Author: Spine Tech

As the year end is nearing, people are rushing towards tax payments and savings. But what do you have to keep in mind as an employee? Know what is Form 16 and how is it beneficial for you as an employee.

 

What is Form 16?

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Taxpayers.

 

Am I eligible for Form 16?

You are eligible for it if your salary is more than 2.5 lakhs per annum.

 

Contents of Form 16

The Form 16 contains all the details of tax payment like amount, Challan number, cheque number, Demand Draft number etc. Personal details of the employee, like name, Permanent Account Number (PAN) etc. Acknowledgement of the number of the taxes paid by the employer. Taxes deducted as per sections 191A and much more.

 

Why is it beneficial for you as an employee?

 

• TDS Verification

Form 16 can only be issued when your employer has deposited your TDS in the central government account. This ensures that your employer has actually paid the TDS which was promised to be paid from your salary. It not only acts as a proof that you have paid the TDS but also is a surety that the TDS amount deducted from your salary and TDS amount deposited is the same.

 

• Compute Tax Liability

Form 16 also helps you calculate your tax liability. This enables you to pay your remaining taxes in time or seek refunds by filing your returns on time. While the responsibility of TDS falls upon the employer, the employee has to make sure that his/her taxes are paid on time and he/she is not overdue.

 

• Loans

When applying for a loan, be it home, vehicle or personal, one is asked for their income tax returns. it acts as a handy tool to provide your salary breakdown and tax liabilities which helps in the better assessment of your loan application. Form 16A and 16B combined also reflects your tax saving investments and any other investments schemes that may be leeching your money. Meanwhile it provides a good idea of your loan repayment ability to the lender as well.

 

• Visa Processing

Along with income proof, many foreign embassies and consulates also demand for Form 16 of the past two years to get an idea of the financial stability of the particular salaried individual. This helps them assess if the individual can manage the finances of staying abroad.

 

• Credit Card

Presenting the Form 16 of the past two years is crucial for an employee while applying for a credit card. Form 16 acts as an income proof which gives the financial institutions assess the applicant’s financial stability. These financial institutions also use it as a certificate to determine the credit limit of the applicant. Higher the income, higher the credit limit!

 

So, here’s how it helps you as an employee! The employer is bound by law to issue The Form 16 if your salary is more than 2.5 lakhs per annum. If you don’t receive it by mid-May, you should remind them to issue it at the earliest! While people usually struggle with the issuing of such forms and calculations of taxes, using Spine HR Suite will enable you to quickly access the form and calculate tax and salary swiftly. You can learn more about Spine HR Suite Here.

 

“How to maintain a friendly work environment?” No more crazy experiments to make employees happier! Know these 6 benefits of HRMS which which improves efficiency of you workflow.

 

“No crazy experiments” does not mean that you should not try out new things and organise events for your employees, you should go on as usual but alongside that, what you can do is, implement an HRMS! How does implementing an HRMS help maintain a healthier work environment? That is exactly what we will be discussing in this blog! The following are the factors which lend a hand in increasing the employee retention:

 

• Enhanced Recruitment Efficiency

From Resume Parsing to Employee Master Creation, an HRMS has got you covered completely!  an HR Software will still surely increase your organisation’s recruitment process by automating all the work, in some cases, even the interviews and giving you all the necessary reports. It will also help eliminate any potential negatives like personal biases, etc. But it does not end here! After Onboarding, an HRMS will still be your HR’s and your employees’ best friend! How? Here’s How HRMS benefits your organisation’s performance!

 

• Employee Self Service

Employee Self Service lets your employees view, change and/or update their personal and professional information. View SOX Compliance, Growth Graphs, Reports, Workflow and much more!  Employee Self Service is an integral part of a HRMS. It makes the employee self-sufficient and helps the manager enhance the workflow while maintaining transparency which in result will boost the productivity of your organisation. Alongside that, it helps improve the self sufficiency of the employees and aids employee retention.

 

• Increased Transparency

Going on in the lines with Employee Self Service, The major benefit of having an ESS System is that it maintains transparency between the manager and the workforce as it enables the employee to know the workflow as well. Another major benefit is that it makes your employees independent. Maintaining transparency lets you have a closer relationship with your employees as it builds trust which is absolutely necessary for a business be it clients or employees.

 

• Performance Appraisal

A Performance Management System lets you track the performance of your employees and lets you compare their performance with their own past performance. This not only helps you evaluate the growth in the performance but also lets the employee recognise their weaknesses and strengths. This will assist the employee’s growth and who does not want to grow? Having a Performance Management system is like killing two birds with a stone- Increased overall performance and Increased employee retention.

 

• Reminders for Events & Anniversaries

An HRMS allows the HR to post about events and important announcements on the dashboard wall and make them known to all employees. This makes it so that no employee is unaware of the event and other important announcements. The Portal displays Birthdays and Anniversaries on the Dashboard which is visible to all employees. Now that’s one way to maintain an employee friendly environment!

 

In short, an HRMS not just helps you increase the efficacy of your HR Processes but also greatly increases employee retention by creating a healthy, friendlier work environment! Hence these 6 benefits of HRMS boosts your work performance.

 

Now coming to what HRMS you should opt for?

An HRMS which will help you boost your basic HR Carry outs but does not make a hole in your wallet. Spine HR Suite is one such service provider and you should absolutely consider Spine HR Suite as an option. You can get a detailed guide here Top 6 features that you should consider while choosing HRMS.

 

 

“Can Fixed Assets Management System be implemented in any segment?” Well, yes it can be! This blog talks about 5 ways in which Fixed Assets Management benefits a Manufacturing Company!

 

A Manufacturing Concern is an organisation belonging to the manufacturing industry. These organisations need many different assets, to name some of them- Raw Material, Conveyor Systems, Boilers, Motors, Generators, Robotics and other such plants and machinery. An array of assets are brought into use from perishable to heavy duty. A Dynamic and Efficient System needs to be implemented so that the organisations can get the most out of these assets.

 

Here are 5 benefits that an FAMS provides to a Manufacturing Organisation:

• Centralisation of Data

 

A manufacturing concern is often geographically widespread and has many units spread across the country and sometimes even multiple countries. It is an arduous task to maintain a track of all the assets involved in the manufacturing process. Being distant makes the task even more hectic. A Fixed Asset Management System makes the tracking way easier by automating the whole process. Not only that, an FAMS also lets you segregate assets based on location, branch and other such categories. All this information collected at one place allows you to extract this information without going through the hectic process of going through many reports.

 

• Asset Lifecycle

An asset life cycle is the series of stages involved in the management of an asset. It starts with the planning stages when the need for an asset is identified, and continues all the way through its useful life and eventual disposal. Lifecycle management aids you in tracking the total value added by your asset to the organisation. A manufacturing concern needs to maintain the track of the life cycle of its assets as every little bit on the production line affects your total net cost and net gain. An FAMS lets you record your assets from the onboarding to its disposal. This ensures that you have a track of every little detail of the lifecycle of the asset.

 

• Scheduled Maintenance

 

Maintenance of assets is as important as getting the best amount of output from it. But does anyone actually have the time to get behind every single asset owned by the organisation? You can get email reminders and notifications on your dashboard with a Fixed Assets Software implemented. This ensures that all your production equipment is in top condition for optimum output. Renewals of SSL, SQL certificates of your organisation’s website, the firewalls and many more renewals and payments due can be scheduled with an FAMS.

 

• Tracking of Consumables

 

Another issue that is very common in manufacturing organisations is the tracking of consumables which are used in production. Managing consumables is a very hectic process as you are not only overwhelmed by the workload but also are very time bound. Consumables are perishable obviously, so they need to be tracked as quickly as possible. An FAMS automates all these processes which result in quick recording of consumables while maintaining efficiency. Hence fixed assets management software benefits a Manufacturing Company in numerous ways.

 

• 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 and created swiftly. An FAMS truly converts depreciation nightmares into sweet dreams!

 

All in all, a manufacturing concern needs a system which lets it be on its toes as things move quickly on the production line. The industry demands swift solutions for all the problems and instant overcoming of obstacles. A Fixed Assets Management Software makes it so that the solutions that are looking for are just clicks away!

 

Hence these were the 5 ways in which fixed assets management system benefits a Manufacturing Company

If you are looking for a reliable Fixed Assets Management software, Spine Assets is a great option in the market with 2 different options of deployment, over two decades of experience and international presence! Click here to learn more about Spine Assets!

 

Let’s talk a bit about attendance and leave management. No one likes the hectic old method of maintaining a register or an excel sheet for each day. Here’s when the saviour, HRMS comes into play! HRMS improves Leave and Attendance Management indeed. How? Well, here’s how!

• Tracking Leaves

Registers for tracking leaves? No one has time for that now! It is the age of automation and organisations need to have it done as soon as possible. Tracking Leaves is an essential process as it directly hinders the organisation’s processes as a whole. If there is good leave planning and management in the organisation, its productivity gets far from being impeded. Having an HRMS ensures that you have the best of leave management and tracking system. Spine HR Suite comes with a module specially dedicated to Leave Planning, Tracking and Management.

 

• Leave Planning

Going hand in hand with tracking leaves is planning leaves. Planning leaves enables you to tackle many obstacles like losing a day of productivity just because an employee is not on duty. A leave planner allows you to plan leaves in advance so that you are aware of that particular employee’s absence and you can nominate or approve a substitute for that employee. This also goes along with mini vacations, you can plan a vacation and nominate another employee for those particular days so that there’s no hindrance in productivity.

 

• Geo- Fencing

Let’s discuss Geo-Fencing. Geo-Fencing is a feature that is often overlooked but it is a piece of technology that holds a lot of utility. Geo- Fencing allows you to create a virtual geographical boundary around the office workspace. This boundary ensures that your employees stay in the premises of the office. Ultimately, this boosts the organisation’s efficiency by eliminating proxy marking of attendance. You can learn more about Geo- Fencing and Geo- Tagging here.

 

• Geo-Tagging

An important factor in attendance marking is the authenticity of the attendance. Due to the pandemic and the new trend of “Work From Home” many employees have been marking proxy attendance. But to counter this issue HRM Solution Providers have integrated the technology of Geo-Tagging which allows you to record the location of your employees when they mark their attendance. This helps you ensure the authenticity of the attendance marked. Spine HR Suite offers you Geo- Fencing as well as Geo- Tagging for the maximum authenticity verification.

 

• Substitute Nomination

As talked above, nomination of a substitute when taking a leave is very crucial as it might directly affect the output. The question which arises is, how do you nominate another employee as a substitute? With Spine HR Suite’s Leave planner, you can directly nominate a substitute, get approval from the manager and you are basically good to go! This also makes that so the nomination is notified to everyone, not hindering the workflow. All in all, it affects the performance of the workforce positively leading to uninterrupted flow of tasks and productivity.

Concluding, implementation of an HRMS helps you out with managing the attendance and leaves of employees better. It ensures maximum performance by using various methods and features that are extremely useful for a streamlined flow of the tasks carried out. Hence HRMS improves Leave and Attendance Management and ensures smooth workflow!

 

If you are looking to boost your Attendance and Leave Management capability by investing in an HRMS but are confused about the options, Spine HR Suite is the solution you are looking for! Having all the above mentioned features and many more! You can check out Spine HR Suite here!

“Why to Invest in a Human Resource Management System (HRMS)?” a question that many of you might have.

 

Just like an asset is an investment for an organisation, an HR System is an investment as well. “How?” You might ask, that’s exactly what we are going to discuss in this blog!

 

Cuts down costs

Starting off, implementing an HRMS cuts costs directly and indirectly as well. That is one trait of an asset! But what costs does an HR Software save? That is exactly what we are going to discuss now!

 

1. Office Supplies

Needless to say, switching to the digital mode will reduce the money you spend on office supplies like files, cabinets, stationery and other such office supplies. This seems like a petty expense but in the longer term it sums up as a huge amount. Decluttering the office space increases rain efficiency and hence, productivity.

 

2. Other Labour Costs

Coming to the indirect cost cutting, An HRM software saves you hiring & recruitment costs and other such employee related costs. These inevitable costs can be greatly brought down with an HRMS. Alongside these recruitment costs, other expenses like Outsourcing Payroll Management, Attendance and other such complicated tasks and Physical Onboarding costs can be greatly diminished as well.

 

Investment for the organisation

An HRMS could either be a marginal recurring expense or a one time investment. An HR Software provides you with flexibility of personalisation as well as is standardised enough for you to make it a perfect fit for your organisation. With 19 different modules and 3 different options of deployment Spine HR Suite is for sure an Investment for your organisation.

 

Return on Investment

What is one more trait of an investment? It should provide you with returns as well right? What are the returns on investment with respect to an HRMS one might ask. So now, let us talk about the returns you are earning on this investment:

 

1. More Economical

Implementation of an HR Software not only boosts organisational performance but also is more economic. There are various ways in which an HR Software helps you cut down your costs and improve organisational performance. For a detailed explanation on how exactly an HR Software is more economical for your organisation, you can read this blog.

2. Better Employee Management

Implementation of an HRMS is sure to direct you towards enhanced human capital management. An HR Software will increase transparency among you and your employees. Which will surely result in better employee management. Features like discussion forum and ESS Portal will help in increasing engagement with and among your employees and all these factors will increase your organisation’s employee retention rate! Like such, an HRMS ensures improved employee management.

 

3. Boosts organisational Efficacy

Besides automating HR Processes, one another major reason why people shift to the automated mode of carrying out HR Tasks is increasing their organisation’s efficiency. Keeping things short, an HRMS lets the managers supervise and direct the employees more efficiently. HR Management System greatly increases the productivity and performance of your organisation by automating the tedious work done by the employees, allowing them to focus more on tasks that need more planning.

 

In Conclusion, investing in an HRMS is no less than investing in an asset. It provides you a long term benefit, gives you returns on your investment, raises the reputation of your organisation and raises the employee retention rate. Like this, an HRMS checks all boxes and qualifies for being an asset! If you are planning to make an investment in an HRMS, Spine HR Suite is a great product with 20 years of industry presence!

“SCALABILITY” we are sure you must have heard this term way too many times with regards to an HRMS, but what does it mean? And more importantly How does it affect your organisation? Well, that’s exactly what we are going to discuss in this blog that is what is scalable HRMS and why you need it.

 

What is Scalability?

Scalability, technically, is the measure of a system’s ability to increase or decrease in performance and cost in response to changes in application and system processing demands. An HR Software should be scalable at its base. This ensures that it is not just limited to bigger organisations.

 

Now, coming to what exactly are the benefits of a scalable HRM Software.

 

• Grows with you

How exactly does a software “Grow” with you?

Let’s say you are an organisation that is just starting out and you choose to get Spine HR Suite to manage your HR activities and Workforce. Spine HR Suite is a completely modular system, so you can pick and choose from 19 different modules to make the perfect fit for your organisation. Once you start growing and expanding your workforce you can add on more modules and make your HR Processes even more streamlined. The software is also responsive which ensures that it runs smoothly even when you have a huge workforce.

Simply put, a scalable HRMS allows you to use one single software throughout the lifecycle of your organisation.

 

• Segment Agnostic

“Segment Agnostic” in terms of a HR Software, is a solution, that any organisation belonging to any industry can use the product regardless of the size, number of employees, their specific requirements like shift timings, etc. There are very few providers who stand in terms of being “Segment Agnostic”. Spine HR Suite is one of the very few. Also,Spine HR Suite offers you 3 different deployment options– On Premise, SaaS and Hybrid. This adds to the segment agnosticity of a software.

Being Segment Agnostic allows an HRMS to be scalable not just in terms of flexibility but also in terms of the segments it serves.

 

• Workforce Recognition

A scalable HRMS enables you to recognise your workforce as it helps you segregate your workforce with respect to the level of their skills i.e unskilled, semi-skilled and skilled. This ensures the assignment of proper work to the proper employee. Carrying out the task as such makes sure that you utilise your human capital in the most efficient way possible, ultimately boosting the organisation’s performance.

 

• Cost Effective

As discussed above, an HRMS is usually modular and this makes it so that an organisation, regardless of its size can afford it. One does not need to purchase the whole package and have a dedicated server for the system. A scalable software, needless to say is cost effective as it is modular. Spine HR Suite being modular as well as having all 3 methods of deployment is one of the most economical HRM softwares in the market.

 

• Standardisation

Standardisation simply put, is making a product such that it is generalised and anyone can put it into use. But at the same time the product is personalisable so that it can be once set to get a desired result.  Spine HR Suite is a standardised product with a level of personalisation that allows you to implement the software to be in line with your organisation’s regulatory compliances and other rules and regulations like shift timings, leave policies, etc. A standardised software, allows you to implement it irrespective of the industry your organisation falls into. A scalable software is generally standardised as well, so that it can be implemented as per your choice.

 

Concluding, an HRMS should be scalable to ensure that there are no entry levels for someone who wants to implement it. Spine HR Suite is one such scalable software. You can visit Spine Technologies to learn more.

 

How to choose an HRMS? Where to get an HRMS from?  What do the users in the market and experts recommend?All the questions, one answer- Spine HR Suite

 

Why Spine you might ask, well here are the factors that differentiate Spine HR Suite from rest of the Solutions in the market:

• Modularity

If you decide to invest in an HR system, what would you expect out of it? Increased Efficiency, Better Performance, A proper fit for your organisation at least! Modularity helps you make the HRMS you buy best fit for your organisation. Being Modular, Spine HR Suite lets you pick and choose the components you require and integrate them into a single software!  19 different modules to pick and choose from covering all your needs from payroll to attendance and leave management!

 

• Scalability

50 employees, 500 employees or 1000 employees! Spine HR Suite is the only solution you will ever need! Our system grows with your organisation. In simpler words, the product grows as you grow. This also reduces the cost for you as your per head cost goes down as the number of employees increase. Being scalable, Spine HR Suite will be the tailored fit for your company from the very beginning!

 

• Multiple Deployment Options

There are three ways an HRM System can be deployed- On Premise, On Cloud and Hybrid. On Premise is when you have the software and the system on your company premises. The initial cost here is higher but so is the level of confidentiality.

Next up, On SaaS, your software will be installed on our system or cloud. The initial cost is comparatively lower in the short term.

And Finally, Hybrid. As the name suggests, it is a hybrid of both of the above mentioned options. It gives you the confidentiality by installing the software on your premises while keeping the costs down.

Spine HR Suite offers you all three options of deployment. Very few providers in the market provide all three deployment options while Spine offers you all three and on top of that, the best client support!

 

• Quickest Implementation

No more waiting a month for your HRMS implementation! Get the Quickest Implementation with Spine! With Spine, it takes 7 days or less to implement your HR Management System!

 

• End To End Solution

Hire to Retire, Recruitment to Exit, Whatever you want to call it, Spine HR Suite provides you an end to end solution. Spine HR Suite aids you in Recruitment all the way to Full and Final Settlement of an employee. This ensures a smooth tenure of an employee in your organisation. And since you have an end to end solution you have the details of the whole life cycle of your employee in your organisation. All the details of your employees at one place, just one click away!

 

• Segment Agnostic

Being totally honest, every industry has its own needs and methods of fulfilling those needs, but does that mean one single HR System cannot tackle these obstacles by itself? Absolutely Not! Spine HR Suite is present in more than 30 segments, making it a great solution for any segment your organisation falls into!

 

• Integration

Lets visualise this, there’s an HR in your company who deals with every single employee of your organisation regardless of their department. Be it document collection, performance tracking or simply booking of resources, an HR is present at all intervals with the employee. So why shouldn’t an HRMS do that? Spine HR Suite is the Integrated HR Solution you need! Since it is modular, the modules can work in integration and the software itself can run in integration with any ERP system of your choice!

Concluding, Spine HR Suite is a stand out product with 20,000+ HR Users in more than 30 segments with presence in Indian as well as International Market. Having over two decades of experience in the domain of Human Resource along with the immense support and trust of our clients is another reason Spine HR Suite is way ahead of the league!

On 1st February, 2022, The Finance Minister of India, Nirmala Sitharaman announced the union budget for the financial year 2022-23. But what is in it for the working class?

In this blog we will be going over the Union Budget for the Financial year 2022-23. What it brings to the table for the salaried class and the human capital in the industry as a whole. Let us begin by knowing what the Budget 22 has for the working class.

 

• What Announcements were made in the Union Budget 2022-23 regarding Human Capital?

 

• The Emergency Credit Line Guarantee Scheme (ECLGS) is extended till March 2023, 60 lakh jobs eyed in next 5 years.
• Efforts of central, state governments leading to jobs, entrepreneurial opportunities.
• Digital ecosystem for skilling and livelihood to be launched.
• This will aim to skill, reskill, and upskill citizens through online training.
• API based skill credentials, payment layers to find relevant jobs and opportunities.
• The Government vows a stable and predictable tax regime.
• A fund with blended capital raised under co-investment model facilitated through NABARD to finance startups in agriculture & rural enterprises for farm produce value chain.
• Startups will be promoted for Drone Shakti.
• PE/VC invested Rs 5.5 lakh crore in startups, an expert committee will be set up to suggest measures to help attract investment.
• Existing tax benefits for startups, which were offered redemption of taxes for 3 consecutive years, to be extended by 1 more year.

 

(Source: The Economic Times)

 

How will it affect Human Capital?

Now that we know what new announcements were made with respect to Human Capital and the working class of people, it is necessary we take a look at how it is going to affect them while in practice.

 

• More Employment opportunities

Since the government is eyeing to create sixty lakh employment opportunities by the end of the financial year, it is very obvious that there will be increased job opportunities for the youth of the nation. Alongside that, the funds allocated, tax benefits and expected investment interests all point towards increased employment opportunities. This will positively affect Human Capital as more of the youth is provided with job opportunities, the recruitment and employment rate will go up, ultimately resulting in increased performance.

 

• Employee Skill Upgradation

Funding Startups and better usage of Information Technology in the recruitment process helps employers to check off the first requirement in the list of traits of a good employee – somewhat skilled to start with. Since the recruitment efficiency is boosted, it is time we focus on employee training and skill upgradation. The government has also announced plans to provide digital training for the workforce while helping in further sharpening the skills of the employees.

 

• Push Towards Digitisation

By now, it is very obvious that the government is taking huge steps in the direction of Digital India. Government plans to digitise the recruitment, training and overall governance of employees in the workspace. Private solution providers along with the government’s efforts to digitise many office and industry processes is sure to be a push in the direction of Digitisation.

 

Are you looking to digitise and automate your HR Processes? Spine HR Suite is a one stop solution to all your HR Requirements! Not just that, you can also track the lifecycle of your assets digitally with Spine Assets! Visit Spine Technologies now to learn more!

 

• Boost in IT Sector

India is speculated to be the leading IT Sector industry by the end of 2025. A leading SaaS solution exporter by  the end of 2026 and a leading economy in terms of GDP as well as growth rate by the end of 2025. India is already progressing quickly in the IT industry and has become one of the major players in the international market. The Budget 2022-23 is just a cherry on the top!

 

In Conclusion, there might not be any major changes in the tax slabs or any major promises made to increase foreign direct investments but there are many small benefits for the working class. This makes the budget a positive for the salaried class of India and the youth as well.

Be it Physical Verification or Tracking the Lifecycle of an Asset, the amount of work involved is tedious but Fixed asset management system  comes in as the saviour!

Many questions might be popping in your head right now, like what is FAMS and How does it make the tedious work easier? This blog will give you an overview of What is FAMS? What Does it do to reduce the Physical Workload? And Why do you need FAMS? So without further ado, let’s get started!

 

What is a Fixed Asset Management System?

 

Fixed asset management is the process of tracking and maintaining an organisation’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery. Using a Fixed Asset Management System, organisations can: Track and monitor fixed assets, simplify Auditing and Verification process and much more!

 

What does Fixed Assets management software do?

 

• Asset Tracking and Lifecycle

A Fixed Asset Management System will provide you the whole lifecycle history of the asset! Storing detailed asset information and financial history provides organisations with valuable data to enable business decision making. Okay this was about asset lifecycle. But what exactly does Asset Tracking mean? Simply put, with A Fixed Asset Software you can track what asset is with which employee at which floor in what branch! This makes moving/transferring of assets easier while maintaining a track of assets with employees.

 

• Categorisation of Assets

With an efficient Fixed asset management system, you can create asset categories as per your convenience. Asset categories may include simple, general categories like IT Assets, Furniture, Machinery, etc. Besides this, you can also create more specific categories like laptops, Air Conditioners, etc. You can also create sub categories like One Ton Air Conditioner, Half Ton Air Conditioner, etc! An FAMS for sure, will make asset tracking much easier for you!

 

• Barcode & QR Code Labelling

Barcode and QR Code Labelling, sounds fancy doesn’t it? It is not as complicated as it sounds. Spine Assets lets you create custom barcodes and QR codes which can then be used to track assets. How? After creation of Bar/QR codes, you can label them to any assets you want to track. The Code is then associated with that particular asset which allows you to continuously track that asset regardless of any transfers.

 

• Auditing and Physical Verification

Fixed Asset Auditing is now easier than ever with Spine Assets! We surely are aware of why Auditing and Physical Verification of Fixed Assets is important. Not to mention, the benefits of the same. But it all seems good until one find out how much of a hassle it is to carry out physical verification of their fixed assets. Not anymore with a Fixed Asset Management software! You do not need to look far and wide for a good FAMS Software, Spine Assets is here to save the day!

 

• Asset Bundling & Depreciation

A good Fixed Asset Management Software lets you group many assets of a kind together and label them as Parent or Children Assets / Components. Like this one can easily track the depreciation amounts for specific components. Having a fixed assets tool also ensures that there are no calculation errors in the calculation of depreciation. You just need to input the method of calculating depreciation and the software will automatically, being in line with all the regulatory compliances will calculate the depreciation. Now, that’s a win-win!

 

• Reminders & Notifications

Do not fear missing out or being late for Services Due, Payment of Rent, Renewal of Lease Contracts or any other such payments due! The System will automatically display the reminder on the dashboard once you enter all the necessary information on acquisition of the asset. It does not end there, you also get Email Notifications so that you never miss out on payments due!

 

Concluding, A Fixed Asset Management System will help you track your assets from acquisition to disposal and it is an end-to-end solution. If you are finding it difficult to choose a Fixed Asset Management System to get from all the solution providers in the market, here’s a guide on what essential features you should look out for in a Fixed Asset Management Software.