Advantage of Implementing Fixed Asset Solution That Includes Bar Coding
While there has been considerable progress in the management of assets over the past few years, many companies still adhere to the inadequate use of Excel spreadsheets and other manual practices when tracking their fixed assets.
Fixed Asset Management offers a wide range of solutions such as tracking location-based assets, calculating fixed asset transaction records, enabling acquisition of new assets through the purchasing process (eg supply chain management), eliminating duplication of work and producing good management reports that can satisfy business needs and replace Use of spreadsheets or other manual practices.
If properly implemented, Fixed Asset Management allows companies to:
- Save time and money
- Reduce theft or loss of goods
- Prevent overpayment of taxes and insurance payments
- Improved planning and budgeting functions
- Determine the basis of accurate fixed assets
- Eliminating ghost assets (ghost assets)
- Provides an interface that contains a bar code scanner so that it can print labels with bar codes
- Can add new assets, update the status and location of assets quickly, and more
Fixed asset managers can implement the best practices by selecting software for the company. Things to note in choosing software to keep asset turns are fixed asset accounting software, inventory solutions, customization reports and accounting project solutions.
In evaluating a software, you should pay particular attention to the integration between fixed asset applications and other financial solutions, such as general ledger to save time and eliminate the possibility of errors in data re-entry.
With the right software, you can track, manage and deliver asset reports efficiently. When this form of fixed asset management is implemented, you can ensure efficient use of your assets and enable better planning according to company needs.
In this competitive world, many businesses use whatever it takes to compete in the marketplace, and the use of bar code scanners will help you tremendously.
Here are the benefits of using bar code:
- Improve efficiency
- Smooth internal operation
- Automated depreciation and tax calculations
- Integrated with accounting packages
- Flexible online reports and analysis, and more.