08 Mar How to Create a Robust Fixed Assets Register
The first step to creating and managing a robust fixed assets register is by investing in a complete fixed asset management system. By eliminating manually managed spreadsheets, you reduce the risk of human errors and immediately improve the integrity of your data. In this guide, we discuss how to create a robust fixed assets register.
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A fixed assets management system enables you to maintain a solid audit trail. The system tracks and records every detail and action performed by its users. Permission-based access also ensures the security of your data.
Standardize Depreciation Calculations
Manually managing spreadsheets isn’t only time-consuming and poses the risk of having multiple versions of the truth. By eliminating human errors and automating depreciation schedules by asset type and asset classes, you maintain consistent depreciation values throughout.
Furthermore, you can create multiple depreciation books for tax and reporting purposes without updating the general ledger. Assign tax and reporting fiscal years that are independent of your actual financial ledger.
With access to reports and dashboards, you can get instant access to past information. This insight will guide all your knowledge of the future needs of your business. A great fixed assets management system provides standard reporting templates, as well as the ability to design your reports.
Whether you would like to manage multiple depreciation books, multiple asset types, or make use of multiple averaging options, there is no greater tool to invest in than a fixed assets management system. A system that allows you to manage asset acquisitions, disposals, asset balances, asset net values, future projections, and depreciation transactions through built-in reports. Most importantly, allows you to drill down to view transaction details.
Need help choosing the right fixed assets management system for your business? Speak to one of our consultants today. We’d be glad to guide you on how to manage and create a robust fixed assets register with a complete fixed assets management system.
Choose a solution that has role-based access and superior security features to give you peace of mind. Enjoy a single version of the truth and optimal data integrity with fixed asset management software that ensures that you maintain accurate asset registers. From the date of purchase to reliable depreciation methods, invest in a solid asset register software to streamline your fixed assets management processes.