When any business starts it is imperative that it acquires assets. It begins with laptops, office space, furniture and so on. This analogy is much simpler than the on ground reality, which is – businesses have been functioning for many years and they have over time acquired multiple assets (hundreds and thousands) across branches across the globe. What does it all lead to?
Managing assets is an ad hoc process at best at many businesses. Assets are often requested by the users and procured by the finance or admin team and handed over, what happens after that remains sketchy. Often times the assets are handed over to the user without recording it in the books. In the off chance the user resigns from the organization and returns the asset to the local admin or finance team and if his replacement resource is not based out of the same city or country, he raises a new request to for the same asset, while the old asset lies in the company storage without the chance of reconciliation, reuse or recycle.
A cloud based asset management software is a robust yet sophisticated solution to overcome this hurdle. Here are the possibilities:
- Recording of required, new, old, existing, expiring, to-be-disposed assets in a digital cloud enabled register.
- Tracking an asset from owner, geography, current state becomes easier.
- Ownership is defined with primary owner, secondary ownership of unit, department or P&L. It also tracks handover to pre-defined local SPoC in case of expiration, upgrade, transfers or resignations.
- Books closing are no longer a nightmare, since all assets, their corresponding information and projections on renewal, expiry, reconciliation, disposal are readily available.
- Categorization of assets per their nature, utility, ownership or other factors makes for smooth running in operations. For example, infrastructure assets like furniture, company vehicles will be classified differently from user assets such as laptops or zip drives.
- Depreciation value by different methodologies to account during books closing, company valuation, or disposal of assets.
- Adding and combining assets such as machinery and parts, land property with peripherals are hassle-free tasks.
- Transfer of assets from owner, units, P&Ls is just a ticket away.
Are your company assets recorded, tracked and monitored effectively? Expenzing Asset Manager helps you automate and integrate your assets for improved business operations. Visit our Expenzing Asset Manager page to know more.