Fixed assets are a class of assets that are listed in a company's balance sheet and are primarily used for operational purposes and not for resale to generate revenue (i.e., non-inventory items). These assets include buildings, equipment, etc.
For organizations with a large number of assets or multiple locations, understanding the location, condition, maintenance history, and value of assets can be a daunting task. The value of the asset must be included in the balance sheet, taking into account the impact of depreciation.
What is a fixed asset management system?
A fixed asset management system is a software solution that automates the tracking, collection, and management of asset data, replacing traditional spreadsheets and manual processes. These systems may include features such as barcode scanning, real-time asset tracking, and work order management.
Its main purpose is to improve the organization's visibility into data on various assets, understand where investments may be needed, and automate manual processes to improve employee productivity.
The main function of the asset management system
- Asset Data Management: Helps track the status, condition, location, and performance of each asset, as well as information such as purchase price, contract terms, purchase date, maintenance history, depreciation value, and more.
- Maintenance data: Track asset maintenance schedules, services performed, service dates, who performed services, and parts used, as well as discover trends in maintenance and downtime.
- Reporting and analytics: Generate reports to provide data on asset performance, downtime, repair history and frequency, and the useful life of each asset, with data that is easy to share.
- Security: Systems must have strong security protocols such as role-based access control, encryption, regular security updates, disaster recovery, and backups to protect the integrity of asset data.
- Integration & Customization: Allows integration with mobile devices and the flexibility to handle customization needs to meet the specific requirements of each organization.
White code provides businesses with a powerful and easy-to-use asset management platform. The white code asset management system is fully customizable and flexible, enabling small businesses to save money and time while protecting their investment. The White Code Software Center has an asset management system template, and you can also enter the white code platform to experience the efficiency and convenience of the white code asset management system through actual operation.