What is Fixed Asset Management Software?

Fixed asset management software helps track and manage all physical assets and equipment being deployed across different locations within an organization.

For organisations, fixed asset systems have become the necessity for tracking asset's location, adhering to maintenance schedules as well as calculating depreciation costs for each asset. You can also use fixed asset management software for simplifying accounting procedures throughout the fixed asset lifecycle.

Fixed asset accounting software is a unified solution used for tracking asset usage, assigning work orders and setting up automated workflows. Other key functionalities being offered by both paid and open-source fixed asset management software are disposal management, inventory management, audit trails, asset accounting and document management.

Most Common Features of Fixed Asset Software

Asset tracking is important and so is their encryption for advanced security. Let us go through a list of features here in case you are trying to decide which solution is the best for managing the lifecycle of fixed assets.

Automated check-ins/checkouts: Fixed assets are important to your business and you need to ensure that these are functioning properly and securely. Automated check-ins and checkouts of such assets for authorized employees prevent the possibility of any asset being tampered.

Asset tracking: Paid and open-source fixed asset management software provides information regarding an asset's current location, maintenance needs and movement. Fixed asset tracking software is also useful for streamlining asset inventory systems. For non-depreciating and depreciating assets, you can easily look after such an asset lifecycle process using these fixed asset systems.

Ready device integrations: The best fixed asset accounting software solutions provide barcode generators for simplified asset tracking. Barcode generators let end users track assets using advanced search filters such as category, name and ID. Just one view interface is enough to locate in and out the movement of assets across users and different office locations.

Audit reconciliation: Fixed asset depreciation software performs manual and online audits. It also includes accounting integration so that all information regarding fixed assets of the users is accurately presented on financial statements. Many companies also use this feature for insurance management, maintenance schedules and re-evaluation.

Asset lifecycle management: Fixed asset management software India helps with asset lifecycle management mechanisms from the procurement till disposal. The lifecycle management feature ensures that there are configurable role-based user permissions for managing assets. The same feature is also critical for managing documents and contracts such as privileges, warranties and licenses stored on your organizational systems.

Custom compliances: The best paid and free fixed asset management software allow their end-users to develop compliance reports using GAAP accounting, IFRS or another international jurisdiction. You have full freedom to choose the format of compliance reporting.

Accurate bookkeeping: Fixed asset management systems help track asset depreciation for accurate and precise bookkeeping. These bookkeeping procedures record all financial activities linked to fixed assets. Some of them are impairments, audits, purchases, disposal and revaluations. What fixed asset software also does is it documents financial records, estimates fixed asset valuations and calculates revenue.

Inventory cycle counts: For eliminating write-offs and stock-outs, you need to invest in the best-fixed asset software. Companies rely on this feature for inventory receiving, pick orders and location bins. You can also use this feature for maintaining accurate stock count, avoiding time taking manual processes for entering items and inventory reports in real-time.

Preventive & predictive maintenance: Preventive and predictive maintenance are as the name suggests maintenance strategies deployed to increase the life of fixed assets. Preventive maintenance is meant to look after the management of assets before they ever fail or breakdown. This procedure is critical for both reducing equipment downtime and number of repairs required. Predictive maintenance, on the other hand predicts asset failures to make prior plans for repair. This method too is important for using an asset to its full potential before it reaches the non-functional state.

Advatanges / Benefits of Fixed Asset Software

Use fixed asset management systems to track the current status of fixed assets that your business relies upon. Not just data entry errors, you can even save time here, improve efficiency and ensure complete compliance. Here are other key benefits of using fixed asset management software solutions:

Barcode labelling for asset tags: Fixed asset management software are critical for managing an organization's assets to improve efficiency at the workplace. Barcode labels provide the information required for managing such assets and the best-fixed asset management software solutions often come integrated with the barcode label technology.

Notifications for asset audits: Through RFID scanners built in within fixed asset software, you can be assured of complete asset compliance. The reason being regular notifications that inform about the soon to expire warranties, maintenance calibration and overdue checkouts.

Maintenance history of assets: Asset compliance would be incomplete without the possibility of companies being able to access their maintenance history. This history is helpful for tracking assets based on the site, users, serial number and location. End users can therefore record both unscheduled and scheduled maintenance entries for storing the history of all assets.

Centralized visibility of fixed assets: Most of the fixed asset management software systems are simple to understand and easy to implement. Further, these solutions offer a centralised database that are also web-based so that tracking multi-use assets is a hassle-free process. The entire system is crucial for comprehensive record-keeping and improved accountability.

Asset code's auto-generation: Auto codes are auto-generated within the best paid and free fixed asset management software so that scanning information for each fixed asset is easy. The same system can be used for updating information related to assets using QR codes.

Assembly and data storage: Fixed asset software is the key when it comes to centrally storing all data related to the fixed assets. Such data stored is also neatly organized so that accessing it is always hassle-free. It is for this reason that most of the reporting and auditing processes are so well streamlined by these software solutions.

Easy to categorise and discard fixed assets: Fixed asset tracking software would let you easily categorize and classify assets according to status, condition and location. You can also discard all such information in case these are no longer of any use. Thus marking assets as retired, lost and sold is completely in your hands. Discarded assets can, later on, be restored too as and when required.

Essential Features of Open Source Fixed Asset Management Software

The best way to maintain and organize an organization's assets is through fixed asset management software. Asset Accounting, transactions and tracking of assets is all so sorted with the best-fixed asset management tools. The core features and functionalities you would find in fixed asset tracking software are:

• Complete tracking of organisation's assets
• Retired assets and fixed assets lists to review assets revaluation
• Lease vs buy analysis for accurate depreciation strategy
• Inventory management required for tracking the stock and distribution
• Scheduled reports mandatory to evaluate costs
• Tracking repair history
• Electronic manuals for quick reference
• Relational database composition so that chances of error are greatly reduced
• Work order management with transaction configurability

Things to Consider While Buying the Best Fixed Asset Management Software India

Looking for solutions that would help improve the financial strength of your business. Buy a fixed asset management solution to maintain all your tangible assets and avoid unnecessary purchases of equipment. Go through the guidelines here to check the manner in which you would select the best asset management tools.

• The kind of cataloging for an inventory that has been incorporated into the fixed asset management software.
• Size of your organization and if or not the asset management software is scalable enough to adjust with the flexible requirement of your company.
• Check for the method of depreciation used for calculating taxes.
• Integrations are available with other tax systems and general ledgers.
• Capability to offer information linked to gains/loses from the sales as well as tracking the sale of assets.
• Features to track issue reminders and maintenance schedules.
• Possibility of interaction and collaboration for managing assets amongst different departments.

Possible Challenges You Might Face While Implementing Fixed Asset Management Software

With fixed asset management software solutions, auditors in general find their general accounting and asset management tasks more streamlined. Yet there are drawbacks to it as well. Some of these are:

• Barcode scans not that simple: Barcodes could get damaged over a short period of time. Line of sight is necessary for every asset in barcode scanning.
• Expensive RFID technology: Companies using RFID for auditing and asset tracking have to invest more.
• Non user-friendly interface: Errors made during the last few sessions can't be easily done away with. The interface is not always user-friendly as a result of which simple features like drag and drop to don't function efficiently.
• Complex reporting processes: Time consuming reporting processes that are too complex to access.
• Patch management: Deleting patches for assets is not easy and you may have to buy extra functionalities to do the same.
• Depreciation calculation: Calculating depreciation is at times difficult if your database is heavy. Also, in a single period, you are not allowed to enter multiple events.