Has your Organization moved to Fixed Asset Management System? Well, these 3 Reasons will give you Major Goals to do it!

1. Has your Organization moved to Fixed Asset Management System? Well, these 3 Reasons will give you Major Goals to do it! How effectual is your spreadsheet strategy for fixed asset management? Well, it might seem to get the job done, but the world has totally shifted to digitizing all business work streams for enhanced efficiency and cost effectiveness. Managing fixed assets is no different. Fixed asset depreciation, unique process of keeping a track of life cycles of fixed assets and reporting their value for insurance and tax purposes, is one of the most important financial processes in any business or organization. However the fact is, a good fixed asset tracking system is multi-dimensional and more than a spreadsheet can accommodate. And, the bigger the organization, the bigger are the system requirements. Let us walk you through incredible benefits of implementing fixed asset management software that you won’t get from a spreadsheet: Automatic Tax Compliance Updates Tax laws are something that becomes complex each year. For many organizations with sophisticated schemes, it can be quite difficult to make sure that the assets are well recorded and depreciated correctly. However, doing so manually using the spreadsheets places accuracy and security at risk which eventually can turn costly for any organization. Hence, automating this takes helps you make sure that you are on top of all changes at all times. Tracking and Depreciating for Fixed Asset Management Just as legislation can be complex to follow, significant data and details about assets can be quite difficult to manage using a spreadsheet. Tracking disposals, transfers, labor, locations, materials, and capital investments, and generally accepted accounting principles are examples of key information you will want to be able to easily access and filter on one platform for a pulse on self-constructed assets. You can also customize specific data points you would like to keep a track of with an automated solution, saving you time and facilitating efficient analysis.

2. Controlling Physical Inventory Processes Again, around 15-30% of fixed assets are the assets that were disposed of but inadequately tracked. Distributing data across different multiple spreadsheets can make it difficult to discover these kind of discrepancies. Software solutions for fixed assets offer tools to restore disposals and transfers to make sure your inventory is reflected accurately and no over or underpayment of insurance. So has your organization migrated to a fixed asset management system? If your organization has incorporated the same, so how could you compare the difference? And if not, do you plan to implement within the next 12 months?