Fixed assets is the backbone of many businesses. Mismanagement of any kind can cost millions in revenue to companies. Asset availability, audits, compliance, maintenance, tax, and insurance costs are just some of the areas that can either save a company's millions or cost them dearly if not managed well.
How Asset Management Software Assists Manufacturing Company?
With the help of asset management software, an organization can get data of assets across different locations onto a system and save precious time and resources. Let's take the case of a manufacturing company that has units spread across different states or even countries.
Asset Infinity, an asset management software, helps such geographically spread companies get all the machinery and tools used across their units online and gets data regarding their scheduled maintenance, taxation, insurance, etc. in one place. It helps generate error-free fixed asset registers at the end of the accounting cycle reducing the time taken in audits and compliance.
With maintenance dates being pre-scheduled the production cycle can be synced in such a fashion that losses due to inactivity are significantly reduced. The personnel or departments in charge of production can be held accountable with the help of the software.
At the end of the asset lifecycle, the failure to properly account for the asset can show up as losses on the books. To dispose of fixed assets organizations are required to write-off the remaining value of the asset. Any wrong calculation can lead to serious calculation penalizing the profit and loss statement.
The asset management software prevents this from happening by generating the right financial value of the asset by keeping into account parameters like depreciation, taxation, insurance, maintenance, lifecycle, etc.
With the help of the most recent values for these parameters, a company can correctly dispose of the asset without any hassle. Asset Infinity is compatible with the accounting and management standards globally to give a seamless experience to its customers.
Our asset management software helps in managing assets from aesthetic acquisition to acid disposal. This software will be helpful in all stages. in the long run. You will notice enhanced asset life decreased maintenance expenses. Assets are utilized to their full capacity.
Asset performance is improved as well with this software assistance. This software provides multiple tax calculation methods without compromising accuracy that helps in tax depreciation.
When asset performance is stabilized, it leads to better. Production works as sudden asset failure, chances are decreased. This software also assists organizations in maintaining compliance and eliminating regulatory issues. Issues.
There is no doubt that this software eliminates all the potential issues and automates the work process so that productivity can be increased of the organization and employees as well.
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Frequently Asked Questions (FAQs)
1. How Does This Software Assist an Organization in Improving Return on Investment (ROI)?
In order to improve ROI, decreasing maintenance expenses is very important at the same time, Asset Performance should not decline as well. When asset life is enhanced, maintenance expenses decreased and assets perform well, then production work increases as a result return on investment increases.
2. What Is Asset Management Software?
Asset management software helps organizations in managing and monitor assets. This software assists organizations in simplifying asset lifecycle management and provides several other benefits, such as asset tracking and asset management in an automated way. Keeping track of all assets and equipment. Managing them in the right way and providing them with maintenance on time. Furthermore, it provides several other types of customized reports that can help your business by making informed decisions. According to the Grand View Research, “The global asset management market size was valued at USD 216.98 billion in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 25.9% from 2020 to 2027.”
3. How Is Asset Tracking Done for Asset Management?
To perform asset tracking effectively, one must utilize asset tracking techniques such as Barcode, QR code, RFID, GPS, BLE, IoT, NFC. These asset tracking technologies come in the form of tags and labels. Each bag contains a unique identification number that is adhered to the asset. Whenever barcode Or Unique identification number is. Search in the database of the software. It fetches all the information related to the specific asset. Each label contains several types of information related to each asset individually. The PEG and label are also helpful in providing accurate location and that is how asset tracking is done.