Increased IT Use Demands Effective Asset Management

Asset tracking is an essential to any well run business.  Aside from issues of compliance with national and global accounting practice standards, companies cannot afford to rely on piecemeal policies and outmoded practices without exposing themselves to potentially costly liabilities.  Only through the implementation of rigorous asset acquisition and disposal policies and recording detailed information about all the company’s commercial assets can an organisation retain full control over those fixed assets and understand their true business value.

That’s particularly true with IT assets.Computers and telecommunications are the lifeblood and brain of almost every organisation, commercial or public sector.   Reliable asset tracking software will become even more important as the frequency of software audits increases.  More emphasis is being placed on managing software licences to comply with SIRB and FAST inspired legislation, so a central register that records the serial number and asset location as well as the value of each IT item is necessary.Aside from avoiding penalties for unwittingly illegal use of software, getting to grips with depreciation of fixed assets is helpful in increasing business efficiency and overall economy.

This is not a just an esoteric issue relevant only to finance teams.If the company suffers a disaster like a flood or fire, payouts from insurance cover is a vital in getting essential IT and telecoms systems up and running again.Any inconsistency between the asset register held centrally and other inventory records could hold up payment and delay getting back in business.   Competent fixed asset software packages will also provide the ability to present detailed information that can inform management decisions about the disposition of resources.   Asset management helps determines corporate value and has direct impact on the bottom line. The process can satisfy the requirements of a finance department and provide detailed information required to track valuable IT assets in particular.