How to elevate your Fixed Asset Management
Fixed asset management is the procedure of monitoring and preserving an organization’s physical assets and equipment like vehicles, computers, fixtures, and machinery. It enables businesses to track their fixed assets effectively, keeping them in good condition, reducing the risks of inventory loss, equipment failures and increasing the asset lifetime value.
How Important It Is To Maintain the Fixed Assets?
As we all know, 40% of investment is done in fixed assets alone, and maintaining them has become a worrisome task. When a company manages its assets better and more effectively, it is more likely to maximize the value of its investments. In the absence of a fixed asset management system (FAMS), a company may experience various downfalls.
Among the most common are:
- i. Lost or missed inventories
- ii. Failing to meet compliance and regulatory standards
- iii. Sudden downtime
- iv. Asset lifetime value is being reduced.
- v. Ghost Assets
However, business owners can avoid these losses if fixed assets are precisely maintained in a systematic manner. However, one needs to be very cautious while maintaining fixed assets as one error can result in huge losses.
Top 5 challenges while performing fixed asset management
Being in this domain for more than a decade, we have been able to successfully decode the top key challenges of fixed assets encountered by different verticals of industries.
Administrating assets manually
Manually organizing and tracking asset transfers, dispositions, and additions takes time and increases the chance of errors, which can result in missed period-end closing deadlines and overworked employees. Tax preparation, data manipulation, and reconciliation can all put a strain on your resources.
Relying on Spreadsheets
Standard spreadsheets are time-consuming and error-prone, making it easy to overlook tax law updates, leading to costly miscalculations. Besides, without visibility and automation for critical functions, spreadsheets pose a continuity issue when the spreadsheet’s owner and knowledge base depart.
Difficulty in sharing asset information across different divisions
Sharing asset data has become a strenuous job with the traditional spreadsheet methods or ERP systems. There is a desperate need for advanced technology that illustrates real-time perceptibility between various departments, handling tax, accounts, etc., serving the purpose with ease.
Collecting and merging updated data, especially with the old ones from various sources and systems, can be error-prone and tiring.
Difficult to find Pan-India level service
Many organizations opt for third-party services that can handle their fixed assets proficiently and are upgraded with the current market trends and technology with trained resources. In addition, many enterprises are preferably inclined towards Pan India service providers.
Pro-TEAM Solution: A key for all the Fixed Assets related problems
After analyzing the challenges, we proffer services with customized solutions and technology-driven resources, unloading the burden of assets management from our clients. We
- Track and monitor the fixed assets
- Can increase the productive efficiency effectively
- Can efficiently provide audit of Fixed Assets
- Can supervise equipment and types of machinery in different locations
- Can maintain the record of damaged, lost, sold, stolen, or new assets using advanced technology.
- Delivers pan-India quality service
Fixed Assets Management Services and Variations
Enterprises usually face many challenges while managing their fixed assets, like tracking location-wise quantity, asset condition, maintenance, and depreciation status of fixed assets.
Pro-Team Solutions holds expertise in clearing all these loads with the help of professionals who make use of advanced technology, infrastructure, bandwidth, experience, and sound exposure to provide complete Fixed Assets solutions to our clients involving multiple locations, branches, stores, manufacturing units, and warehouses.
Additionally, we provide the services to have regular support to generate asset tags for periodically added assets from the back office.
We always received applause from our clients for managing the Fixed Assets Help Desk faultlessly, which is also our USP. We stand tall as the most preferred Fixed Asset Management service provider across India.
Adding to it, Pro-Team Solutions is an organization where our clients are not required to trail different vendors to handle their Fixed Assets located in diverse cities as our pan-India quality service is something everyone admires.
Pro-Team Solutions Deal in:
- Bar-code / RFID Tagging
- Asset Verification & Reconciliation
- Fixed Asset Help Desk
- Fixed Asset Process Automation
- Ability to manage audits across India simultaneously
- Well equipped with HHT’s, Scanners & Laptops, etc.
- Technology support to monitor and control the quality of delivery
- Strong backend team to track the overall audit execution and reporting
- Have the expertise of working in large format stores and International brands