Fixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment since the purchase of Asset to the end of Useful Life.
Fixed asset management enables organizations to monitor equipment and vehicles, assess their condition, and keep them in good working order. In this way they minimize equipment failures, operational downtime, improve asset’s lifetime value and timely replacement.
At Storch we help clients in managing assets from the inception of Asset i.e. purchase of asset. Our specialized team for FA projects helps in tracking the asset, tagging of assets, providing correct blocks, entry in Accounting software, ensuring correct depreciation calculation as per the applicable laws, bonding – deboning of Assets, synchronisation of various warehouses and go downs located at multiple locations within the state and PAN India.
Storch is well equipped with all the solutions in this filed. We are giving basic solutions and automated solutions depends upon the needs and basis assessment of requirements& existing process going on.
1. Logs all assets
This step means maintaining complete and accurate log of all the company’s fixed assets in a central register, with asset IDs, barcodes and other tracking details like tagging.
2. Tracks key asset life cycle events and transactions.
Here, tracking information for each asset over its service life, including acquisition date and original purchase price, installation and transportation costs, date of first use, estimated useful life, expected and actual maintenance and repair costs.
3. Correct calculation of depreciation.
Through automated means and customized portals depreciation is calculated over the asset’s expected lifetime. It should enable companies to choose the most suitable depreciation method and calculation schedule (monthly or annual).
4. Tracks asset disposal.
Then, records the disposal of each asset, with dates. It maintains information such as whether the asset was sold, retired or scrapped, together with any returns from the disposal.
5. Dashboards and reports.
Fixed asset management processes focussed in providing dashboards for monitoring key metrics, as well as customizable management reporting.