What is Fixed Asset Management and Why is it Important? 

A company generally owns many assets like equipment, machinery, and vehicles etc,. The assets which are used for over 1 year period are usually classified as Fixed Assets. When the assets are in use, the value of assets goes down due to the wear and tear, which is called depreciation. By using the Fixed Asset Management module from FactsERP, you can record the quantity, usability, allocation of assets and post depreciation periodically. 

It is vital for companies and management to keep a record of all the fixed assets and maintain them. As the fixed assets are the core assets of a company, FactsERP helps in easy management of fixed assets. When the assets are of high value or require continuous maintenance, a complete management solution is required. FactsERP comes with a Fixed Asset management module that helps in managing the complete life cycle of an asset. 

Features and Benefits of Fixed Asset Management in Facts ERP: 

Asset Purchase and Disposal: Simplify the asset purchase process while tracking the association quotation and Purchase orders. Also the accounting entry postings for purchase or disposal can be automated leading to reduced manual errors. 

Asset Issue Tracking: Track the assets issued to employees or projects or other divisions. This will also help in tracking the fixed asset cost allocation and management.

Alerts & Notifications: Get automated alerts and notifications for various processes like periodic machinery maintenance or vehicle maintenance. Alerts can be set for various parameters, such as the kilometers driven for a vehicle or duration of usage of machinery. 

Barcodes/ QR Codes: Print barcodes or QR codes for easy tracking of asset locations and movement of assets. 

Maintenery Maintenance: Schedule periodic maintenance of machines while tracking the usage of machines based on the jobs or batches. 

Depreciation: Schedule for automatic calculation and posting of periodic depreciation. 

Period Asset Reconciliation: FactsERP enables the period reconciliation of assets in the system with the actual count of physical assets. 

Impairment of Assets: Simplifies the process of fixed asset impairments. 

WIP Process: Easy process of creating WIP, booking of expenses and transfer of WIP to fixed assets. 

Attachments: Every fixed asset transaction comes with an inbuilt feature of attachments to attach any supporting document for future reference. 

For a free demo of Facts ERP with Fixed Asset Management, please get in touch on 052 630 3949.