By asset, we mean valuable stuff like equipment, estate, and other monetary resource possessed by an individual or an organization. The assets can be acquired through buying, empowering, or endowment. A company will need some assets to run the business.
At the time of purchasing an asset, the company invested money and labour to take over the property. All the details of the leverage while purchasing the assets need to be recorded in a file for generating financial reports.
Cost of Establishment
When the company is purchasing an asset, devote more labour and wages to install and manage it. There will be a process of asset transaction.
For example, the company is buying a transport system for the logistic purpose. Then a series of activities will be executed for instalment. First, the procuring department will inquire about the type of vehicle they need. This will follow by ordering of the vehicle from the vendor, packing, allocation, and installing of the vehicle.
Sometimes, the company may face the problem of bargaining price and shipping of the asset. This will need more leverage to settle the issue.
Recording the Purchase History
At the time of purchasing the vehicle, the procurement department of the company will enter all the information of the newly acquired asset on a book or file. The book may contain financial reports that are maintained on a regular basis to identify a trace of expenses.
The information of the asset may be entered in detail-type of vehicle, brand name, serial number, model, colour, date of purchase, maintenance cost, manuals and price of the vehicle.
The Unavoidable Incident That Causes Data Loss
Keeping a record or a document of the company in files is vulnerable to data loss. There may be inevitable incidents like thievery, misplacement of data or another event like a natural calamity.
For instance, the accounting department has a ledger book of annual purchasing in a file. The specific file is kept with among other files in the office.
There may be chances when the person who handled the account failed to remember which book was kept on which shelf. Such incidents could affect the plans and assignments of the company. In addition to this, the company’s assets could be misused.
Asset Tracking Software for Salvation
An asset tracking management software can pursue the transfer record of a property at the time of allocation. Asset Infinity, an online asset maintenance software architect delivers services to prevent a company from losing the assets. This software can be used effortlessly and gives accurate information about the assets.
Users of the Asset Infinity app can customize the app in a dynamic way. They can add any category fields on its content management system. The software allows the users to generate codes of the assets they want to track. They can designate the asset code by adding certain tier like code numbers, categories, asset name, and location.
Asset tracking software allows the users to attach the image, band name, status, and condition of the asset. They can also attach other document files such as terms and conditions of purchase order such as invoice, insurance, and warranty of the asset.
Asset Maintenance Software and its Influence
An eminent feature of asset maintenance software is its potential method of recording data. The Asset Infinity app has a unique feature is linked assets. The users of this app can link their assets together and create a group of assets.
They can have multiple links between the assets in on the software’s built-in spreadsheet or they can upload their excel templates. The users can update one or multiple numbers of assets at once on the spreadsheet. Once they are linked, the assets can be in an organized group at the time of disposing of the asset item.
The owner of the asset can remark whether the property is owned by an organization, retailer, buyer or a B2B partner. This facility will be fruitful when the owner wants to lease or rent the assets.
All the updates on asset information can be tracked by any user of an organization. Users can raise asset item requests. The requested items may include a description of the assets and remarks. Any user can download a summary and requests for all items raised by the users by downloading the material.
Asset Infinity is the leading asset management software and app provider. It enables you to track your assets using Barcode tagging, QR code tagging, RFID tags tracking, NFC tags tracking.
There are more features such as Auditing of your assets & Physical verification, Maintenance management, Utility Monitoring, and report on the equipment you can use from anywhere, at any time. Asset Infinity offers a free 14-day trial – no credit card required!