All You Need To Know: Retiring Assets Through Fixed Asset Tracking Software

online fixed asset tracking softwareFixed asset tracking software for regular asset management routines

Every business is obliged to follow certain rules and regulations when it enters the market. Majority of organizations try to work out efficient strategic plans, which will allow them to achieve a greater turnover. While this seems like a pretty straightforward goal to set up, it is much harder to accomplish. Companies have multi-tiered departments which require extremely complicated administration techniques to enable seamless daily activities. Such techniques often involve robust asset management as well.  

Streamlined inventory procedures take into account the lifecycle of assets from the time of deployment to the time of disposal [Source]. This is an important practice because of varying depreciation values of inventory items. Timely disposal of equipment is as important as the acquisition of new tools and devices. After an asset reaches the end of its useful life, you will start to face decreasing returns to scale, if you don’t get rid of it on time. Negative asset marginal propensity does not only harm your workflow but also tends to have negative externalities for the whole department. Employees tend to suffer due to disrupted inventory operations, which lowers overall productivity.

Poor asset management practices are likely to pull down the profit curve in the long run. Your business can avoid this by adopting a structured inventory control approach. To do this, your company can invest in a cloud-based solution for better asset performance to maximize returns. Fixed asset tracking software comes with a specialized capacity for product lifecycle management. It helps you to easily retire assets, update asset records, and get salvage value for retired assets. Continue reading

Fixed Asset Tracking Software and Audits: An Overview

Fixed Asset Tracking Software and Audits

Auditing and Fixed Asset Tracking Software

Audits are a systematic review of all business assets. These could include financial documents, statutory records, as well as equipment, to ensure that all data present reflects the state of the business as accurately as possible. Fixed assets are often a big part of equipment audits. This is because they can cost a lot of money to procure and maintain, and keeping accurate records with reference to these assets can safeguard against a lot of problems later down the line. Fixed asset tracking software can be a great tool to have to carry out these kinds of audits quickly and effectively. Before we go into how they make this possible, though, let’s learn a bit more about audits! Continue reading

Fixed Asset Management Software Made Easy

fixed asset management software

Why fixed asset management software?

Fixed asset management is a tough nut to crack. The cost of acquiring and maintaining these assets is high, and deciding on a process that best utilizes and optimizes the performance of these items can be difficult to get right. Businesses want to keep storage and maintenance overheads low, while at the same time increasing ROIs and asset longevity. Trying to track and manage assets through spreadsheets can be painstakingly slow and ineffective; equipment gets missed, lost, or stolen, and there are no checks in place to ensure accountability or data accuracy. This is why fixed asset management software is a safe bet for businesses wanting to improve asset productivity. Let’s look at how this kind of solution helps businesses streamline fixed asset management. Continue reading