Asset management software is an integral business program that a firm uses to track assets through their usable lifespan as well as determining the salvage value of the asset after the asset has exceeded that lifespan. This process was once handled manually but manual tracking of asset life is time consuming and vulnerable to human error at every stage of the process. Utilizing an asset tracking software company streamlines the process and stores the firm’s data securely, freeing up valuable time for other business endeavours.
What other benefits can this software provide?
- Charting employee performance through workflow tracking
- Keeping track of equipment maintenance schedules
- Ensuring that assets are available when needed for meeting through scheduling features
- Production of analytic reports based on asset valuation and workflow information
Every business is unique so the needs of every business will be different. There are many factors to consider when purchasing asset management software to ensure the best possible fit.
- What assets need to be tracked?
Every business has different assets but there is common ground among most businesses. All of a firm’s assets should be tracked, both tangible and intangible. When considering a firm’s assets the following information should be considered in terms of categories of items, such as:
- Properties including factories, warehouses, office space, etc
- Equipment
- Machinery
- Patents & trademarks
- Current assets
- How assets should be tracked
The most important factor in successful asset management is developing an organized system that includes basic information about each asset listed. By tracking this information the true value of the asset can be determined as well as the purpose, condition, availability, and location of the asset can always be easily accessible.
An organized system allows for the asset to be maintained according to an appropriate maintenance schedule, can assure that only authorized personnel have access to specific assets, tracks procurement information including vendor, and accurately measures asset valuation.
There is the further consideration of who should have access to make changes to the database according to their level within the firm and the role that they play. Asset management software allows for tiers of access that gives certain individuals access to limited areas that are applicable to their work and not the kind of widespread access that might cause lasting damage to the asset tracking.
- Compliance with regulations
Asset management software allows firms to accurately track cash flow information in compliance with the Sarbanes Oxley Act. More businesses fail due to failures in the cash flow system than any other reason. The firm can rest easy knowing that asset tracking software is tracking the flow of information and the valuation of assets.
Additional regulations depend on accurate financial reporting that can be generated through the use of asset tracking software according to the firm’s needs.
- Tailored to your needs
Every firm operates within their own sector and the needs of each sector vary. Determining what is most important to the firm and tailoring the experience to those needs is one way that asset tracking software company programs can streamline the process and assist in making this aspect of the business as painless as possible.
Responsive customer service teams available to assist with any questions or concerns can make the difference between software that works for the needs of the business and a headache.
