6 FAMS features to ensure efficient management of your Fixed Assets.

“Fixed Assets can be tracked manually, there’s no need for a software.”

If you think so, here’s a shocker- you are wrong! There are many things you can’t do manually that you can do with a dedicated software. What are these things? They are listed right here:

• Asset Budgeting

As soon as you realise the need to buy an asset the role of a Fixed Asset Management System starts. Budgeting is the second phase just after planning. Asset budgeting enables you to enter new assets into the budget as efficiently as possible. While still giving the budget coordinator the control to ensure accuracy of asset data entry. An FAMS lets you maintain an automated, on cloud record of your planned and budgeted assets.

• Asset Tracking

The most common problem organisations face while managing fixed assets is tracking them. Be it the life cycle of an asset or the current holder. It is important for an organisation to know where its assets are. The most effective way of tracking assets is implementation of  Fixed Asset Management System. There are various ways of tracking fixed assets but the most popular way is to assign them a barcode/ QR code or an RFID tag. This makes tracking of assets way more convenient.

• Bar Code Scanning

Spine Assets lets you create custom Barcodes and QR Codes for your assets. You can also attach RFID Tags to your assets for tracking. With the tags and codes in pace, tracking assets becomes much easier.

• IT Asset Management

 IT Assets are often neglected as they fall between the long term fixed assets and short term inventory in terms of durability.  But if looked at from a different perspective, IT Assets are the core of an organisation. Be it laptops, desktops or just anti-virus software, IT Assets need to be tracked and managed like actual fixed assets. Here are 4 ways in which a Good FAMS will help you manage your IT Assets:

– Service Reminders

– Expiry and Renewal Notifications

– Hardware Tracking

– Asset Allocation

You can read about this in detail by clicking here.

• Depreciation Calculator

Calculation of depreciation is a nightmare, don’t we all agree on this? According to what schedule the depreciation is to be calculated? Quick and Automated calculation of depreciation ensures that the depreciation reports are accurate. An FAMS truly converts depreciation nightmares into sweet dreams!

• Asset Bundling

With a Fixed Asset Management System which allows barcode labelling you can Bundle assets and its components together for faster identification of parent and child components and allocate depreciation accordingly. Now what exactly does “Asset Bundling” here refer to? It refers to creating a parent asset category under which you can then add child assets. In simple words you can create a hierarchy of assets and categorise them.

In conclusion, a Fixed Asset Management System is said to be good if it has these 6 features:

– Asset Budgeting

– Asset Tracking

– Bar Code Scanning

– IT Asset Management

– Depreciation Calculator

– Asset Bundling

 

If you are looking for one such FAMS, you do not need to go any further! Spine Assets is the one stop solution for managing and tracking fixed assets. You can learn more about Spine Assets here.