What Are The Benefits Of Fixed Asset Management Software?
What Are The Benefits Of Fixed Asset Management Software?
Before we tell you all the benefits of using fixed asset management software, here’s a short overview of what fixed assets are and what they mean for a business. In the book of definitions, the term ‘fixed assets’ is used to define assets or property that cannot be readily converted to cash. These are also the assets that help a business generate revenue.
In other words, a company’s fixed assets are its most important resource after the enterprise and the workforce. These assets define a company’s framework, its capability and determine its long-term performance. Given that fixed assets are of great consequence for an establishment, a firm must also devote adequate attention to their management and associated data to ensure streamlined and transparent business operations.
Managing complete, correct, and up-to-date fixed asset records can be a challenging task. If and when you prepare for an asset audit, you might need a separate task force or have to outsource the audit due to all the intricacies involved. However, life is made much easier if you use a fixed asset management software solution. A fixed asset register can streamline the process, enable you to log, track and manage fixed assets in real-time and provide you with greater insight into how your assets are used.
The benefits of fixed asset management software are much more than those listed above. Here are 5 major benefits of using itemit’s fixed asset register.
1. Organised Storage of All Fixed Asset Data
If you’re trying to keep all of the things you want to remember about your fixed assets in your head, mental notes won’t do much good with something as valuable as fixed asset data. Keeping spreadsheets or piles of paperwork isn’t much better either. It’ll take tons of time and increase the risk of human error significantly!
With itemit’s fixed asset management software solution, everyone has easy access to the business’ asset register. It can be accessed easily through Android or iOS apps or a web portal so multiple users have access to a single, secure and comprehensive database.
This means no more arduous data entry or paperwork. itemit’s fixed asset management software lets you record much more detailed data in a much better-organised manner. Not only that, awesome features like being able to attach images and videos and AI image recognition make itemit the best asset tracking service!
2. Make Fixed Asset Management a Breeze
With fixed asset management software, the huge and hectic job of fixed asset management is broken down into numerous, small tasks that can be easily managed on a day-to-day basis. Rather than needing a separate task force to record and review all your fixed asset data, this task can be divided among selected employees who input asset data on a regular basis.
This way, using itemit’s fixed asset register will not only save your business money but also enhance operational productivity. When a company has the ability to efficiently monitor its fixed assets, keeping them safe, scheduling timely maintenance and keeping things working smoothly is much easier.
3. Keep Fixed Assets in their Best Condition
Every business wants the maximum return on assets, and the best way to do that, after proper utilisation, is proper maintenance that maximises asset life and serviceability. itemit enables you to track your fixed assets in real-time and lets you know immediately when an asset needs maintenance.
This enables you to schedule maintenance for your fixed assets and ensure that the correct procedures are in use to keep the assets in good shape. Minimising assets’ downtime increases the company’s productivity, reduces maintenance costs and keeps everything flowing smoothly.
Being able to keep assets in their best condition has much more amplified results in the long term. Well-maintained assets perform better and for longer, maximising the return to the company and enhancing long-term productivity.
4. Make Well-informed Decisions
Having accurate fixed asset data, helpful insights and sophisticated asset management analyses at your fingertips enable executives to take effective, well-grounded decisions. Having access to real-time data, the accurate status of each fixed asset, possession, usage details, and more gives you hands-on asset management ability.
Moreover, valuable insights on this data over a specific period let you see significant trends in fixed asset usage, condition and productivity. Rather than having to spend hours analysing lengthy spreadsheets and paperwork, you will have accurately summed up data with itemit’s fixed asset management software. This way, you can make informed and effective decisions much quicker.
5. Identify and Deal with Ghost Assets Effectively!
A ghost asset is any asset that exists in the asset register but is not physically or digitally available to the company. Ghost assets exist by name but cannot be used or tracked. With conventional fixed asset management methods, ghost assets still show up in the registers even after they’ve been lost or dropped out of use. However, one must keep in mind that your fixed assets are not the same thing as your inventory.
With the smart fixed asset management software from itemit, your assets can no longer ghost you. With effective asset depreciation tracking, you can keep track of all assets in the future even if they quietly disappear or become redundant.
itemit’s Fixed Asset Register Software
The fixed asset register from itemit is the most user-friendly and advanced fixed asset management software you will find on the market. With ingenious fixed asset tagging and integrations with over 2000+ apps including Google Calendar, Trello, Slack and Gmail.
So what are you waiting for? Book a demo now to learn how itemit can solve your fixed asset management. For queries, contact us at firstname.lastname@example.org. You can also fill in the form below to start your own 14-day free trial.
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