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Fixed assets include various kinds of property and assets owned by a company that can be converted into cash. They are referred to as property, plant, and equipment (PPE) on the company’s balance sheet. However, it’s generally accepted that fixed assets cannot be converted into income within a year.
Examples of fixed assets are office equipment, furniture, building, computer equipment, vehicles, and machinery. And the value of these tangible assets depreciates every year.
Fixed asset management is the process of tracking, maintaining, and organizing a company’s tangible assets by barcoding and asset tagging. The primary reasons for fixed asset ERP implementation are asset tracking, asset maintenance, and minimizing losses.
The benefits of fixed asset tracking ERP software are as follows:
a. Monitor the performance of machinery and equipment across multiple locations.b. Minimize the maintenance costs substantially.c. Critically examine the fixed assets. d. Prepare and update records of stolen, sold, or lost fixed assets.
Fixed asset management software allows organizations to manage their fixed assets and tangible assets efficiently. It records critical information such as quantity purchased, cash flow statement, fixed asset turnover ratio, financial statements, capital assets, net book value, net income, capital expenditures, accounts receivable, inventory details, accounting data and much more.
Managers can conveniently access real-time data with various fixed assets such as costs, potential issues, and maintenance schedules with the fixed asset ERP software. As a result, they can make timely adjustments based on short and long-term needs. The asset lifecycle management module consists of various features like asset tracking, asset management, item classification, material allocations, status updates, asset transactions, lifecycle monitoring, part reservation, contract management, and much more.
Predictive maintenance predicts the chances of equipment breaking down. It allows managers to schedule maintenance for those items that are likely to become dysfunctional in the coming times. This feature of ERP application helps strengthen customer relationships and build a strong reputation for the company in the market. The predictive maintenance module comprises fault management, component management, parts management, asset consumption and condition maintenance, vehicle maintenance repair standards (VMRS), template creation, regulatory compliance management, reverse logistics, and much more.
The inventory management module considers each tool, equipment, and supply that enter or leave the warehouse in real-time. It is equipped with barcoding technology that automatically records the bills and stores them in the repository, making it easy for relevant stakeholders to access the information. This ERP solution module consists of stock level metrics, inventory allocation and transfers, lot control and serialization, bills of materials, cycle counting, multi-site inventory management, automated reorder, and much more.
Many worldwide agencies such as the IRS, IFRS, GASB, GAAP, SOX, T2S8, GST, CCA are always searching for organizations trying to evade taxes. You must know that a minute error or non-compliance with laws can mean penalties worth hundreds of thousands of dollars. Sage’s Fixed asset management software India will make you compliant with the tax laws of internationally reputed financial agencies and protect you from paying enormous penalties.
Sage fixed asset management software India provides a comprehensive solution to manage your assets and the ERP can improve a business efficiency through:
a. Become compliant with government norms and regulations by integrating your ERP system with popular ledger systems. In addition, the fixed asset management software comes pre-loaded with 30 ready-to-use reports.
b. It contains more than 50 depreciation methods, including ACRS, straight-line method, MACRS 150 percent and 200 percent (tables and formulas).
c. It also allocates the depreciation and cost for individual or group assets to multiple funding sources. Moreover, it has decision-making tools that ensure GASB 34/35 compliance. Further, it also helps create budgetary books for asset budgeting projections.
Sage Fixed Assets management software module comes loaded with Microsoft Windows Mobile Barcode reader that helps conduct multiple inventories simultaneously at several locations and helps reconcile data in a central repository accessible to relevant stakeholders.
a. The Sage fixed assets tracking module is pre-loaded with 40 fully customizable fields that make data entry a piece of cake. You can upload notes and images to describe each asset record and analyze them at any point in time.
b. The Sage fixed assets management software tracking module integrates with the Sage fixed assets depreciation module conveniently, eliminating double entry.
c. This module consists of numerous easy-to-use “wizards” that eliminate stolen or lost assets from the repository, minimize insurance and overpayments.
The primary business benefits of an ERP system cloud-based asset management module is that all business stakeholders, including frontline executives, C-suite executives, vendors, suppliers, and distributors can access critical information related to current assets, intellectual property, balance sheet, tangible asset, and intangible assets through a centralized platform from anywhere and at any time.
Each organization has many fixed assets and intangible assets that enter and exit the system every day. Therefore, it’s essential for companies, especially small business owners, to maintain a real-time record of assets as it helps form an error-free income statement.
Ghost assets are those items that have been lost, stolen, or extinguished but are still present in the system records. The real-time tracking feature of the fixed asset management software module maintains a description of the property, plant, and equipment currently in use and removes non-existent items from the list.
Fixed asset management ERP application provides the complete history of property, plant, and equipment, from the date of acquisition to the end of life. This detail helps to accurately determine the number of assets you may need in the future and also estimate the future spendings and budgets.
Many businesses rely on spreadsheets for maintaining records and storing critical business information. It’s an excellent option for small enterprises and startups because they have fewer data needs. But spreadsheets aren’t a good option for big corporations that collect and analyze a large amount of data daily as they are prone to frauds and may introduce errors. Instead, a multinational business must use a fixed asset tracking software to track assets in real-time and eliminate errors.
Companies purchase fixed assets like motor vehicles, computers, digital devices, and numerous other long-term assets that require repair and maintenance from time to time. Fixed asset management software monitors the asset lifecycle closely and sends real-time alerts to service engineers if a technical issue arises. It also contains a predictive maintenance module that forecasts equipment breakdown even before it occurs.
A fixed asset is one of the types of ERP modules which is not easily converted into cash. Fixed assets are usually long-term investments, such as property, equipment, or vehicles. In accounting, fixed assets are recorded on the balance sheet. The value of a fixed asset is deducted from the company’s total assets to arrive at the value of the company’s current assets. Companies use fixed assets to generate revenue, which can be used to produce goods or services sold to customers. Fixed assets are a vital component of a company’s balance sheet.
There are many different types of fixed assets, which are classified according to their purpose. The most common types of fixed assets are property, plant, and equipment.
The property includes land and buildings owned by a business. Plant refers to machinery, equipment, and vehicles used in production. Equipment includes tools, furniture, and other items used in the office or for other business operations.
While fixed assets are necessary for businesses to function, they can also tie up much capital. As a result, companies must carefully consider which fixed assets are right for them and how to finance their purchase.
First, the software should be able to track and manage your organisation’s assets. It includes keeping track of asset location, maintenance records, and depreciation schedules.
Second, the software should be able to generate reports. This is important for both financial and Compliance purposes. The reports should be customisable and allow you to drill down into the data to get the needed information.
Third, the ERP solutions should have robust security features. This is important to protect your data and ensure that only authorised users can access the system. The software should have user-level security and the ability to track and audit the actions of users.
Finally, the software should be easy to use. It should have a user-friendly interface that is easy to navigate. The software should also be scalable to grow with your organisation.
Any business that owns physical assets needs to track and manage them properly to maintain a clear and accurate picture of the company’s overall value. It is where fixed asset management software comes in.
Fixed asset management software helps businesses keep track of their assets, including information on location, value, depreciation, etc. This data is essential for making sound decisions about replacement, insurance, and other asset-related matters.
With a sound fixed asset management software, businesses can easily maintain track of their assets and take advantage of significant opportunities to improve their bottom line. Invest in an excellent fixed-asset management software solution if you own or manage physical assets
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