Managing Fixed Assets
For major companies, anything that is not a part of the core focus does not mean that it has no importance. All departments all elements and assets comprise company property. Fixed assets comprise value-driven properties of these valuable resources and could be part of a turnover mechanism from time to time used for resource generation.
Assets are indispensable and, of most value for any company, be they fixed deposits, equity, or other paper-driven investments. Fixed assets are useful for taking loans and credit lines thus, they are crucial for bolstering company finance. Factory equipment, raw materials buildings all constitute assets.
Raw materials are temporary assets as they become part of the manufacturing or trading cycle. Here today is gone tomorrow. But most banks and financial institutions take stock of fast-moving raw materials that are used as an indicator of the health of the business. A high volume of raw materials indicates a strong financial position and robust manufacturing or trading volumes.
Understanding Fixed Asset
All said and done to explain how valuable fixed assets are for the companies. They are a part of strategic financial performance, in case of many concerns, these valuables may not be part of an excellent tracking mechanism. There is gross neglect of fixed assets in many companies and this is not surprising. The executives and managers are busy chasing sales targets, optimizing performance, managing workflows, and whatnot.
Thus, most of the fixed assets do not constitute active ingredients of workflow or maybe scarcely used. Manual bookkeeping is tedious and can be riddled with errors or inaccuracies in keeping track of company assets. There is a heavy price for neglect. Assets if not taken care of literarily fade away and tangible fixed ones in form of bonds and securities are easily forgotten.
Fixed Asset Management Using Application Software
Automation is the key, and computer-based software like Spine Fixed Asset Management is doing a yeoman's job. Some of the main features of the Spine Fixed Asset Management Application are as follows:
- Asset Assignment
- Compliance Tracking
- Repair & Maintenance Tracking
- Service Contract Tracking
- Trucking Insurance Policy
- Asset Auditing
- Ticketing & Help Desk
- Licensed Software Management
- Full Life Cycle History
- Lease Contract Management
- Check Out & Returns
- Asset Bundling
- Managing Non-Capitalized Assets
- Instant Access
Spine enables quick information retrieval besides managing a vast burden of data accumulation reporting. The application smoothly integrates with all departments and the MIS systems to form exclusive coverage within an organization.
The spine is an easy and friendly interface, it facilitates end-to-end visibility right from investment to its disposal. Top managers and CEOs at a time take a peek at the status of properties the company is holding. This is imperative as the top brass and executive managers always keep well-updated on data that can help them take a quick and accurate decisions. Though these assets appear on the balance sheet of the company they cannot be real-time figures. They have long-drawn annual figures that can change quickly after another acquisition and disposal.
Continuous digital records help keep a track of all property statuses and send alerts after the application is customized. They are crucial for audit compliance, and not only to indicate company holdings. Although companies keep physical records alongside that in a digital repository. In the contemporary era, greater reliance is on management information systems. Thus Spine Asset Management Software is one shop solution available at a reasonable price.
Spine HRMS is multifunctional application software. Besides the fixed assets, it manages various other spheres of activities like payroll management and the HR process. The comprehensive fixed asset management software is available for one time starting price of around Rs. 20,000. The software can be subscribed from its channel partners on annual basis.