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Before we discuss fixed asset management let us know about asset management. Asset management is a system which maintains and control valuable things that are important to a group or organization. To be exact, it is a process which systematically deploys, maintains, operates, upgrades and disposes of assets. More knowledge can be gathered from our fixed asset management assignment help
What is management of fixed asset?
A process of accounting through which fixed assets are tracked for certain purposes like preventive maintenance, financial accounting, and avoidance of theft, is known as management. An organization or a company faces a lot of challenges in order to track its location, condition, quantity, depreciation and maintenance status of fixed assets.
Objectives of fixed asset management
Certain common objectives are jotted below for you to understand it clearly. Below it is described in brief, for more materials our fixed asset management homework help is the solution.
- It helps in ensuring the consistency in procedures when handling fixed asset management, accounting, controlling, etc.
- It ensures that the management has handled it properly by minimizing risks through in-house control.
- To ensure that proper financial reporting and accounting is followed. This should follow all accounting standards set by the government of a country.
Advantages of this process
This process has a lot of benefits if it is correctly implemented. Not one or two but it has various advantages to it. Some are given below:
- It helps in saving money and time
- Reduction in loss and theft occurrence
- Significant improvement in budgeting and planning functions
- It prevents over payment of insurance and depreciation taxes
- Fixed assets’ proper baseline is established
- Ghost asset is eliminated
- Reduces risk of non-compliance regulation with legislation
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Fixed asset tracking
Tracking assets is a very important thing for a company or organization. It is a critical part fixed asset management when it comes to tracking. The focus of this is to know last locations of all assets. This process basically refers to auditing and property control which is done by RFID tracking or through bar codes. Other than this it also provides information like:
- Kind of assets the company have
- Who are using these assets
- Condition of these
- If they require a replacement or needs repairing
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