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 on 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.