Fixed asset management software plays an important role in various types of organizations. Management needs to keep track of all the assets to get a good grasp of asset value and it’s depreciation. Effective management of asset requires an asset tracking software. Auditors do physical checks of the asset inventory annually.

Fixed asset inventory is a critical function required in effective management of fixed assets. Fixed asset accounting accuracy and reliability is based on the correct inventory of the fixed assets. Calculations regarding total asset value and asset depreciation is based on correct fixed asset inventory.

In our institute we have developed a fixed asset management software which allows us to track all the fixed assets. The finance department is using it to accurately record on the books of accounting the assets that are still active. Institute fixed assets that are lost, damaged, disposed or written off are recorded in the system.

Information such as supplier, contacts, date of purchase, users, amount of asset, location are some of the important things included. An inventory number is generated and printed on the sticker. The stickers are then put on the asset before releasing. Tracking of the asset is done by checking the number from the fixed asset management software.

Barcode labels have become a new alternative. A barcode number is generated for each asset. It is then printed on stickers using barcode label printers for sticking. A finance department personnel upon releasing the asset will stick the barcode sticker on the asset. Portable barcode readers that are hooked up on to some fixed asset management system gives the information immediately. This makes accurate auditing of assets really fast.

This are some of the asset management technology that we are exploring for implementation. There is a much more sophisticated way of asset tracking through RFID. RFID tags helps identification and tracking of fixed assets using radio waves. RFID’s could be embedded on the asset stickers, but have limited ranges. Over all this allows real time and efficient tracking of the assets. Widely used in enterprise supply chain management to improve the efficiency of inventory tracking and management.

The in-house developed fixed asset system software currently depends on manual tracking of fixed assets. RFID asset tags would not be possible for implementation in our institute, but maybe barcode technology will be cheaper. Easier fixed asset inventory tracking and reconciliation through barcode technology is attainable. I believe that state-of-the-art barcode reader technology using wireless connection to a fixed asset management software could easily and efficiently track multiple physical inventories of assets allowing better control of fixed assets.