The Most Effective Fixed Asset Management Software of 2021

Fixed asset management is one of the most difficult and pressing issues for most businesses. This is especially true for companies that own a large amount of machinery and equipment. Therefore, implementing business asset management software is a superior solution that helps businesses manage and track asset activities easily. So, what benefits does fixed asset management software bring to businesses? Let’s explore in the article below.

1. General information about fixed asset management software

1.1 What is fixed asset management software?

Asset management software is a system that helps businesses monitor and track the performance of their assets. Assets here include production machinery, office equipment, and other company facilities. This helps businesses save resources, personnel, and operating costs, all of which are automatically optimized.

1.2 Benefits of fixed asset management software

Inventory and manage assets on a single system

Instead of using paper-based forms and spreadsheets for asset inventory, which costs you time and effort, software applications now help businesses easily inventory and manage assets quickly. All asset information and data are automatically stored on the system. This helps the person in charge easily track the installation, repair, and maintenance status of equipment.

Track equipment performance

Fixed asset management software helps the person in charge easily and conveniently grasp the performance, usage time, and level of use for each type of asset. From there, they can understand the condition of each piece of equipment to devise appropriate solutions, helping the business avoid unnecessary losses and wear and tear.

Assign access permissions, increase security

This is one of the key benefits of fixed asset management software. Assigning permissions and limiting access to important data is crucial. The software helps businesses ensure that relevant personnel can access and process information quickly and easily.

As you can see, implementing asset management software is an effective solution that helps businesses track and manage asset fluctuations quickly without consuming much time or personnel. So, what are the criteria for good business asset management software? Let’s find out in the content below.

2. Basic features of fixed asset management software

Asset management software is an indispensable tool that helps businesses manage assets conveniently and professionally. So, what features should asset management software have? Below are some basic features of asset management software that you should know before choosing one.

2.1 Manage asset categories on a single system

This is a mandatory feature for standard asset management software. The software supports managing assets by category and updating asset status by category and asset updates. Additionally, the software supports declaring asset categories on the system.

2.2 Manage the asset usage process

Managing the asset process helps you track user information (the person to whom it is issued), and store and support an overview of the issuance, retrieval, damage reporting, and loss reporting process for an asset. The asset management software will help you look up and search for asset information by username, department, etc., through a smart filter. 

2.3 Depreciation management

The asset depreciation management feature will help the person in charge allocate depreciation to multiple entities such as (cost items, departments). Through this, the software supports automatic calculation, allocation, and accounting of depreciation based on the latest updated asset information. 

2.4 Asset inspection and insurance information

In addition to fixed asset management, asset management software needs to meet the criteria for planning, maintenance, inspection, and periodic insurance purchasing for assets. The software will support the operation of tasks and asset repairs through a quick and easy workflow.

3. Criteria for choosing fixed asset management software

Suitable for the business’s needs

Each business has a different scale and management area, so the complexity and cost of business asset management software also vary. Therefore, the software needs to be suitable for different asset management needs and match the overall scale of the business to achieve the highest efficiency.

User-friendly and easy-to-use interface

Fixed asset management software that is easy to use, user-friendly, and suitable for all users will help you save time and effort during the asset inventory process. Therefore, you need to choose software that is suitable for your business to avoid extra effort and for greater convenience during use.

4. Disadvantages of fixed asset management software

Nowadays, software doesn’t just perform a single function but also integrates many accompanying features and utilities. However, most current asset management software lacks synchronization and integration of smart features, making it unable to meet the needs of large-scale companies.

This is especially true for businesses with large machinery and numerous pieces of equipment and supplies that are essential for their operations. If a business wants to meet all its asset, equipment, and supply management needs, it must invest in multiple other software programs to run concurrently. This will cause the business to incur significant costs and effort to use the software.

Currently, the average price for fixed asset management software is approximately 200,000 VND/user/month. This is a relatively high cost for businesses, especially those with a lot of machinery and equipment spread across multiple locations, to use a single asset management feature.

For small and medium-sized enterprises, implementing a comprehensive business management software that integrates multiple features and utilities will help solve all of the company’s challenges, not just asset management.

Comprehensive and convenient business & asset management with 1Office

1Office currently provides business asset management software that helps small and medium-sized enterprises solve the challenges of managing asset information, allocation information, asset recovery, and asset depreciation quickly and easily.

Manage Asset Information

– Track and capture the status and information of the company’s assets and office supplies

– Easily update asset usage activities based on the actual current status of the company’s assets

– Search for assets simply and conveniently with advanced filters by asset group, user, etc.

Manage Asset Allocation

– Supervise and track the asset allocation and recovery status for each individual and department in the company

– Fully update the history of asset allocation and recovery for individuals or departments centrally on the software.

– Easily export or import asset information via Excel files for convenient management and tracking

Manage Asset Recovery

– Manage the asset recovery status for each individual and department in the company

– Fully update asset recovery information for individuals or departments centrally on the software.

– Store a complete and detailed history of asset recovery to facilitate easier searching.

Manage Asset Depreciation

– Track detailed depreciation and the specific inventory status of assets within the company

– Automatically update the company’s asset depreciation according to the actual usage time.

– Update detailed depreciation time, depreciated value, and the remaining value of the asset.

Asset and equipment management plays a particularly important role for every business, especially for manufacturing companies. Good equipment management helps businesses minimize many risks related to damage and exploitation. If your business wants to choose an asset management tool that integrates multiple business asset management features, the 1Office fixed asset management software is the ideal solution to help manage assets faster, more professionally, and minimize time while saving your business’s budget.

To register for a trial of our business asset management software for quick and convenient asset inventory, please leave your phone number. The 1Office team of experts will contact you for a consultation today.

Register for a consultation: 083 483 8888

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