Unlike the financial assets that do not depreciate over time, the physical assets may fluctuate in value with time. Mostly the physical assets’ value depreciates with time. Financial assets include stocks, bonds, and cash fluctuate in value but do not deteriorate with age. Whereas the physical assets may be subjected to wear and tear and value deteriorates with time. For example, furniture, equipment, or machinery regarding your business.
Physical Assets Management Software:
The physical assets require an essential up-gradation, maintenance, and repair so that their value stays stable but even then their value decreases and falls with time. So keeping an automated check on your physical asset management is extremely important. You cannot ignore the physical assets of your business as the business mainly depends on it.
The Physical Asset Management Software lets you maneuver the business processes especially the maintenance of the physical assets. This is an excellent way to control your business assets and their deteriorating value and when to invest in them. The right time to dispose of your assets and buy new assets can affect your business tremendously.
It also helps in the right decision making as you will know the right time to take action and invest in the assets management software. You must dedicate a reasonable budget for your software’s purchase and follow your financial plan eventually.
Physical versus Financial Assets:
Assets are commonly known as something of monetary value that represents the economic resources or ownership. Financial and physical assets both represent the ownerships of value, although they are very different when compared.
Explanation:
Financial Assets are intangible assets which means that they cannot be seen or felt and carry no physical existence. Any asset that holds a physical existence is termed as a physical asset. Physical Assets are tangible assets and can be seen or touched. They include land, buildings, machinery, plant, tools, equipment, vehicles, gold or silver.
Physical assets have a useful economic life when it reaches a certain age it may be disposed of. They experience a gradual reduction in the monetary value due to wear and tear through continuous use. At a point they become obsolete and you may require to re-invest in their cost.
The Need for Physical Asset Management Software:
Since it is obvious that automated software makes your life easy and your business efficient. You need efficient software for your business that helps you in smart and accurate decision making. For example when to dispose of the products and when to re-invest in them. Also knowing the depreciation rate and continuously monitoring it you can know the financial health of your business effectively.
Cloud storage of the Software:
The Physical Asset Management Software is cloud-based which means this ERP software depends on the internet availability to store its data online on the IP cloud. The cloud storage allows the data encryption which means that your data is confidential and secured and you need not worry about data leakage or stealth. Data security is a great advantage that you can avail of in your business. There is much confidentiality related to your business data and providing security solves the entire problem.
Global Accessibility of the Software:
Another important feature of the Physical Asset Management Software lets you access your business information and data while traveling or residing in any part of the world. Your storage is not limited to a geographical location and you can anytime access your business data from anywhere. Also, you can utilize the centralized database for handling your multiple location business.
Integration with Other Modules:
The fixed asset software is integrated with other essential modules like inventory, financial accounting, and point of sale, etc. to facilitate the excellent package of software for your business. All the modules of this software are integrated so that you can achieve the best productivity and profitability out of your business.
Depreciation Value Calculator:
The fixed asset software includes the depreciation value calculator so that you can monitor and control the rate of depreciation. The calculation is made very accurately and precisely so there is no chance of errors in it.
The Conclusive Notion:
To run a successful business you must select your software wisely and this requires complete market research. You can select your software for the management of the physical assets to ensure the best business management and improve your business decision making at the right and accurate time. SMACC allows the best software for physical asset management with the calculation of the depreciation value. It helps your business grow and prosper so that your revenue accelerates exponentially and your employee’s productivity reaches the maximum level. In such a way your business performance can elevate the levels of success and you can celebrate the victory with utter confidence.
