Managing Fixed Assets a Corporate Responsibility

Fixed Asset Tracking

Even the metal scrap that lies in the backyard of the manufacturing units is an asset. Take the example of the railways with thousands of metric tons of metal scrap, old engines and bogies, and vacant land all this constitutes as an asset.

These are tangible assets that can be quantified, auctioned, and sold to enhance liquid cash and are worth preserving. Scrap auction by railways and many other Governmental concerns is a norm and a big business. This practice is followed by corporates and small businesses as well, but there can be neglect. A scrap is not a scrap until you treat it as one.

While keeping track of capital and noncapital asset may not be a core activity, but neglect will lead to theft, cheap disposal, and proliferation. Do you wish this to happen with your enterprise?

We are not talking about junk, a fixed asset can be company-owned property, investment in equity and dividends, unused equipment, machinery, and whatnot. Anything that can be turned into crucial cash is an asset, and its upkeep and record have to be maintained assiduously.

Asset Management in Times of Computerization

In the computerized era, asset management is within the purview of the MIS department. But it is the integrated application software like Spine Fixed Asset Management that is responsible. Hence companies must employ asset management software for this task or they can do it manually by spending a greater amount of their crucial resource.

Most of these applications are holistic in nature and integrate well with MIS. For Example, a Spine with the latest features made in India is endowed with: • Keeping Record of Assets• Location Tracking of Each Asset• Compliance • Track Status Repair & Maintenance• Assign Assets for Handling and Preservation• Financial Audit• Insurance Details• Software License Management• Documentation • Lease Contract Management • Asset Bundling • Maintaining Asset Information • Managing Non-Capitalized Asset

The above-mentioned activities are vital for asset management, and companies should adopt a serious approach to maintenance and upkeep. It is imperative to be in total control of the tangibles as they were no less valuable than manufactured products or services. The HR would like to keep track of key performers in an organization as valuable assets but this is not within the purview of Spine. The applications collect all data with few inputs and publish reports as and when desired.

The Benefits of AM Software are;• Discover useless & obsolete junk• Reduce Maintenance Cost• Reduce Record keeping • Make Business Audit Ready• Enhance MIS

Computerized database management techniques and applications have come as a boon and have led to better efficiency in conserving capital and noncapital assets. Apart from better financial security and returns automation helps prevent pilferage and theft. This way of management also keeps the person responsible in the know.

Using asset management software is one of the best means of managing a business. Metavision Technology is an implementation partner for Spine Asset Management Software Application. The company based in Mumbai offers state of art service and is a technology partner for many other companies.

Uday writes often on Indian wildlife especially about the tigers. He works as a naturalist and is fond of travel. Uday also provides search engine optimization service and website contents in English.