Why Is Fixed Assets Tracking Important?
Fixed Assets Tracking is important because it tracks where your fixed assets are, who has your assets, and when your assets are due back.
Checking out assets allows you to assign responsibility to an employee, a customer, or even a vendor. When you track fixed assets it helps the assets to be reallocated throughout your organization.
Fixed assets tracking seeks to track fixed assets for the purpose of financial accounting, theft deterrence and to make preventive maintenance. Organizations will come to know about the condition, quantity, location, and maintenance and depreciation status of their fixed assets.
With fixed assets tracking you can maintain asset status, location, and history for audit trail purposes. It will help you process forecast depreciation, lease accounting, asset tracking/physical auditing and capital expenditure control.
Fixed Asset Tracking Software allows you to easily track assets and calculate depreciation automatically. It has the ability to track asset purchases and sales throughout the year. Different built-in algorithms are there to calculate depreciation and track an unlimited number of fixed assets quickly.
Fixed asset management software has the feature to split an asset and account it separately. You can change information for multiple assets simultaneously. Data can be transferred to the tax system and automatically calculate tax amounts. It has the ability to maintain track and record assets data of multi-company, in hierarchies, identifying parent/child relations and dependencies.
Fixed asset tracking can be used to keep a watch throughout the life cycle of an asset so that effective preventive maintenance, breakdown repairs, warranties, maintenance contracts are done. For effective cost management and usage of capital, an effective fixed asset tracking system is essential.
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