Great question! Here are the major benefits of using fixed asset management systems:
- They can help with loss prevention by allowing you to stay on top of tracking your assets before they get lost. This, in turn, reduces your company expenses and can help to increase profitability.
- It captures data on things like the location of your assets, maintenance requirements, depreciation values, and more in one place for ease of access and better visibility.
- They facilitate improved equipment maintenance which can help your equipment last longer, thereby reducing the number of times you’ll need to purchase new equipment and cutting unnecessary costs.
- They can help you to more accurately work out your taxes by accounting for depreciation schedules.
- They can help you to meet all relevant accounting compliance standards.
There are a few more benefits besides. I won’t go into them all here, but you can find more information on websites like https://www.fmis.co.uk/solutions/fixed-asset-accounting/.