Fixed assets are resources owned by a business that have a physical form and are intended for long-term use. These assets are not meant for immediate consumption but are vital for day-to-day operations, enabling businesses to generate revenue and achieve their objectives.
Fixed assets form the backbone of a company's operations, providing the necessary infrastructure, equipment, and resources to drive growth. By effectively managing and utilizing these assets, businesses can enhance operational efficiency, generate revenue, and gain a competitive edge in the market.
Managing Fixed Assets:
Efficient management of fixed assets is vital to maximize their value and ensure long-term success. Some of the essential and efficient features of our Asset Management Software are::
Asset Tracking
Implement robust systems and processes to track and monitor fixed assets throughout their lifecycle. This includes accurate record-keeping, regular inspections, and utilizing asset management software for streamlined operations.
Asset Depreciation
Fixed assets depreciate over time due to wear and tear, technological advancements, and market conditions. Understand and account for depreciation accurately, as it affects financial statements, taxes, and overall asset valuation. Various assets follow different life and depreciation should be as per IFRS / Accounting standards.
Asset Disposal
When fixed assets reach the end of their useful life, proper disposal methods should be employed. This may involve selling, recycling, or responsibly discarding assets in compliance with environmental regulations. Asset disposal is also called Asset Retirement where the asset is removed from the asset register.
Maintenance and Upkeep
Develop a proactive maintenance strategy to preserve the condition and functionality of fixed assets. Regular servicing, repairs, and timely upgrades enhance asset longevity and minimize costly breakdowns. Capture maintenance routines for assets to know the serviced dates.
