There are three main elements to fixed asset software...
A Central Asset Register
Compiling an effective database of all assets within an organisation and recording all events in each asset's lifecycle.
Monitoring the movements of assets and ensuring the register is up to date at all times. This could be the daily process of updating the system via mobile devices or conducting regular asset audits.
Fixed Asset Accounting
Calculating the depreciation and reporting on all financial information associated with the fixed assets on the balance sheet.
What is Fixed Asset Software used for?
Counting the cost of insurance in relation to Fixed Asset Management
Failure to maintain an accurate asset register can result in insuring assets you no longer own. Furthermore, poor asset descriptions typically result in claims being challenged by insurance assessors.
Read our article to find out more about the effect of the asset register on insurance premiums.