10 Benefits Of Implementing A Fixed Asset Management Software Solution

Maintaining complete, accurate, and up-to-date fixed asset records can be a challenge, and when preparing for an audit, you may feel like you need a task force. However, leveraging a fixed asset management software solution for managing these assets and the associated data can streamline the process, provide you more insight into your data, and ultimately allow you to rest easier. Here are 10 ways a fixed asset management software solution can help you:

  1. Increase Organization of Asset Data: a web-based software solution can allow multiple users to access and update asset records in real-time, in one single, comprehensive database. No more multiple, messy spreadsheets.
  2. Maintain More Detailed Asset Records: leverage user defined fields and customizable options when implementing a new asset management software solution to ensure your organization is equipped to capture all necessary asset data.
  3. Save Time Preparing Reports: easily access asset records or download the information you need with user friendly reporting tools. Solutions which allow you to create customized reports can save even more time and make managing your data even easier.
  4. File Reports on Time: instantly run reports that meet the needs of your auditors. With a robust reporting tool, this might mean no more having to manipulate spreadsheet data to create reports for your auditors.
  5. Automate Depreciation Calculations: produce compliant accounting reports with less stress. By leveraging an asset management software solution with accounting functionality, you can properly depreciate assets over their useful life and hopefully, help avoid receiving a qualified opinion on your next audit.
  6. Easily Manage Change Requests: solutions which allow you to create an approval process to manage asset change requests and provide a complete, auditable history can prove valuable during an audit.
  7. Automate the Transfer of Assets: using a fixed asset software solution with e-mail notifications, flexible approval routing and which incorporates your own business rules can help enforce compliance, increase efficiency and eliminate errors and delays when it comes to transferring assets.
  8. Maintain Current Condition of Assets: by tracking asset condition and maintenance with easy to use logs can help you gain an accurate picture of your fixed assets and better budget for their replacement.
  9. Assign Asset Owners: know exactly who to go to when there are question during the inventory or auditing process.
  10. Keep documents organized: upload documents like purchase orders, insurance policies, user guides, and images to have all necessary information in one place.

If managing fixed assets for property control or accounting purposes is a challenge for your organization, an asset management software solution may be right for you. To speak with an expert in more detail about using a fixed asset management software solution, please feel free to contact us at any time (info@assetworks.com).


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