Fixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery.
Using an asset management system, organizations can:
- Track and monitor fixed assets
- Oversee equipment and machinery in multiple locations
- Lower maintenance costs
- Improve operational efficiency
- Maintain a record of retired, sold, stolen or lost assets
Fixed asset management enables organizations to monitor equipment and vehicles, assess their condition, and keep them in good working order. In this way, they minimize lost inventory, equipment failures and downtime – and improve an asset’s lifetime value.
How it Works?
- Study – We will visit your offices to study your current fixed assets scheme, conduct gap analysis versus business best practices and design accordingly a new operating procedure for your fixed assets
- Design – We will generate a hierarchical asset classification structure for both financial and physical asset tracking requirements as well as an asset catalogue detailing the different types of assets, resulting in mapping the existing physical
- Implement – We will implement a fixed asset solution that fulfills the business requirement in counting, maintaining, tagging and keeping track of the depreciation of fixed assets.
- Barcode and Asset Tag – We will tag all involved assets and ensure key fields are covered:
- User location
- Asset type scanned from the catalogue
- Barcode tag id is assigned
- Asset condition is specified
- Reconciliation of fixed asset data – Based on the above process, your Physical Assets Register will be cross matched with your Financial Database, resulting in one clean asset list.
- Efficient – Fixed asset management service is an efficient and accurate solution which enables business owners to track and control their assets
- Risk & Compliance – Helps mitigate risks of loss or theft of assets by ensuring all items received and withdrawn from the inventory are consistently monitored. The implementation of such service will significantly reduce the threat of human error by using bar-coded and labeled techniques, providing a full audit trail of your existing assets.