Cloud-based fixed asset software is a powerful tool that helps businesses manage and track their physical assets efficiently. From buildings and vehicles to equipment and machinery, this software centralises asset information, automates processes, and provides valuable insights.

In this article, we look at what cloud based fixed asset software is and what it is used for.

So, What is a cloud based fixed asset software

Cloud-based fixed asset software is a digital tool that helps businesses manage and track their physical assets, such as buildings, vehicles, equipment, and machinery. Instead of storing this information on local computers, it’s stored and accessed through the internet.

This type of software centralises asset data, automates tasks, and provides insights to improve asset management efficiency.

What can be tracked in a cloud-based fixed asset software?

Cloud-based fixed asset software can comprehensively track a wide array of asset-related information, providing organisations with a robust tool for effective asset management. One of the primary aspects tracked is basic asset information, which includes details such as the asset name, description, serial number, purchase date, cost, and vendor information. This foundational data allows for easy identification and classification of assets within the organisation.

Depreciation tracking is another crucial feature. The software can monitor the depreciation method used, the rate of depreciation, and the accumulated depreciation over the asset’s lifespan. This ensures accurate financial reporting and compliance with accounting standards. Additionally, the software can manage the physical location of each asset, noting its current department or site. This is particularly useful for large organisations with assets spread across multiple locations.

The software also keeps tabs on the status of each asset, whether it is active, inactive, under maintenance, or disposed of. This status tracking helps in planning and decision-making processes. Moreover, the ability to store and retrieve images of assets aids in visual identification and documentation.

In terms of the asset lifecycle, the software can manage the entire process from acquisition to disposal. It maintains records of purchase orders, invoices, and receipts during the acquisition phase. For ongoing asset management, it tracks maintenance schedules, repair history, and associated costs, ensuring assets are well-maintained and operational. The software can also monitor asset transfers between departments or locations, maintaining an accurate log of asset movements. When it comes to disposal, the software records all relevant information, such as sale details or scrappage.

Financial information management is another key feature. The software can track the current book value and market value of assets, providing a clear picture of an organisation’s asset base. It also stores insurance details, including coverage information and claims history, ensuring assets are adequately insured. Additionally, the software tracks tax-related information, such as tax depreciation and write-offs, aiding in accurate tax reporting and compliance.

The software also allows for the tracking of additional data through custom fields, enabling organisations to record specific information relevant to their needs, such as asset tags, warranty details, and other custom data points. Barcodes or QR codes can be implemented for quick asset identification and data capture, streamlining asset management processes. Lastly, the software tracks asset usage, helping organisations optimise resource allocation and identify underused assets, thereby improving overall efficiency and asset utilisation.

What are the benefits of using a fixed-asset software?

Utilising cloud-based fixed asset software offers a multitude of benefits, enhancing the efficiency and accuracy of asset management processes. One of the primary advantages is accessibility. Since the software is hosted in the cloud, it can be accessed from anywhere with an internet connection. This allows users to manage and monitor assets remotely, providing flexibility and supporting the needs of a geographically dispersed workforce.

Another significant benefit is real-time data updates. Cloud-based systems ensure that all data is continuously updated and synchronised across all users. This eliminates the discrepancies and delays often associated with manual or standalone systems, enabling stakeholders to make informed decisions based on the latest information. Real-time visibility into asset status, location, and value improves overall transparency and operational efficiency.

Scalability is a key advantage of cloud-based solutions. As an organisation grows, its asset management needs to evolve. Cloud-based software can easily scale to accommodate additional assets, users, and functionalities without requiring significant investments in IT infrastructure. This scalability ensures that the software can support the organisation’s growth and changing requirements over time.

Cost savings are another crucial benefit. Cloud-based software typically operates on a subscription model, which reduces the need for large upfront capital expenditures on hardware and software. Additionally, the provider handles maintenance, updates, and security, alleviating the burden on internal IT resources and reducing ongoing operational costs. This financial model allows organisations to better manage their budgets and allocate resources more effectively.

The enhanced security offered by cloud-based fixed asset software is also noteworthy. Leading providers implement robust security measures, including data encryption, regular backups, and disaster recovery protocols, to protect sensitive asset information. These measures ensure data integrity and availability, providing peace of mind that critical information is secure.

Using a cloud-based fixed asset software allows access from any location and offers significant benefits, including enhanced flexibility and accessibility, as employees can manage assets remotely and in real-time, ensuring up-to-date information is always available. This approach also reduces IT costs by eliminating the need for on-premise infrastructure and allows for scalable solutions that can grow with the business. Improved collaboration is facilitated through multi-user access and centralized data storage, promoting better communication and efficiency across departments. Additionally, the cloud based fixed asset software has advanced security measures, safeguarding sensitive asset data more effectively than in-house systems.

Lastly, cloud-based fixed asset software often includes automated compliance and reporting features. These tools help organisations stay compliant with regulatory requirements and industry standards by automating the generation of necessary reports and documentation. This not only saves time but also reduces the risk of non-compliance and associated penalties.

How InVentry can help

InVentry’s asset management systems have been designed to help businesses manage and keep track of their assets. Contact us today to understand how our asset management system can help your business or school.