Asset management software has made great strides in the past several years. Sadly, enterprises have not caught up with current trends, with many enterprises relying on Excel spreadsheets or worse…pen and paper. Issues like ghost assets, those being fixed assets that have reached the end of their useful lives or simply gone missing, but still being recorded as assets are an auditing nightmare.
Asset management software looks to prevent these nightmares and adopting an asset management suite is the easy way to level up this critical facet of any organization. Here are five advantages such software suites bring to the table.
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Track the Location of your Assets
Many organizations adopt a somewhat decentralized approach to checking in and out of fixed assets, like mobile phones and laptops. This means that anyone needing to track the location of assets lacks a centralized view of the entire organization. The internet is awash with guides on how to improve your business, but these all too often ignore methods that cut down on human error or theft by staff.
Eliminate Paperwork Errors
Human error is an inevitable reality, even the most experienced accounts can make mistakes. This is especially true if the accountant is forced to use outdated spreadsheets to track assets. Asset management software goes a long way in preventing errors from cropping up. This is because the software will create a digital record of the asset from its purchase till the end of life, be it a laptop, printer, or a simple folder. Further, notes can be created regarding maintenance, helping protect assets from being mishandled.
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Calculate Depreciation
As much as we will it to be so, the vast majority of our assets will depreciate. Being able to calculate depreciation accurately can be beneficial to the productivity of your workforce. More importantly being able to calculate the depreciation of an asset of time, versus the cost to revenue it generates informs business leaders to make better decisions moving forward. The more accurate depreciation is calculated the better the ultimate decision as to the assets worth to business can be. For instance, if you are paying insurance or taxes on the asset, at a certain point that asset can become a drain on revenue. Asset management software can include information as to original cost, depreciation method, and salvage value then sends alerts once a certain value threshold is crossed.
Automation and Cloud Computing
Asset management software was quick to see the benefits that automation could offer when combined with cloud computing, updates can be pushed to staff automatically. Further, asset management can be done via mobile devices providing more flexibility and convenience to those tasked with managing enterprises’ assets. When both automation and cloud computing is used in asset management packages there is little worry that asset records will be out of date. Another advantage is allowing employees and managers to collaborate to ensure records are kept up to date with ease.
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Conclusion
Asset management can be an overlooked aspect within an organization, that is until audits are needed. If still using spreadsheets, or handwritten records, audits can be an absolute nightmare. Asset management software looks to provide both continuity and ease of use so all your assets have a digital record-making not just easy audits but daily asset management a dream.
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