Fixed Assets Management 101
Ruka Jesinawu, ASA, ARM, FTAQEEM
Machinery and Equipment Valuation Consultant
“Show me the asset, and I’ll show you its price.” ― Robert Black
Regardless of the scale of operation or size, fixed asset management is a major topic to firms, companies or enterprises, be it government or private entities alike. Fixed Asset Management (FAM) is there to overcome numerous challenges faced by businesses today including the following:
1. Tracking the assets in their exact location;
2. Quantifying the assets in possession;
3. Ascertain the condition of the assets;
4. Tracking the state of maintenance of the fixed assets;
5. Determining the depreciation status of the assets.
The above asset management risks are prevented or reduced by getting the right methodology and approaches. The use of asset tags with serial numbers or asset codes will enable the company to easily track assets especially asset tags with bar codes. There are various types of asset tags both electronic and non – electronic, and of different kinds of materials. The current technology of FAM will allow the company to track and take stock of their fixed assets by use of bar code scanner/reader and generate a report.
Combined with FAM software, the system can allow the company to track their assets, update the fixed asset register, do preventive and regular maintenance and depreciate the assets. FAM software enables you to delete obsolete and damaged assets, disposed assets on the asset register and at the same time incorporate the new acquired assets.
FAM software has changed tremendously over time. We now have FAM software that can track information about the asset itself, its physical location and also monitor its location. We presently talk about blue tooth beacon system, GPS tracking system, geofencing system and more systems being developed right now.
Please note this article is an introductory part of fixed asset management and allows us to debate issues of FAM. Fixed asset management is one of the service packages offered by Land Sterling to all kinds of businesses and organisation.
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