Fixed Asset Management Software: No More Spreadsheets! Part 3

Fixed Assets Management Software: 4 Important Steps Before You Get Started

In part 2 of this blog series, "Fixed Asset Management Software: No More Spreadsheets!" we discussed two methodologies for inventory tracking of fixed assets and discussed some of their pros and cons. In Part 3 we will cover the steps to take once a fixed asset inventory management system is chosen for implementation and installation. Hopefully, this will be helpful to make sure these practices can be completed more effectively by utilizing this new system. By crafting approved fixed asset procedures, arranging the execution of the assignment company-wide, and sustaining oversight, management can be guaranteed of a total recognition of the new software platform.  Should you have a fixed assets inquiry or subject that you’d like more information on, please let us know.

Centralizing fixed asset inventory management with the correct technology is a significant phase for companies for numerous reasons. By installing this software, businesses can pointedly diminish the quantity of time and resources required to track and account for items, cut insurance and tax costs, avert theft and loss, increase budgeting, and improved preparation for natural disasters and emergency situations that may endanger property conditions.

After partnering with a fixed asset management solutions provider, there are quite a few beginning steps management can take to ensure a smooth transition, whether their firm is embracing inventory tracking software for the initial time or upgrading to a better system. Fixed Asset Inventory: A Guide to Getting Started highlights key preliminary schedules that will assist your team adopt and make the most of the company’s technological investment and improvement.

1. Validate procedures and processes

After appraising implementation data from the software provider, administration and human resources should work together as a team to create guidelines that outline the policies for inventory tracking. This official booklet should clarify which objects should be inventoried and how fixed assets should be entered into the system, tracked, disposed of, and removed from budgeting records to ensure accounting is standardized across the organization.

2. Prioritize fixed asset management as an inter-department precedence

Accounting and equipment supervision should not be the only departments concerned with the efficiency and the precision of property inventory. It’s imperative for management in all capacities of the organization to comprehend the execution and implementation progression so they can better organize their department’s use of equipment, furniture, asset accessories, and other items.

3. Training your Team

If direction from several divisions are proficient in the motives for software implementation, its benefits, and what common policies and procedures are in place, they can educate their team to use fixed assets acceptably to circumvent rapid item devaluation and accounting errors.

4. Ensure compliance

After spending time, money and resources arranging for your team to transition and instructing certain personnel on the use of fixed asset management software, it’s vital to confirm the investments don’t go to waste. Management should maintain constant oversight to enforce policies and procedures. In addition, it’s a good idea to revise these formal documents frequently to make sure they are up to date as the company undergoes growth and other changes.

You can read more about Fixed Assets here, or you can contact us for a demo or pricing.

If you have any questions or need help with the above recommendations, please call tech support at 502-429-6902 x227.

Oasis Solutions Group provides consulting, implementation, support and project management services for Sage ERP 100 & 500 (F/K/A MAS 90 & 200), CRM (Customer Relationship Management) and HRMS software. Oasis provides and supports on-premise and cloud-based software products.

Located in Louisville, KY, Lexington, KY and Nashville, TN, we cover the Mid-West and New England areas as well as other locations.

We provide telephone, remote and on-premise support. In addition, we work with companies who purchased the system and need a higher level of expertise and support than they are receiving.

Please read our first article here and our second article here.

Another version of this blog was posted on Mar 24, 2015 by Oasis Solutions Group Why You Should Avoid Using Spreadsheets for Fixed Asset Management, Part 3

Topics: Fixed Asset Management, sage fixed assets, sage, fixed assets