What Is Fixed Asset Management Software and Why Do You Need It?

Each business organization, regardless of its size or industry, operates and owns a variety of fixed assets - it can be machinery, vehicles, electronic items, office equipment, and more. However, the process of manually tracking the location, condition, depreciation, and maintenance of these fixed assets is prone to errors, takes up a lot of time, and by nature is highly inefficient. This is where Maco AMS becomes highly essential.

What Is Fixed Asset Management Software?

Maco AMS is a digital solution that helps business organizations manage the entire lifecycle of their fixed assets. Even for the most basic business operations like procurement and allocation to depreciation, maintenance, and disposal, Maco AMS provides a centralized platform to monitor, organize, and control each aspect of asset management.

Maco AMS automates numerous tasks such as tracking asset locations, allotment of company assets to employees, in the calculation of depreciation, scheduling the maintenance of assets, and further in the generation of reports. The result is improved visibility of assets, higher savings in terms of time and cost, and better control over the assets of an organization.

Key Features of Fixed Asset Management Software

1. Asset Tracking :

Maco AMS helps to track all the organization's physical assets across different departments, buildings, or geographical locations in real time. Organizations can enter assets' full information, like the asset’s type, purchase date, vendor, cost, condition, and their current location in Maco AMS.

2. Depreciation Management :

Maco AMS calculates depreciation automatically using various depreciation methods like Written Down Value (WDV) or Straight Line Method (SLM) simultaneously for the Companies Act and the Income Tax Act. Maco AMS ensures accurate accounting of financial records and compliance with statutory regulations.

3. Barcode/ RFID Integration :

Through Maco AMS, business organizations can easily scan and identify assets using barcode or RFID tags. This simplifies the process of physical verification and speeds up the process of asset audits.

4. Maintenance Scheduling :

Maco AMS provides a feature of preventive maintenance scheduling, servicing and warranty expiration reminders. Keeping assets well-maintained reduces their downtime and extends their useful life.

5. Audit and Compliance :

Maco AMS provides a mobile app that ensures that a complete audit trail of all asset transactions and a detailed report of all internal and external audit requirements are generated and maintained.

6. Accessibility through Mobile Apps :

Access important asset information, scan tags and update useful data on the go using the Maco AMS mobile app, which is an ideal utility feature for remote teams or large facilities.

Why Do You Need Maco AMS

1. Improved Asset Visibility :

Maco AMS ensures asset visibility, like knowing where your assets are, who is using them, and what kind of condition they are in helps reduce theft loss and full utilization of assets.

2. Accurate Reporting of Financial Status :

Maco AMS makes sure that there are no errors in the calculation of the depreciation amount that lead to incorrect financial records and compliance issues. Maco AMS automates and ensures consistent calculation of depreciation, making it easier to report values.

3. Enhanced Operational Efficiency :

Maco AMS is a powerful tool that ensures that an organization can automate its operational tasks like asset allocation, allotment to employees, service maintenance tracking, asset auditing, etc, which saves valuable time, reduces human errors and the workload of administration.

4. Better Decision-Making :

Maco AMS provides detailed, insightful reports and analytics so that business organizations can make well-informed and correct decisions about financial planning or the allocation of the budget of organization.

5. Regulatory Compliance :

Maco AMS helps to maintain clear, auditable records, reducing the risk of regulatory/statutory failures and penalties. Maco AMS is useful in internal audits, filing taxes and maintaining industry regulations.

Conclusion

Maco AMS provides many benefits to an organization by digitizing and automating the processes related to the management of fixed assets. Business organizations can reduce costs, save time, and make smarter decisions using Maco AMS, which is more than a tool for asset tracking.