FIXED ASSET SOFTWARE FOR SMALL BUSINESS

Hello and welcome to our new blog post. Today’s topic of discussion is about the need of Fixed Asset software for small business. Why does a business need software for Fixed Asset in first place will be the question arising in mind of most readers? In this article will answer that and deep dive into an advantage in having the software.

So let us get started with our article.

What are Fixed Assets?

Fixed Assets are terms as goods or items which are used for business purpose and add valuable contribution to company growth. They are used for goods/services production or provide valuable contribution which is important for the revenue generation and overall company or organization growth. Fixed assets are assets which are to be used for long period which can be more than one year.

Fixed assets can be classified as:

  • Tangible Assets: Assets with physical presence or can be touch or felt
  • Intangible Assets: Assets without physical presence or cannot be touch or felt

Tangible Assets

Let us look at some of the examples of Tangible Assets:

  • Machinery
  • Electrical Equipments
  • Computers
  • Buildings
  • Roads
  • Structures
  • Land
  • Material
  • Plant
  • Vehicles and more

The list can be extensive but mentions above are some of the common items which can be classified as Tangible Assets.

Intangible Assets

Let us look at some of the examples of Intangible Assets

  • Trademark
  • Patent
  • In house technology
  • Goodwill
  • Company Logo
  • Website
  • Software’s and more

Similarly like in case of tangible asset, the list for intangible assets can be extensive and classification definition can change from organization to organization.

What is Fixed Asset Management?

We have classified our Assets as Tangible or Intangible. Now for managing this asset we need to have a mechanism in place. This process of managing the Assets can be difficult process, one  would say we can use an simple excel template and can make entries in the same and keep on updating it whenever a new assets is bought and is to be capitalize but this can be easier said than done. Even for small business keeping can complete update right from the start of the organization as required by statutory government bodies using an excel template can be challenge as problems like mistake in recording the asset or an employee handling the assets management leaving the company can occur. So to overcome these challenges investing in a Fixed Asset Management Software can be a wise decision for a small business.

Fixed Asset management software can help managing the Assets properly and chances of error reduce significantly. For managing purpose we can assign software generated barcodes to the assets which can later be scan and gives us exact details along with the asset history on click of the button.

Fixed Asset Management Software Features

Managing Fixed Asset is a challenge in itself. So let us get started with Features which one should look at prior to investing in one of readily available asset management software in market:

  • Location tracking
  • Barcode generation
  • Repair module
  • Auto asset code generation
  • Annual Maintenance Scheduling (AMC)
  • Insurance Details
  • Verification information
  • Valuation details
  • Label generation
  • Purchase order creation
  • Voucher Recording
  • Bill information record
  • Manufacturer Warranty Details
  • Document Attachment option
  • Asset Card
  • User Assignment
  • Asset Audit
  • Asset Labels
  • Integration with Barcode printers and scanners
  • Taxation Module
  • Vendor information
  • Relocation
  • MIS Reporting
  • Statutory Reports
  • User Rights
  • Access control and more

This list can be extensive and feature requirement can vary from organization to organization. So one needs to have a detailed the requirements prior to buying.

Advantages of Fixed Asset Software

  • Saves time
  • Data available on click
  • Easier management
  • Error Reduction
  • Simplifies record management
  • Timely updates
  • Statutory Compliance management
  • Vendor Support and guidance
  • Business valuation
  • Seamless data flow control and more

If you are an organization looking out for Best Fixed Asset Management software in India please get in touch with us today. For demo please visit us at : www.qelocityindia.com or call 9819189777 for free demo.

AUDIT PROCESS OF FIXED ASSETS

Now a day’s most of the organizations whether they are Multinational’s or locally based invest in infrastructure. This investment of infrastructure is huge and involves a high cost. The definition of an infrastructure may vary from organization to organization. Infrastructure involves assets which are tangible as well as intangible. Let us classify some of the most common assets.

Tangible assets

  • Office Building
  • Computers
  • Furniture
  • Electrical equipments
  • Machinery
  • Air conditioners
  • Vehicles

Intangible assets

  • Software
  • Trademarks
  • ISO Certifications
  • Licensing

We would take an example for further explanation; every organization now days have an access control system to control unauthorized access to its premises. Now this system will involve a tangible asset in form an access control machine and software to monitor and maintain records in form an intangible assets.

As we have seen in the example, such kind of assets involves high cost and maintenance as well. But tracking assets after been installed is more cumbersome task.  To make process of tracking assets an organization can make use of barcodes which can be attach to the assets with unique barcodes assigned to each assets for identification process to be simplified.

But how can it be done. For printing barcodes there are readily available barcode printers which can be used to design and print barcodes as needed or one can buy barcode asset management software with this option inbuilt. Let us look at an example

Example of a Sample Barcode

Asset Name : Asset A

Asset Code : AA

Location : Mumbai

The barcode involves details like:

  • Asset Name: Asset name can be computer, printer or it can be specific as it is case in example.
  • Asset Code: Always assign unique code to your assets.
  • Location: Helps in tracking the origin location.
  • Barcode: In example it is 12345678 but it can be alphanumeric or hex numeric as required.

One can have more information and design barcodes as per requirement.

The above discussion was about Barcodes now let us have a look at Asset Audit process.

Asset Audit can be defined as process of tracking assets.

For tracking to be accurate first and foremost the organization needs to attach barcodes to all its assets and for auditing the assets it can use a barcode scanner which can read barcodes attach to the asset, gives current status of the assets.

Barcodes scanner are readily available in the market which can read the barcodes and this details from scanner can be exported in excel and imported into a fixed asset management software for knowing current status.

So what are the advantages?

  • Saves time
  • Error free
  • Cost involvement less
  • Conflict reduces internally in the teams
  • Accurate reporting

To conclude the discussion, would recommend buying barcode fixed asset management software with these inbuilt features. Thanks for reading.