedback may not always be accurate when applied elsewhere. They might have only tried one part without having complete knowledge about everything else.
With this blog, we hope to give you an overview of the most important features of fixed assets management software. You can use this information to make a better selection when looking for a solution. If you need the perfect solution for your asset management, SMACC is your go-to option. It can manage your assets with no hassle.