Physical & Fixed Asset Management

Fixed asset inventory management software

Fixed asset inventory management is the process of tracking and managing a company’s physical assets throughout their entire lifecycle, from procurement to disposal by using data center asset management software. These assets can include furniture, equipment, machinery, and IT software and hardware. A comprehensive understanding of these assets can help businesses make informed decisions, reduce redundancies, lower storage costs, and eliminate taxes on ghost assets. 

According to Markets and Markets, the fixed asset management software market is anticipated to grow to $5.2 billion by 2024, showing the importance of implementing a successful tracking system.

What is the best way to track fixed assets?

The best way to track fixed assets is by using inventory management software. Keeping records of assets, such as office equipment, vehicles, IT assets and machinery, can be difficult and time-consuming, especially when done manually. Fixed asset management software not only automatically stores all the necessary information but also organizes it in a way that’s easy to understand and search. With asset tags and real-time information, employees can quickly access data, reducing the strain of gathering data last minute for audits or reports. By monitoring fixed assets, companies can calculate their current and future value, track their performance, and receive prior notifications for maintenance.  

How does asset management software work?

Asset inventory management software is designed to help organizations optimize asset utilization while minimizing the cost of owning and using fixed assets. The software automatically collects and tracks asset data, providing in-depth visibility into every asset inside its environment. It compiles reports that help businesses optimize asset efficiency, keep track of crucial information about assets, and automate the process of tracking assets through their entire lifecycles. This helps businesses maintain existing assets, avoid unnecessary equipment purchases and upgrades, and improve efficiency and financial strength.

How does asset management software help with audits?

Asset management software can greatly assist with audits by providing a streamlined process for tracking fixed assets. Specifically, the software can track important asset details such as purchasing and licensing fees, maintenance dates, asset location, usage compliance, user permissions, contract renewal dates, and usage patterns. These features allow for accurate and up-to-date fixed asset records, which are crucial for auditing purposes.  

How does fixed asset software help with data depreciation and inventory accounting?

Fixed asset software automates the process of calculating depreciation and keeps track of an organization’s assets throughout their lifecycle. The software can help companies maximize the payoff from capital investments by identifying each investment’s value, location, purchase details, depreciation method, and accumulated depreciation. It streamlines financial asset accounting, preventive maintenance scheduling, and managing depreciation. With standardized depreciation policies, built-in tax codes, accounting rules, and validation, fixed asset software guarantees accuracy in up-to-date calculations and compliance with the latest federal and state law tax changes.

What are the benefits of depreciation management and workflow automation?

Fixed asset inventory management software provides numerous benefits, including depreciation management and workflow automation. With automated depreciation calculations, businesses can ensure compliance with financial reporting processes and take advantage of tax savings. The software also helps track purchase cost, valuation, and gain or loss on assets, streamlining financial asset accounting and managing depreciation.

Fixed asset inventory management mobile app

Many industries will benefit from our mobile app, Asset Vue Mobile. In many companies there is great convenience in using a mobile device. Asset Vue Mobile is connected to your Asset Vue Inventory account, so you can truly track and manage your critical asset anywhere at any time using the device of your choice.

Fixed asset inventory management software

Asset Vue Inventory (AVI) software can track and manage your critical hardware assets. Our software can manage both where the asset is assigned, and AVI can show you the state of the asset (for example if the asset state is “in inventory”, “in use”, or “decommissioned”).

fixed asset inventory management