Overall, the best fixed asset tracking software will offer numerous features and integrations with other software classes. Other related software systems include IT asset management programs, inventory control software, and inventory management software, to name but three. Today a software-based fixed asset tracking system could be connected to accounting software, especially when assets are constantly being depreciated in value. Crucially, this is the case with respect to both new acquisitions and maintaining current assets. In turn, it helps finance directors and other decision-makers to make better-informed strategic decisions about company expenditure on fixed assets. Software systems tend to eliminate human error while speeding up fixed asset management work. Unless they know what they have and the state these assets are in, it is hard to exploit them to their maximum potential. Overall, the main benefits of fixed asset management and tracking systems include maximising the potential of all fixed assets a business possesses. The former helps to keep track of the levels of fixed assets, usually with some sort of barcode system for greater automation, while the latter specialises in planning routine and preventative maintenance schedules for equipment. Other features that are common in asset tracking software today include inventory management modules and maintenance management systems. This helps businesses get the best out of their fixed assets from the procurement stage right through to minimising their disposal costs when they are no longer needed. A key feature is asset lifecycle management. Various factors need to be taken into consideration which is why asset monitoring solutions tend to be used.īoth large corporations and smaller enterprises can make use of a software-based asset management system. Consequently, the value to a business of its fixed assets is often hard to determine and not something that can always be accounted for by simply calculating the sum of its potential sales value. In other words, fixed assets are fixed while liquid assets, such as securities and saleable stock, have greater liquidity, meaning they can be turned into cash more easily.
Other fixed assets that asset tracking tools can assess include land, buildings, furniture, plant, machinery, tools, and any other items that cannot easily be sold for their cash value. It also assists with the maintenance of depreciation values on a range of fixed assets such as company cars, office equipment, and computers. Fixed asset management software is primarily designed to help businesses and other commercially minded organisations track their maintenance, repair, and operations (MRO) lifecycle.