Your company is responsible for accounting for and reporting all of your business’ assets – not just your financial and inventory assets. For many companies, fixed assets management can be one of the most overlooked areas in business management. While you know that it is important to stay on top of your fixed assets reporting, it is often easy to forget about when you are faced with other pressing matters that occur in the daily life of running a business.
If your fixed assets situation is less than ideal, you are not alone. Most businesses will admit that their fixed assets management could use some improvement, but many do not know where to start. Some are maintaining fixed asset records using a variety of spreadsheets and Quickbook accounting tools. Others are writing them down as they go and compiling the information into their accounting and ERP solution at a later time. Some even put off the accounting of fixed assets until tax time rolls around, leaving the business scrambling to get the work done quickly and accurately.
Start with Fixed Assets Management Software
In order to put some control back into your fixed assets management, you need to take a look at the software you are using. Spreadsheets, basic accounting tools, and even Quickbooks will not provide you with the capabilities you need to adequately manage your company’s fixed assets. In fact, these tools are not only inefficient and unnecessary, but they can also add to inventory inaccuracies.
A dedicated fixed assets management solution such as Sage Fixed Assets, however, can streamline fixed assets management and help you keep track of new and existing fixed assets. With the option to implement barcoding technology for data capture and fixed asset tracking, you can be confident knowing that your fixed assets are accounted for and managed well. Learn more about Sage Fixed Assets and see what difference a capable solution can make.