4 Benefits of Fixed Asset Management Software
Fixed asset management software gives you an edge over your competitors in managing business assets and equipment. Today, we’re going to explore what this software is and the four main benefits you can take advantage of by using it. To understand the power of fixed asset inventory software, we must first answer the question, “what are fixed assets?” Simply put, fixed assets are assets that are purchased for long-term use. Examples of fixed assets include:
The U.S. Bureau of Economic Analysis (BEA) defines fixed assets as “equipment and structures, including owner-occupied housing, located in the United States that private businesses or nonprofit institutions own.” According to IBM, as much as 40% of all investments by a business go into buying fixed assets such as equipment and vehicles. Consequently, managing these assets is vital to your company’s success. With the right fixed asset management software, you can improve your bottom line, gain full visibility into your high-value assets, and maintain regulatory and compliance standards.
Benefits of Fixed Asset Management Software
Fixed asset management software enables you to track a number of details about your high-value assets including:
- Current value
- Asset depreciation
- Location and movement
- Use history
- Loss or Damage
Having all this data in a single, centralized location can save you immense amounts of time and deliver many other benefits. Many organizations try to manage their fixed assets with a slew of different spreadsheets, which is highly inefficient and is not a scalable solution. Many fixed management software solutions rely on barcodes or special RFID tags that can be attached to physical assets and that can enable users to scan and get information about the fixed asset they are looking at. This software is used in many industries, including government, education, and construction. The laws of thermodynamics dictate that your fixed assets will decay over time. Fixed asset management software helps you keep track of this wear and tear and automatically notifies you when the time has come to invest in new assets.
Audit assets efficiently
When facing an audit, you don’t want to throw your team into a scramble for asset information. So much time is wasted tracking inventory information and preparing audit reports for fixed assets. With a fixed asset management system like RedBeam, you can decrease the time spent on inventories and auditing by up to 70%. This will allow you to produce more informative, accurate, and higher-quality reports, helping you to more rapidly meet the needs of your auditors. Audits can take up vital time and reduce operational efficiency, and the only way to get the data you need fast is with fixed asset inventory software.
Create more accurate records
When dealing with significant numbers of fixed assets, the risk of lost or stolen assets become far greater. With fixed asset inventory software, you can create and maintain accurate records of each asset’s location and to whom each asset is assigned. Furthermore, with the usage data provided by this new source of data, you can then make more informed purchasing decisions about exactly how many new assets need to be purchased. And because all the data is stored in one place, you can have more organized asset data. Several users can access and update asset records in real-time, allowing for continuous asset management, and keeping your database up-to-date.
Many industries have strict regulations regarding certain fixed assets. In the government, inaccurate or unreliable records of your municipal assets can lead to very serious regulatory issues and even fines. However, with the right platform, you can achieve compliance with ease. Asset management software can help you maintain all the records necessary to remain compliant and increase your accountability. Software also eliminates the risks of paperwork and human error. Even online spreadsheets still have this risk. However, asset management software can automatically update a variety of data points.
Keep assets in prime condition
The 2nd Law of Thermodynamics means that your fixed assets will, inevitably, decay over time and use. However, their lifetime can be extended by regular maintenance. Asset management software allows you to access data on your assets in real-time and know exactly when maintenance is needed. You can use a fixed asset management platform to see exactly when your assets are being used and when they are not so that you know precisely when maintenance is needed. Preventative maintenance can save you money in the long run by extending the life of your equipment. Additionally, fixed asset management lets you know when you are nearing the end of an asset’s lifetime. You can then schedule a purchase for a replacement to ensure that your operations can continue running smoothly.
The Best Platform for Tracking and Maintaining Physical Assets
It’s important to note that we have only scratched the surface of the many benefits that asset management software can provide. In addition to the benefits we have already mentioned, asset management software can also help you to track the physical location of assets, saving time on job sites. This can increase your operational efficiency and equip your teams with the knowledge of the exact location of all the tools and equipment they need to do their jobs.
RedBeam is an easy-to-use platform and can give you the insights you need to take control of your fixed assets. You can save time and money by managing all of your assets in one place. Our team is committed to supporting your business with our cutting-edge technology, which is why we offer free demos. Click below to schedule yours or visit https://redbeam.com/schedule-demo.