Top Advantages of Using Fixed Asset Management Module

‘Fixed Assets’ refers to assets or property that cannot be easily changed into cash. These assets are also crucial in generating money for a corporation.
A company’s fixed assets are its second most crucial resource, behind the enterprise and the staff. These assets establish the structure and capacity of an organization and dictate its long-term success. Considering the significant importance of fixed assets for a company, the firm must allocate sufficient focus on its management and the related data to ensure efficient and clear business operations. Here comes the fixed asset management module.
Ensuring comprehensive, accurate, and current fixed asset records can be formidable. When preparing for an asset audit, it may be necessary to establish a distinct task force or outsource the audit due to the complex nature of the process. Nevertheless, utilizing a fixed asset management software solution significantly simplifies life. Implementing a fixed asset register may optimize the process, allowing you to record, monitor, and oversee fixed assets in real-time, while also providing you with an enhanced understanding of asset utilization. 

Advantages of implementing fixed asset management module: 

The advantages of utilizing a fixed asset management module extend beyond the ones mentioned before. There are five significant advantages of utilizing fixed asset management.

1. Systematic storage of all fixed asset data: 

Relying on mental notes to retain information about your fixed assets is insufficient when dealing with such critical data. Maintaining spreadsheets or stacks of documentation is not significantly superior either. It will need a substantial amount of time and greatly elevate the likelihood of human mistakes.
The fixed asset management module provides convenient access to the company’s asset registry for all users. The database may be conveniently accessed via Android or iOS applications or a web gateway, allowing several users to have access to a single, secure, and comprehensive database.
This implies the elimination of laborious data input or physical documents. The fixed asset management software enables you to document far more comprehensive data in a well-structured manner. Moreover, this module stands out as the top asset monitoring service due to its remarkable features, such as the ability to connect photographs and videos and its AI image recognition capabilities. 

2. Simplify Fixed Asset Management: 

Fixed asset management software simplifies the complex chore of managing fixed assets by dividing them into smaller, more manageable activities that can be readily handled daily. Instead of requiring a dedicated task force to document and evaluate all of your fixed asset information, this responsibility may be distributed among chosen personnel who regularly enter asset data.
By utilizing a fixed asset registry, your organization may not only save costs but also improve operational efficiency. Efficiently monitoring fixed assets enables a corporation to ensure their safety, schedule timely repair, and maintain smooth operations.

3. Maintain Fixed Assets in Optimal Conditions: 

Every organization strives to get the highest possible return on assets. One effective method to do this, in addition to optimal utilization, is via meticulous maintenance practices that optimize the lifespan and functionality of the assets. The fixed asset module allows you to monitor your permanent possessions in real time and promptly notifies you when an asset requires care.
This feature allows you to arrange maintenance for your immovable assets and guarantees that the appropriate protocols are being followed to maintain the assets in optimal condition. Reducing the amount of time that assets are not in operation enhances the efficiency of the organization, decreases expenses related to maintenance, and ensures a seamless workflow.
Maintaining assets in optimal condition yields significantly greater benefits over an extended period. Assets that are properly maintained exhibit superior performance and longevity, hence optimizing the company’s returns and improving long-term production. 

4. Exercise Discernment in Decision-Making: 

Access to precise fixed asset information, valuable insights, and advanced asset management analysis empowers leaders to make informed and successful decisions. Accessing real-time data allows you to have precise information about the current condition, ownership, use details, and other relevant information of each fixed asset. This enables you to have direct control and management over your assets.
Furthermore, this data provides essential observations on fixed asset usage, condition, and productivity across a specified time frame, allowing you to identify major patterns. Instead of dedicating hours to reviewing extensive spreadsheets and documentation, the fixed asset management software provides you with precisely summarised data. By using this approach, you may expedite the process of making well-informed and efficient judgments. 

5. Efficiently Identify and Address Ghost Assets: 

A ghost asset refers to an asset that is listed in the firm’s asset register but is not physically or digitally accessible to the company. Ghost assets are present in records but are unusable and untraceable. Despite using traditional fixed asset management procedures, ghost assets continue to appear in the records long after they have been lost or become obsolete. It is important to note that fixed assets and inventories are distinct from each other.
By utilizing this intelligent fixed asset management software, your assets will no longer evade your control. By implementing a robust asset depreciation monitoring system, you can effectively monitor and manage all assets, even in cases when they may disappear or become obsolete without notice. 

Does your company need fixed asset management software?

While the advantages of using a fixed asset system are clear, is it necessary for your company? Indeed, the answer is affirmative, particularly if you possess several immovable assets that require monitoring. To determine the potential usefulness of CherryBerry ERP software for your firm, it is advisable to evaluate a few key factors:
CherryBerry ERP software might be beneficial if your organization possesses several fixed assets that require monitoring and maintenance. Due to the software’s multitude of advantages that enhance the overall accessibility of the procedure, it is well worth investing in.
Nevertheless, despite the modest quantity of fixed assets now possessed by your organization, there may be intentions to acquire additional assets in the upcoming year. 

Conclusion:
To optimize the use of fixed asset resources over their entire lifespan, firms must diligently monitor the decline in value that these resources entail and effectively oversee preventative maintenance. That is where the exceptional qualities of the fixed asset management module are evident. The advantages of CherryBerry ERP are that it offers a fixed asset management module specifically designed for managing fixed assets, known as Fixed Asset Register Software.
The fixed asset register provided by CherryBeryy ERP is the most user-friendly and sophisticated software for managing fixed assets available on the market. Utilizing innovative fixed asset labeling and seamlessly integrating over 2000 apps, such as Google Calendar, Trello, Slack, and Gmail.