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?
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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.
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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!
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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.
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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!
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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!
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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.