Keeping an accurate and up-to-date record of your fixed assets can be challenging. With the help of fixed asset management software, however, you can streamline the entire process and make it easier for your operations. At the same time, it can support the entire accounting life cycle of your business, such as depreciation, tax compliance, lease, physical expenditure as well as monitoring capital expenditure.
What are the features of a fixed asset software?
According to business experts and mainpac.com.au, a good fixed asset management software should:
- Be able to track and control changes throughout the lifecycle of the property
- Have an input screen for easier and quicker updates
- Have user-defined depreciation methods
- Have different levels of user-defined methods to facilitate reporting and comprehensive inquiries
- Have an asset register that can use asset tracking facilities and be able to incorporate other technologies, such as bar-code and RFID scanning
- Have powerful reporting features
Why use a software to manage your fixed assets?
Businesses that rely on fixed assets are well aware that such items require proper maintenance, protection and should be accounted for at all times. Through a management program, you will be able to enjoy the following benefits.
- Accurate asset records – Using fixed asset management software allows you to create user-defined fields that can help capture necessary data. This also helps in maintaining accurate and detailed records of your assets.
- Ease in preparing reports – Through fixed asset management software, you can access records quickly and even download the information you need. This makes it easier to manage data, create customised reports and save more time when preparing such reports.
- Calculations of depreciation – You can get compliant account reports more easily. A fixed asset management software with accounting functionality can help depreciate the assets over their useful life.
- Removes ghost assets – An asset could either be lost, stolen or unusable yet you still need to know what and where these assets are in your inventory records. You wouldn’t want to be surprised that some of your assets no longer belong to your business or organisation.
Fixed assets are crucial to any business, and this makes proper monitoring of such assets necessary. Make sure you have accurate and updated records of your fixed asset by leveraging a management software.