Asset Management Software calculates the most valuable/profitable depreciation that a company has gone through in a financial year to maximize monetary gains from tax deductions.
If you’re, reporting to a government agency, senior management, donors, the IRS, executive boards and auditors, you’re accountable for the value and status of your organization’s various fixed assets. Assets can be in the form of machinery, office furniture, computers and other electronic equipment and even the assets that you build. To manage all this an asset tracking software can make your work easy as they are specially designed in a way that it keeps track of every asset that you own or sell.
Key features of Asset Management Software are mention below:
- Tracking Inventory: It eliminates the chances of stolen or lost assets and thereby helps you in reducing insurance costs. You can yourself control data entry by using the asset records application which is inbuilt in the software, and it also has customized fields as well to put a detailed description of your assets with images and notes. You can track assets using barcode scanners and barcode labels.
- PlanningProjects: With the help of this software you can easily track all your project details besides being monitoring both financial and physical completion of projects. You can view all your projects at one go and can also keep track of all the financial transaction done on a particular project. In asset management track software, you can import all purchasing and invoices from your accounting system. You can easily manage your budget and asset usage through this feature.
- DepreciationCalculator: Now you can save a lot of your money and time to manage your fixed assets with the help of depreciation calculator which is an inbuilt feature of this software. This is a very friendly tool, and you can easily unlock various methods of depreciation. You can ensure compliance with changing government rules and regulations. It is integrated with general ledger systems.
- CostEffective: Having said about the features of the software, one should also take into reckoning that this software is very cost effective. It saves a lot of your money as you can avoid keeping a designated person for this particular job as this software comes at a very reasonable cost. In addition to that, it has auto update features which update the software as per government regulations.
- MobileApplications: Some of the software’s provides state-of-the-art mobile applications which help you to work on this software even when you’re not carrying your laptop. You don’t have to sit on your system to put the entries; you can work on this software from anywhere and can operate from not just web but also through mobile applications.
A large scale business requires a lot of man power but the attrition rate is going high in recent past and therefore, to depend on an individual can be risky at times. Thus an Asset Management Solutions is a must for an enterprise or an individual to keep a detailed track of his/her assets.