For any business, assets in any form are extremely valuable. Have you ever imagined as to what it will take to manage and track hundreds or thousands of assets, especially for businesses having multiple branches and if there isn’t a proper asset management software in place? Think over it!
Tangible as well as intangible assets form an important part of any business, irrespective of its size. Assets determine the value of a business and become important when closing of books and P&L. Keeping track of your company assets is not as easy as it appears, there’s more to it. Of course, an effective asset management solution can save businesses a lot of time, money and provide much needed peace of mind.
Businesses having offices across different locations have a daunting task of effective asset management. For instance, in the event of an employee resigning from the company, it is required to have a process that allows them to reconcile the assets handed over by the former employee and have a clear record at the end of the year with physical verification of movement and reallocation of the said asset and all the other assets the company holds. This process needs to chalk out the clear distinction and categories of assets.
Importance of Asset Management
When you have a business spanning across diverse modules managing assets become a touch difficult. Assets move from location to location, change hands frequently, so how does one track them at the company’s Headquarters?
Over the years, the assets go through depreciation, calculating their real value becomes quite tedious. ERPs often have an asset management module, but it lacks the sophistication that is required for a mature organization.
Effective Asset Management with Expenzing
Expenzing is a software specializing in spend management including - Expense Management Software, Accounts Payable Software, Travel Expense Management, Procurement Software adding immense authority to your business. Within the Procure to Pay suite Expenzing offers Asset Management module which is a cloud enabled that keeps record of procurement of assets, their location and assigned users digitally. What more? Activities ranging from procurement of assets, registration, allocation, physical verification to depreciation calculations can be done within a single platform.
A business is bound with several challenges when it comes to managing and tracking its assets effectively. Expenzing Asset Management software make it an easy, convenient, and effective process. It provides a framework that lets companies become efficient boosting the company’s functionality by maximizing the use of prevailing resources to avail the best possible results.
Breathe a sigh of relief, you no longer need to write off assets in your balance sheets.
Keywords: Expense Management Software, Accounts Payable Software, Procurement Software
By: Ila Imani
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