Keeping an accurate record of fixed assets is a cumbersome task for any company but a necessary one in order to mange assets correctly. Fixed asset tracking software can help to make this a less arduous task and help to reduce any errors and mistakes.
No matter what the company size it must manage many fixed assets, varied types of assets, rapidly changing asset bases, multiple locations, and ever-changing tax laws and requirements. Fixed asset inventory software can simplify these varied fixed asset accounting and inventory tracking processes by consolidating all the tools a company may need in one convenient package.
Asset Tracking Software
Most fixed asset tracking software available today is user friendly and easily integrates with general ledger spreadsheets that may currently being used in a companies accounting department. Fixed asset inventory software can also lessen the burden of fixed asset depreciation calculations for financial and tax reporting, asset inventory tracking and reconciliation, and personal property tax filings.
Fixed asset inventory software can make the task of fixed asset management easier from acquisition through disposal. Software such as this eliminates redundant data entry, increases accuracy, and reduces costs over manual tracking of fixed assets. There is fixed asset inventory software available from the basic system of regular barcodes to the more sophisticated RFID long range asset management. Some companies offer free fixed asset inventory software on the internet or at the very least a free 30 day trial period usually in conjunction with one of their other products. As well there are companies for hire that will come in and use their own fixed asset inventory software and complete the task for a fee.
In today’s business world reports suggest that it is not uncommon for 65% of all corporate fixed asset data to be incomplete or inaccurate. Even more alarming is that 10% to 30% of all recorded fixed assets are found to be no longer owned by a company when fixed asset inventory software is implemented.
As well as helping to keep an accurate record of all fixed assets belonging to a company, fixed asset management software can help to keep track of maintenance schedules for equipment. Of course, when equipment is properly maintained there is less cost to a company through lost time with equipment that is not functioning to saving money on costly repairs due to poor maintenance.
Fixed asset inventory software can be found to fit any business and has proven to be an asset when tailored to fit a specific businesses needs.