What is the main and most important objective of the fixed asset management function?
Organizations of all scales, be it small, medium or large-scale, harbor assets that are acquired for long-term use. Known as fixed assets, they play a major role in determining the value of a company, how much revenue it can generate and more. These assets include resources such as land, buildings, office furniture, IT equipment and more.
As businesses depend on fixed assets for a variety of operations, it is crucial to take effective steps to ensure that they are available when they are required and maintained in the best condition.
Fixed asset management helps keep an account of the number of fixed assets in an organization and also keeps a check on their whereabouts, physical condition and other details like when they were purchased and more. By employing a fixed asset management solution, preferably a software application, you can efficiently manage various aspects of your fixed assets like:
- Knowing where they are at any given time
- View service history
- Schedule maintenance services
- Know their ages
- Transfer them to individuals and departments
- Stay ahead of their expiry dates in terms of insurance, warranty and AMC
With a fixed asset management software, you will be able to increase the longevity of your assets, improve asset value and eventually generate more revenue. If you’re looking for best fixed asset inventory management software solution, then I highly recommend SmartAMS from SmartPoint.
Originally published at https://fixedassetmanagementsoftware.blogspot.com on May 14, 2020.
