Every business needs to keep track of its assets. In that way, the relevant stakeholders will know what assets are available and what can be used to provide optimal returns.
An asset is any resource or material owned by a business or company. It can be tangible or intangible and can be owned which produces value. It is held by a company to produce positive economic value. In simpler terms, assets mean value of ownership that can be converted into cash.
Managing assets can be complicated and time-consuming, what more if you have to do it manually. An effective asset tracking is critical for efficient location monitoring, inventory counts, oversight of maintenance, asset condition, and depreciation for high-value and business-critical assets. That is why having an asset management system that could help you with your business is a must.
What is an Asset Management System? It is any process in a company or organization which keeps track of the equipment and inventory vital to the day-to-day operations of their business. It records and tracks assets throughout its life cycle, from procurement to disposal. This system or software provides the organization with information like where certain assets are located, who is using them, how they are used and its details.
An Asset Management System offers various benefits for your business such as:
- Enabling a business to keep track of all its assets – this process makes it easy for firms to track their assets. It will allow them to know where the assets are located, how they are being put to use, and what changes are made to them. Recovery of assets can be done efficiently which will lead to higher returns.
- Guarantee accuracy of rates – ensures that the financial statements associated are kept updated
- Identify and manage risks – it helps identify and manage the risks that may occur from utilizing and owning certain assets.
Quadrant Alpha offers an Asset Management System which is integrated with our Barcode System. Through these barcodes on documents such as purchase orders or return documents, one can retrieve the appropriate record from our server and keep track of asset movement more efficiently.
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