Fixed assets are an important part of any business, and their proper management is essential for its success. Managing fixed assets can be daunting, but it doesn’t have to be. Hiring fixed asset management companies in India is easy.
In this blog post, we’ll provide you with a step-by-step guide on how to manage your fixed assets. You’ll learn the importance of improved asset management and tips and best practices to help you keep your fixed asset management process organized and efficient.
Decide what management is required:
Before you can begin managing your fixed assets, you must first identify what needs to be managed. Start by listing the items you need to address, such as furniture, equipment, vehicles, Etc. Then, assess each object for value, usage, and condition. It will help you prioritize which assets need more attention and create an action plan. There are business advisory firms in India for assistance.
Set up a system for tracking and managing assets:
Organize a spreadsheet or other system to keep track of each asset. Include the asset name, category, acquisition date, serial number, cost, depreciation, and additional relevant information. Way who has custody of the asset and ensures it is appropriately labeled and secured. Update the system when assets are transferred or disposed of.
Determine who is responsible for each asset:
Assigning responsibility for each asset is key to successful asset management. Every employee should have a specific role and be accountable for the assets under their care. Make sure to document who is responsible for what investment in the system you set up so everyone knows where they stand. It helps ensure that all purchases are tracked and managed correctly.
Implement controls to prevent loss or theft:
It is essential to have proper controls in place to prevent any of your fixed assets from being lost or stolen. You should develop clear policies and procedures that outline how to secure, store, and track assets properly. Establish limits on who can access and use the support and monitor their usage regularly.
Also, consider using physical security measures such as locks, alarms, or motion detectors, depending on the nature of the asset. Finally, periodically perform an audit of your support to make sure they are all accounted for.
Regularly review and update your system:
It’s important to review your asset management system regularly to ensure it is up to date-and working correctly. Review accuracy records and consider if there have been any changes in the way assets are used. Also, review any new equipment or assets acquired and adjust your records accordingly.
It’s essential to update changes in asset owner, such as if ownership has changed or been transferred. Fixed asset management companies will ensure that your asset management system is regularly updated, which will help you keep track of assets and ensure that they are adequately managed.