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Our Company “Opus Technology Limited” provides "Fixed Asset Management System" for office and commercials. Opus Fixed Asset Management Software gracefully scales from single user to enterprise applications, and provides unprecedented access while maintaining total control of centralized data. The result is significant savings in administration and new levels of process efficiency and data integrity. Whether you're supplementing an existing system or creating a comprehensive, integrated solution, our modular approach lets you include what you need to get the job done. This means you now work smarter, maximizing your efficiency and quality of data.
No matter what your fixed asset management software needs may be, Opus Fixed Asset Management Software System will be able to fulfill them. We offer a variety of asset management software products focusing on specific industries such as Corporate, higher education, school districts and more. Let us help you reach the product that is perfect for you and your organization. Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence.
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 uses serial numbered asset tags, which are labels often with bar codes for easy and accurate reading. The owner of the assets can take inventory with a mobile bar code 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.
Tracking assets is an important concern of every company, regardless of size. "Fixed Asset Management System" 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 use 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.
Planning helps control spending and streamlines project accounting prior to placing a fixed asset in service. It eliminates cumbersome spreadsheets, manual data entry, and the mountain of invoices associated with assembling multi-component equipment, upgrading machinery, constructing buildings, and other work in progress.
Reporting provides control over the format, appearance, and context of all depreciation and asset management reports. With the point-and-click system of Sage Fixed Assets – Reporting, it is easy to create professional, custom reports instantly and even share fixed asset data with other programs using the built-in ASCII and spreadsheet exports.
Compliance Adviser produces a multitude of comprehensive reports that satisfy the most common information requests posed by auditors during an evaluation of internal controls for Section 404 of the Sarbanes Oxley Act.
Tracking delivers unparalleled asset inventory tracking and reconciliation capabilities. Using state-of-the-art bar code technology—including Windows Mobile® bar code reading devices—it creates and tracks physical inventories quickly and accurately for better management of fixed assets.
. No more issues with data spread across separate databases; all information will be housed in a single location. This means you can integrate platforms keeping data consistent, accurate, and unique.
Fixed assets can be an area for potential fraud risk if not monitored correctly. By simply having an up to date capitalization policy, a fixed assets tracking system, and a process of monitoring and reviewing fixed assets, you should be able to see benefits within a short time frame.
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:
• Plant and equipment
• Fixtures and fittings
• Long term investment
• Vehicles and heavy equipment’s.
Asset tracking software is often used to track both the information about an asset for financial reporting purposes as well as the physical location of an asset. The financial reporting elements of tracking often relate to accounting procedures and valuation needs but may or may not relate to location information.
"Fixed Asset Management System" location tracking software often takes one of two approaches to monitoring asset locations. The first approach is to use a physical tracking device to provide data on physical location. This can take the form of a Bluetooth tracking beacon or a GPS tracking unit. The second approach is to track a location by the "responsible party". In this approach the software uses peer to peer assign and accept procedures to allow individuals to accept responsibility for assets. The asset location is then inferred based upon the person who has accepted responsibility.
Fixed asset accounting system helps organizations maintain compliance with accounting guidelines and tax rules by enabling them to effectively control, track, and record each change that occurs during an asset's lifetime. The software encompasses depreciation processing and forecasting, lease accounting, capital expenditure control, and asset tracking/physical auditing. Comprehensive data-capture and asset tracking systems transform the speed, accuracy, and efficiency of the asset audit. Combining handheld devices with a central asset register, organizations can track asset location and status with minimal cost and resources, streamlining compliance and imposing control over the asset base.
Assets are building blocks of every organization. Utmost importance is required to track assets. Most of the organizations rely on either spreadsheets or manual methods to save data related to assets. It causes potential issues including errors in the tracking of procured assets, missing of asset assignee information. The calculation performed on this incorrect data creates a severe damage. Fixed asset management system accurately tracks asset using RFID & Barcode technology. Physical verification is now made easy and develops customized reports, eliminates ghost assets, reduce pilferages and it provides options to update asset information regularly.
Each asset has its’ definite set of labels, it includes procurement details, asset quantity, depreciation rates, receipts, maintenance schedules, and the pattern of use. Recording these attributes is very important to estimate asset life and increase asset efficiency. Fixed asset management software provides an option to save all these details related to the asset. It reduces asset downtime, enables easy physical audit; the organizations can have great control over assets.
Organizations are bound to calculate depreciation of assets in accordance with policies defined by the government. Companies Act 2013, India & Income Tax Act, India are few such policies. It is a difficult task for an organization to stay religiously update with these policies. Usage of spreadsheets & legacy systems results in error-prone calculations. FAMS enables calculating accurate depreciation of assets in adherence to various policies and generates required reports. Customize compliance to various accounting principles & jurisdictions.
Maintenance of assets
Registering and maintaining up-to-date records on all asset related problems, users can immediately identify assets under warranty, maintenance support details and the performance history of each asset. The user will have the ability to look at the past, current and future maintenance plans for an asset or groups of assets. These systems help in reducing maintenance cost, notify warranty & insurance premium timelines. Better conservation of assets results eliminating premature replacement of machinery and equipment. Timely, routine repairs can avoid large-scale repairs.
"Fixed Asset Management System" provide high security by creating structured workflow. At the organization level, access is given to an individual or group based on organization’s requirement. FAMS create transparency with and generates necessary reports. It gives top-level management a great control over the assets present in organization
"Fixed Asset Management System" software brings a number of features to businesses, which makes it a growingly popular tool among companies that want to make sure that they get the most out of every asset in their possession. It allows you to track and actively manage assets across multiple business locations, enabling maintenance managers to access relevant information from any device, all while providing real-time data.
And since fixed assets are vital to both day-to-day operations and achieving long-term goals, having a reliable way to make sure that the assets are always secure and maintained is a top priority.
But how exactly can fixed asset management software software help make the process more efficient? Well, here are some of the main features of FAM solutions that make the software a wise investment:
Asset tracking is a huge part of asset management, and with FAM systems, the entire process is made simpler. With the help of barcoding technology, managers can get real-time data about all of their items, including tracking costs, identifying potential issues and making timely adjustments to maintenance schedules according to both immediate and long-term needs. FAM software also provides accounting for parts, tools and other supplies that leave the warehouse. This seamlessly manages all of the billing associated with it with the help of barcoding, all in one system. With all the benefits that barcoding can bring to fixed asset management and warehouse management, it’s no surprise that so many companies are implementing it. According to a 2013 survey by Motorola, 66% of companies were planning to equip warehouse staff with scanners to speed up the implementation of barcode technology.
Preventive & Predictive Maintenance
Preventive maintenance is all about making sure that the fixed assets function properly and have a prolonged lifespan. It helps make the processes of creating schedules, procedure tracking and setting up maintenance routines much easier, automatically generating schedules and notifying managers about any necessary actions. According to a PdM survey, more than 45% of plants are taking a proactive approach to maintenance, which means that a significant number of companies understand the importance of getting ahead of any potential problems, because it can help reduce maintenance-related expenses while maximizing the value of each asset.
Implementing mobile devices into business operations is no longer optional, as their widespread use and application have made them an absolute requirement for businesses that want to operate efficiently. Since issues with your fixed assets can occur at any time, it’s paramount to not only have real-time data on all of them, but also to be able to access the data at any time of the day, from any device. Since sometimes even minutes can make a huge difference in fixing problems, having mobile access to fixed asset management software can prove to be a very valuable feature. That’s why most of the leading vendors provide mobile access and are continuously working to make accessing the software easy and seamless from all devices.
Do You Need Fixed Asset Management Software?
Even though it’s obvious that fixed asset management software can be very useful, does your company actually need it? Well, the short answer is yes — at least if you have multiple fixed assets that need to be monitored. But the easiest way to quickly figure out if this software could be useful for your company is to think about a few key considerations:
First off, a great indicator that a FAM system could be useful is if your company owns multiple fixed assets that need to be monitored and maintained. Since the software brings numerous benefits that make the entire process much easier, it’s definitely worth an investment.
However, even if the number of fixed assets you currently own is limited, your company may have plans to add new assets in the coming year. If so, it might be wise to start looking for a FAM solution, because it’s better to be ready once the need arises.
Some of the other questions to ask about your company include thinking about your needs to track asset depreciation, or have a convenient way to generate reports, track assets on multiple companies or easily exchange data between different systems. If these areas are part of your operations, then FAM software could make them much easier and more efficient.
Businesses utilize a decentralized approach to check-in and check-out systems for their shared fixed assets (such as laptops, mobile computers and vehicles). Sometimes it’s the honor system, sometimes it’s a sign-out sheet on a clipboard, but rarely do these practices result in assets that are always where they’re supposed to be, when they’re supposed to be there.
There are two common reasons for missing assets: human error and theft. Both of these factors are all but eliminated with a tracking system (usually based on a barcode or RFID technology) that can tell you who checked out an asset, when they did so (date), where the item was when they checked it out, and when it’s expected to be returned. While forgetfulness and miscommunication can result in missing assets, there were also over 11,000 reports of stolen fixed assets across the U.S. in 2013. When the cost of stolen equipment reaches up to $1 billion annually, it’s important to make sure no one, not even employees, can take fixed assets at will. (Additionally, the costs of ghost assets only add to the financial burden of a company.)
Errors regarding the physical location of your assets are one thing to consider, but paperwork errors can be equally problematic. Even the most exacting of accountants and auditors are bound to make mistakes when forced to use spreadsheets as their main tool for tallying assets. Studies show that spreadsheets contain errors. One misplaced decimal point or comma can cause accounting quandaries, not to mention mislabeled, misplaced or forgotten assets on the ledger altogether. Paperwork errors like these not only create ghost assets, but zombie assets, assets which appear in your workplace but have no record on your FAL or accounting forms.
With management software, every asset, whether tangible or intangible, whether office equipment or simply a folder of important documents, has a digital record (complete with tracking label, notes concerning maintenance schedules, photos, and any other information you deem necessary) that won’t be misplaced or mishandled.
Opus will provide "Fixed Asset Management System"solutions for companies in all scales that acquire our solutions for their organization. We can install the tailor made vendor management system for individual organizations for taking into consideration for various factors related to that specific organization. Opus is proud to be partners with some of the largest and prestigious vendors in the field of security and business management systems that create unique quality products trusted by client’s worldwide .Our counterfeit proof solutions help in creating a smooth vendor Management Solutions that works efficiently and effectively in all conditions and markets around the world.