Fixed asset management is basically an accounting procedure, which tries to mark fixed assets for the aim of preventive maintenance, financial accounting, and deterring theft. The process of fixed asset management has become quite easy with the advent of fixed asset management softwares.
About Fixed Asset Management
Fixed asset management is an accounting method, which attempts to tag fixed assets for the intention of preventive maintenance, financial accounting, and prevention of theft.
A large number of companies experience substantial difficulties to follow the position, amount, state, upkeep, and depreciation condition of their fixed properties or fixed assets. A common method to track the fixed assets is the sequentially listed or enumerated Asset Tag, frequently implemented through bar codes for convenient and exact reading.
The proprietor of the assets is able to take stock by the help of a mobile bar code reader and then generate a report. A small number of Enterprise Resource Planning devices are offered with fixed asset modules. Off-the-rack fixed asset management software packages are sold to both small and large scale commercial enterprises.
Tagging fixed assets is a significant issue for each organization, irrespective of its size. Fixed assets may include software products, personal computers, office equipments, tools and many other items. With the progress in software technology, a number of fixed asset tracking softwares have also been invented. Maintaining a track of fixed assets is very important and if it is not done properly, the company will lose total control of the fixed assets. The fixed asset tracking softwares facilitate the tracking process of useful assets like supplies and equipment. It provides information regarding the possession of the exact number of assets under the company, the location of every asset, what was the check out time, when it should be returned, what is the maintenance period, and the depreciation and expense of every asset.
Fixed Assets That Are Tracked
Following are the fixed assets, which are usually tracked by the fixed asset tracking softwares:
IT Equipment, for instance laptops