Fixed assets management

Fixed assets management

Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence.

Many organizations face a significant challenge to track the location, quantity, condition, maintenance and depreciation status of their fixed assets. A popular approach to tracking fixed assets utilizes serial numbered Asset Tags, often with bar codes for easy and accurate reading. Periodically, the owner of the assets can take inventory with a mobile barcode reader and then produce a report.

Off-the-shelf software packages for fixed asset management are marketed to businesses small and large. Some Enterprise Resource Planning systems are available with fixed assets modules.

Some tracking methods automate the process, such as by using fixed scanners to read bar codes on railway freight cars or by attaching a radio-frequency identification (RFID) tag to an asset.

Fixed Asset Tracking Software

Tracking assets is an important concern of every company, regardless of size. Fixed assets are defined as any 'permanent' object that a business uses internally including but not limited to computers, tools, software, or office equipment. While employees may utilize a specific tool or tools, the asset ultimately belongs to the company and must be returned. And therefore without an accurate method of keeping track of these assets it would be very easy for a company to lose control of them.

With advancements in technology, asset tracking software is now available that will help any size business track valuable assets such as equipment and supplies. According to a study issued in December, 2005 by the ARC Advisory Group, the worldwide market for Enterprise Asset Management (EAM) was then at an estimated $2.2 billion and was expected to grow at about 5.0 percent per year reaching $2.8 billion in 2010.

Asset tracking software allows companies to track what assets it owns, where each is located, who has it, when it was checked out, when it is due for return, when it is scheduled for maintenance, and the cost and depreciation of each asset.

The reporting option that is built into most asset tracking solutions provides pre-built reports, including assets by category and department, check-in/check-out, net book value of assets, assets past due, audit history, and transactions.

All of this information is captured in one program and can be used on PCs as well as mobile devices. As a result, companies reduce expenses through loss prevention and improved equipment maintenance. They reduce new and unnecessary equipment purchases, and they can more accurately calculate taxes based on depreciation schedules.

The most commonly tracked assets are:

* Office Equipment
* Evidence
* Medical Equipment
* IT Equipment, for example laptops.
* Vehicles
* Files
* Maintenance supplies
* Educational materials
* Software licenses
* Videos
* Tools

ee also

*Asset
*Asset management
*Radio-frequency identification (RFID tags are being used for automatic asset management)

External links

* [http://www.ogc.gov.uk/documents/Towards_better_management_of_public_sector_assets_-_Sir_Michael_Lyons.pdf Towards better management of public sector assets]


Wikimedia Foundation. 2010.

Игры ⚽ Нужно сделать НИР?

Look at other dictionaries:

  • Fixed Assets Register — A Fixed Asset Register (FAR) is an accounting method used for major resources of a business.Fixed Assets are assets such as land, machines, office equipments, buildings, patents, trademarks, copyrights, etc. held for the purpose of production of… …   Wikipedia

  • Fixed asset — Fixed assets, also known as a non current asset or as property, plant, and equipment (PP E), is a term used in accounting for assets and property which cannot easily be converted into cash. This can be compared with current assets such as cash or …   Wikipedia

  • Fixed asset turnover — is the ratio of sales (on the Profit and loss account) to the value of fixed assets (on the balance sheet). It indicates how well the business is using its fixed assets to generate sales.Fixed Asset Turnover = frac{Sales}{Average net fixed… …   Wikipedia

  • Asset management — Asset management, broadly defined, refers to any system whereby things that are of value to an entity or group are monitored and maintained. It may apply to both tangible assets and to intangible concepts such as intellectual property and… …   Wikipedia

  • Asset management (disambiguation) — Asset Management can refer to: *Financial Asset Management: **Investment management the sector of the financial services industry that manages collective investment schemes. **Global assets under management **List of asset management firms… …   Wikipedia

  • List of management topics — This is a list of articles on general management and strategic management topics. For articles on specific areas of management, such as marketing management, production management, human resource management, information technology management, and …   Wikipedia

  • Index of management articles — This is a list of articles on general management and strategic management topics. For articles on specific areas of management, such as marketing management, production management, human resource management, information technology management, and …   Wikipedia

  • management fee — An investment advisory fee charged by the financial adviser to a fund typically on the basis of the fund s average assets, but sometimes determined on a sliding scale that declines as the dollar amount of the fund increases. Bloomberg Financial… …   Financial and business terms

  • Computerized maintenance management system — (CMMS) is also known as enterprise asset management and computerized maintenance management information system (CMMIS). A CMMS software package maintains a computer database of information about an organization’s maintenance operations, i.e.… …   Wikipedia

  • asset/liability management — ( ALM) Coordinated management of all of the financial risks inherent in the business conducted by a financial institution. The process of balancing the management of separate types of financial risk to achieve desired objectives while operating… …   Financial and business terms

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”