3 Bottom Line Benefits of a Fully Automated Fixed Asset Management System
Are you currently using a partially automated Fixed Asset management system, or worse yet, still relying on manual, cumbersome spreadsheets to keep track of your organization’s assets? In this current day and age, any company (including small businesses) that want to stay competitive can benefit from using Fixed Asset software.
Fixed Asset management software automates, executes, and maintains all operational tasks that need to be carried out. This way, any downtime is avoided, errors are curbed and minimal supervision is required.
Some tasks carried out by Fixed Assets include:
- Location tracking, which can also contribute to higher security
- Financial calculations such as taxes and depreciation
- Maintenance records, which include insurance and warranties
Fixed assets have a long-term span and if managed properly they can bring profits for an extended period of time. At the same time, if not managed properly they decline over the years due to usage over time and cause higher costs in maintenance and failure.
In order to achieve the maximum output from these assets over their life span, businesses must accurately track their depreciation and incorporate preventive and predictive maintenance. This is where fixed asset management software can help.
Time is one of your company’s most valuable assets, and ensuring that all fixed asset and operational tasks are maintained via competent software will give you and your employees that time back to focus on more strategic duties – something that is absolutely vital to stay ahead of the business game.
Does all the mundane (yet highly critical) tasks for you
With a modern, fully automated Fixed Asset system, every stage of the operation transitions smoothly and quickly as there is no need to rely on somebody to do so. From receipts to dispatch, every aspect of the process is completed in a timely manner, including the retention of important information that can be of use during special occasions (e.g. warranties or insurance documents for certain assets, which could be used for compensation in the event of damage.)
Reduces bottlenecks – and perhaps an overhead or two
With the bulk of mainstream operational tasks now being taken care of by your Fixed Asset system, your employees are now free to pursue other duties, specifically those that require deeper thought and strategy. Most of these strategic activities may have been taking a backseat due to daily operational duties, and now your employees will finally have sufficient time (and energy) to embrace them to take your company to greater heights.
Uses stored data for reliable insights
No matter which method you use to track your assets (RFID, QR, NFC, or barcodes), all fixed asset systems are capable of maintaining your assets round-the-clock and providing real-time access/updates. Fixed Asset systems also serve as repositories of valuable data that can reveal the health of your business, and modern software now comes equipped with reporting functionalities that are customizable, based on your needs.
Although you’ll probably deploy Fixed Asset software to execute smooth operations in your business, the reporting system can aid you across the board – from sales to legal, depending on the statistics divulged.
Latest Trends in the Fixed Asset software
These are the latest trends in the fixed asset software market:
SaaS Software is being developed as a web-based platform for fixed asset software. These SaaS software are available for a monthly subscription fee. One of the major advantages of these platforms is the cost-saving in upfront costs and IT infrastructure.
Since different industries have their specific needs, fixed asset software vendors are providing customized Industry-specific solutions in their software systems. You can compare and choose the fixed asset solution that is more relevant to the needs of your business and opt out of the features that you don't require for your business.
Leading fixed asset software benefits the Tax compliance for your company on all levels. The pre-configured features help you take full advantage of the potential tax breaks from state, federal, and local regulations.
Fixed Asset software features
Some of the key features of the fixed asset software that you look for while comparing them are
- Asset Lifecycle Management
A fixed asset management software tracks the location of the asset and identifies any potential issues. Accurate lifecycle management helps in reducing insurance premiums and saving costs. It also tracks and calculates the depreciation cost of an asset.
- Inventory Management
Inventory management is one of the core functions of fixed asset management software. It provides information about the stock levels, inventory transfers, allocation, and cycle counting.
Fixed asset management software is responsible for predictive and preventative maintenance. It helps in reducing the maintenance-related expenses and integrating the maintenance record in one place. With the help of fixed asset management software, you can maximize the value of your asset.
- Work Order Management
The work order management function of the software helps in the work request visibility of the maintenance team. It also helps in identifying the responsibilities and assignments of the staff responsible for the maintenance.
Fixed asset software tracks the KPIs for measuring asset performance. It also prepares the reports for audits, insurance, and tax compliance.
The benefits of Fixed Asset management software are many. It helps in improving regulatory compliance and security. Corporations can reduce their operations and maintenance costs by accurate reporting and timely decision-making with the help of this software. It also streamlines the audit operations and reduces any irregularities in inventory and asset management.
A higher ROI can be achieved by investing in the fixed asset management solution through maximum asset utilization, minimizing the failures, and extended lifetime.
Are you interested in learning how you can make the best use of Fixed Asset software in your business? At Wheelhouse, we can help! We’ll help you search and compare multiple software solutions based on your needs, and connect you with leading software vendors to help you make your business software decisions. You can also check the rankings of some of the top fixed asset management software and find the best option for you according to your business size.