Take Control of Your Assets with Our Fixed Asset Management Solution
Streamline your fixed asset management, maximize ROI, and ensure regulatory compliance with our comprehensive solution that provides real-time visibility, automated processes, and intelligent insights into your organization’s valuable assets.
Overcoming the Challenges of Effective Fixed Asset Management
Effective fixed asset management is crucial for organizations to maximize the value of their valuable resources, ensure compliance, and drive operational efficiency. However, many organizations struggle with following:
Lack of Visibility and Control
- Difficulty tracking the location, status, and utilization of fixed assets across the organization
- Inability to quickly access comprehensive asset data and reports
Inefficient Asset Lifecycle Management
- Challenges in effectively planning, acquiring, maintaining, and disposing of assets
- Suboptimal asset allocation and utilization leading to increased costs
Compliance and Regulatory Challenges
- Difficulty ensuring adherence to relevant accounting standards, tax regulations, and industry-specific requirements
- Risk of penalties and fines due to non-compliance
Inaccurate Asset Valuation and Depreciation
- Challenges in accurately calculating asset depreciation and maintaining up-to-date asset valuations
- Inability to optimize asset depreciation for tax and financial reporting purposes
Lack of Asset Performance Insights
- Challenges in accurately calculating asset depreciation and maintaining up-to-date asset valuations
- Inability to optimize asset depreciation for tax and financial reporting purposes
Functions of an Intelligent Facility Asset Management Platform
Fixed assets are important operational resources for enterprises. For enterprises, managing fixed assets and improving the fixed asset management model are not only the requirements of financial management, but also the requirements of developing a green and low-carbon economy and optimizing resource allocation in China. However, the current fixed asset management models of most enterprises, whether in terms of efficiency or quality, cannot meet the operational and management needs of enterprises in the information age.
Many enterprises have been relying on manual means or manually modifying registrations with the help of specialized software systems to manage their fixed assets. Due to backward management methods, this has led to poor asset management, low usage efficiency, and even chaos in fixed asset management in some enterprises, resulting in enormous waste and losses for the enterprises.
Asset Registry
The Asset Registry function serves as the central hub for managing comprehensive information about an organization’s fixed assets. This module provides the following key functions:
Maintain a centralized database of all fixed assets, including detailed asset information such as description, location, acquisition date, cost, and unique identifiers.
Assign asset tags or barcodes or RFIDs to enable efficient tracking and inventory management.
Automatically generate asset IDs and maintain a comprehensive asset register.
Record asset purchase, transfer, maintenance, and disposal activities to track the complete lifecycle of each fixed asset.
Manage warranty and service contract information to ensure timely maintenance and minimize downtime.
Automate depreciation calculations based on accounting standards and tax regulations.
Change Management
The Change Management module enables organizations to effectively plan, execute, and track changes to their fixed asset portfolio, ensuring seamless transitions and minimizing disruptions. The key functions of this module include:
Asset Transfer and Relocation:
Facilitate the transfer of assets between different departments, locations, or cost centers within the organization.
Manage the physical relocation of assets, including updating asset records and generating transfer documentation.
Maintain a comprehensive audit trail of all asset movements and changes in ownership or responsibility.
Enabled with approval workflow
Asset Lend and Return:
Facilitate the lending of assets to authorized users, with configurable approval workflows and due dates.
Maintain a comprehensive record of all asset loans, including the borrower, purpose, and expected return date.
Automate notifications and reminders to users for asset returns, and track overdue returns.
Seamlessly reintegrate returned assets back into the organization’s fixed asset inventory.
Request for Use:
Provide a centralized platform for users to submit requests for asset usage, including the required duration and purpose.
Implement approval workflows to ensure appropriate authorization and prioritization of asset requests.
Maintain a scheduled asset usage to avoid conflicts and optimize asset utilization.
Generate reports on asset request trends and patterns to support strategic asset management decisions.
Change Approval Process:
Provide a standardized format for users to submit change requests, ensuring all necessary information is captured for review.
Conduct thorough impact assessments and establish a designated committee to review and authorize requests, ensuring justified changes are approved.
Maintain detailed records of all requests and decisions to create a clear audit trail for accountability.
Develop implementation plans for approved changes, continuously monitor outcomes, gather feedback, and integrate automated workflows for efficiency.
QRCODE / RFID Tag Binding & Finding
Our Asset Management solution offers an advanced QRCODE and RFID tag binding feature, enabling you to efficiently manage and track your assets. This feature is designed to simplify the process of asset identification and counting, enhancing operational efficiency and accuracy.
The key features include:
Quick Binding:
Simply scan the QRCODE or RFID tag to quickly bind the tag to a specific asset in the database. This eliminates the need for tedious manual entry, saving time and labor costs.
Quick Finding:
With RFID technology, assets can be tracked without the need for a line of sight. Even if assets are placed in enclosed or hidden areas, they can be easily located.
Reporting
Our Asset Management solution includes a comprehensive Reporting Function designed to provide you with detailed insights and analytics on your assets. This feature enables you to generate various types of reports, helping you make informed decisions and optimize asset utilization.
Physical Count
Physical Count is a crucial activity in enterprise management dedicated to the periodic counting of fixed assets. It serves multiple purposes in ensuring the security, integrity, efficient utilization of corporate assets, as well as the accuracy of financial information. Its functions include:
Support mobile terminal applications with automatic data updates to the asset ledger.
New Asset Registration : Upon discovering new fixed assets during inventory counting, information collection can be conducted immediately using mobile terminals, including real-time coding, entering serial numbers, locations, specifications, and other relevant asset information.Barcodes can also be printed on-site via mobile terminals for direct attachment, eliminating the need for back-and-forth trips, making the process extremely convenient.
Fixed Asset Information Update : If any fixed asset is found to have a location change or status change (e.g., damaged, non-operational, etc.) during inventory counting, updates can be made immediately through mobile terminals. The system can then generate an asset inventory discrepancy report. If certain assets are found to have been illegally moved, an asset transfer application form can be generated through SAMEX.
Secondary Printing of Fixed Asset Barcodes : If a fixed asset’s barcode label is found to be damaged or lost during inventory counting, a new barcode can be reprinted immediately via the mobile terminal.
Automatically save inventory history records and allow for on-demand queries at any time.
System Administration
For system configuration and management, the functions include:
Multi-Site Management : Suitable for group enterprises, this system allows for the simultaneous management of assets across different factories (Sites) within a single system. Factories operate independently while the group level oversees unified management, facilitating both vertical and horizontal comparisons. For instance, Mr. Zhang oversees 3 factories in East China, while Mr. Chen is in charge of 4 factories in South China.
Multi-Language Management : The system provides three language packs: English and two Chinese options. Users can switch the system interface language according to their preferences. For example, the general manager can query and approve in English, while the asset inventory personnel perform daily operations in Chinese.
Graphical Process Designer : Used to configure the approval processes involved in asset transfers, leases, and scrappings. Approval tasks can be sent via email to approvers, and users can modify the approval processes as needed at a later stage.
System Designer : If users need to modify the system interface or logic at a later stage, such as adding or removing asset ledger fields, this function can be utilized to achieve those changes.
Scheduled Task Execution Configuration : Enables the configuration of depreciation calculation schedules, such as calculating depreciation monthly or once a year.
User Permission Configuration : Configures system users and their associated permissions, including the sites they belong to and their report execution permissions.
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