Benefits of Using Softwares To Manage Fixed Assets

Posted 2 years ago in TECHNOLOGY.

This article contains everything you need to know about Managing Fixed Assets in QuickBooks

Benefits of Using Softwares To Manage Fixed Assets

The value of fixed assets is determined by their application and longevity. The former is determined by their cost versus function delivery, while the latter is determined by their lifespan. Fixed assets are defined as tangible property that cannot be sold immediately. Fixed asset life cycles will significantly impact your company's account books. There are different features to manage fixed assets in QuickBooks, Sage, and other accounting softwares. 


Learn how to manage fixed assets in QuickBooks by going through this blog. Contact an expert for detailed guidance or if you get stuck while performing any function.


Benefits Of Managing Fixed Assets in QuickBooks, Sage and Other Accounting Software

There are multiple benefits of managing fixed assets in your accounting software. They help in ensuring correct asset visibility, identifying and removing ghost assets and improving asset life cycle management.

Benefit 1- Asset Visibility


Users need to perform a detailed dive into the shelf life of a product to ensure that they are valued correctly in the organization's books. As a result, you must collect data at every stage of development in order to accurately map out the life cycles of your fixed assets. Asset management software includes all of the features needed to ensure that all assets are discoverable and visible. The use of asset tracking features is particularly notable. This data is kept in a central database, which is also known as an asset register.


Benefit 2- Tracking Equipment, staff, vehicles and facilities in Real-Time

Fixed assets are essential for any business. They have the ability to multiply, come and go, and move around the workplace at all times. As a result, real-time asset tracking is a critical asset management benefit. Businesses can use various asset tracking tags and labels to track equipment, vehicles, and inventory in real-time. RFID tags, barcodes, QR codes, NFC tags, and GPS trackers are examples. Depending on your needs, each tagging option has its own set of advantages. Asset managers can use real-time asset management tools to ensure that registers are kept up to date with accurate data. Rather than manually editing spreadsheet fields, which can result in costly mistakes.


Benefit 3- Improving Asset Life Cycle Management

Businesses can use Asset Management Software to understand the life cycle of their fixed assets. Understanding life cycle management includes taking purchased, operated, maintained, and disposed of in the most efficient manner possible in consideration. 


Benefit 4- Find and Erase Ghost Assets

Assets that appear in your asset register but cannot be physically found are known as ghost assets. This could be equipment that has been misplaced or stolen. It also includes equipment that has been incorrectly recorded but remains in the system. Tools to manage fixed assets in QuickBooks and other accounting software can help identify and eliminate ghost assets automatically.


So now the benefits of managing fixed assets in QuickBooks, sage and other similar accounting software. There are many other benefits, such as accessing asset management data from the cloud, simplifying the analysis process, etc. If you still have any doubts left, reach out to our experts at +1-(855)-955-1942 and they will help you out.