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
Let us look at some of the examples of Tangible Assets:
- Electrical Equipments
- Vehicles and more
The list can be extensive but mentions above are some of the common items which can be classified as Tangible Assets.
Let us look at some of the examples of Intangible Assets
- In house technology
- Company Logo
- 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
- 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.