The three main elements of fixed asset software

A central asset register

Compiling an effective database of all assets within an organisation and recording all events in each asset's lifecycle.

Asset tracking & verification

Monitoring the movements of assets and ensuring the register is up to date at all times. This could be the daily process of updating the system via mobile devices or conducting regular asset audits.

Depreciation calculations

Calculating the depreciation and reporting on all financial information associated with the fixed assets on the balance sheet.

What is fixed asset software used for?

Compiling a central asset register

Organisations may often maintain multiple lists or registers. This causes many problems and is not an efficient way to manage assets. It becomes difficult to verify each list, avoid duplication and produce depreciation calculations. A central register solves these issues and helps to avoid any duplication of asset purchases. Effective Fixed Asset Software is essential for maintaining a central database and will enable you to provide a true and accurate picture of all assets owned.
What is fixed asset software

Recording asset history

Storing detailed asset information and financial history provides organisations with valuable data to enable business decision making with a full audit trail.
What is fixed asset software

Audit & certification

Problems with fixed asset management are often flagged up during audits which organisations can fail if they don’t have a good system in place. Using specialist software can help finance teams to meet and surpass audit regulations.
What is fixed asset software

Insurance records

Many companies are paying insurance premiums on assets that are no longer in use. It’s possible that premiums could be reduced if the asset register is always kept up to date. It is also easier to claim if you can provide proof of the assets you own.
fixed asset software

Asset tracking

This is the process of tracking the location and activity of assets on a regular basis. Usually assets are barcoded or tagged so movements can be scanned easily but information on the asset and its location can also be entered manually via a smart device if required.
fixed asset software

Issuing & returning assets

If organisations have roaming assets then it is crucial for companies to track the process of when and to whom, assets were loaned out. The asset register should be updated each time an asset is issued and returned.

what is fixed asset software?

Physical audits

Audits are carried out to match the asset register against the actual assets that are located around the organisation.
what is fixed asset software

Managing non-capitalised assets

Organisations also need to keep an inventory of non-capitalised assets. It is best to record these items in the central asset register to maximise effective control and utilisation.
what is fixed asset software

Who uses fixed asset software?

Head office

Organisations must ensure balance sheet values are correct. When the asset register is up to date, resources are utilised more effectively, insurance claims can be proved and lost assets are kept to a minimum.

Finance Department

Effective fixed asset software enables the finance team to calculate depreciation and meet both corporate governance and audit regulations.

Sub offices

Assets at sub offices can be tracked regularly so that information can be sent directly to the central asset register.

IT Department

IT staff need to keep track of asset location and access up to date information about IT equipment.

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Fixed Asset Management

Learn more about how our fixed asset management software can help you to meet the audit and depreciation requirements of both the private and public sector.

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