Benefits and Features of Fixed Assets Management Software
It might be difficult to keep fixed asset data complete, accurate, and up to date. Due to the complexities of asset audits, you may require a distinct task team or outsource the audit. However, using a Fixed asset management software solution simplifies your life significantly. A fixed asset register can help to streamline the process, allowing you to log, track, and manage fixed assets in real-time while also providing you with more insight into how your
assets are being utilized.
Benefits of Fixed Assets Management Software:
1. Organized storage of all fixed asset data:
Moreover, If you’re trying to keep everything you want to keep track of about your fixed assets in your head or taking mental notes will be ineffective with something as important as fixed asset data. Keeping spreadsheets or heaps of papers isn’t any better. It will take a long time and raise the likelihood of human error greatly! Everyone may easily access the company’s asset register thanks to CherryBerry ERP’s fixed asset management software solution. It is easily accessible via Android or iOS apps, as well as a web interface, allowing several users to share a single, secure, and complete database.
2. Make Fixed Asset Management An Ease:
Thus, Fixed asset management software divides the large and difficult job of fixed asset management into multiple, minor activities that may be conveniently managed daily. Rather than requiring a distinct task force to record and review all of your fixed asset data.
3. Maintain fixed assets in their best condition:
Every organization wants to maximize its return on assets, and the best method to do so, after proper utilization, is through proper maintenance that extends asset life and serviceability. Our software allows you to track your fixed assets in real time and receive prompt notifications. Furthermore, This allows you to schedule maintenance for your fixed assets and verify that the proper procedures are in place to keep them in good condition. Minimising asset downtime enhances production, lowers maintenance costs, and keeps everything running smoothly.
4. Make informed decisions:
Executives can make effective, well-informed decisions when they have access to reliable fixed asset data, valuable insights, and advanced asset management analysis. Moreover, Access to real-time data, including the correct state of each fixed asset, ownership, usage details, and more, allows you to manage assets hands-on.
Features of Fixed Assets Management Software:
● Multi-company, multi-currency, and multilingual capabilities are available as needed. Fixed asset management software provides comprehensive information on asset status, history, and availability for verification purposes.
● Typical interfaces are available for spreadsheet packages and several of the top Finance/ERP systems.
● Assets may be added and updated quickly using a single input panel. Assets can be placed in hierarchies to identify parent-child relationships and dependencies.
● Full and partial disposals, payment transfers, improvements, cost modifications, revaluations, and splits are some of the transaction types.
● Standard and user-defined depreciation techniques can be applied to assets, asset groups, and periods of account. Costs are stored for historical periods and calculated automatically for current and time ahead periods as needed.
● The audit file contains a history of all user actions, indicating what files were affected and providing before/after information.
● Electronic document management facilitates the quick retrieval of linked files. Improve the acquisition of assets, utilization, and disposal procedures with just one version of the truth.
● Create automated alerts for crucial dates like insurance renewal, service expiry, or replacement date to avoid missed opportunities.
Conclusion:
CherryBerry ERP’s fixed asset management software assists organizations in meeting the most recent corporate governance rules through precise depreciation, validated asset data, and good reporting. It facilitates compliance with the ever-changing needs of IFRS, SORP, UK GAAP, Sarbanes-Oxley, and other SOX-type legislation, as well as providing a full audit trail that allows businesses to meet and exceed audit standards.