Android Applications really are powerful tools. They have already incorporated themselves in several fields. And if we talk about technologies, they are assisting us from printing our documents to running bulky machines.
Also, many Firms and Organizations are integrating the manual management of assets to manage them with Android Applications from Corporate Offices. Now, for which, instead of visiting and looking after every asset every time, the managing staff can get an update about any asset which is installed. And no matter where your specific asset is, if you want to check it, you are just a click away on your mobile phones! So, the efforts of your central team are going to be minimized as anyone can verify it using a mobile phone.
Apparently, to keep a track of accurate assets, it is a major task for all the companies of the industry – to register. This data of registration is important for your business to manage your assets efficiently to get the maximum possible returns.
And here comes the Asset management Android Application, which provides significant information like assets count, current status, location and the asset owner. But it is very reasonable to question about the benefits of having an Android Application for your fixed assets.
What Are The Benefits of Android Application for Fixed Asset Management?
1. Asset Tracking:
Asset Management Application can allow the company to track the assets from different locations and shows where the assets are currently located, last location history, how they are used, and when changes were made to them. So that you can easily identify the assets which were not reported or checked in by the user. It tracks the asset from purchase to disposal including Supplier selection, Depreciation calculation, Sold information in order to maximize efficiency and minimize the loss.
2. Easy and convenient:
Just with an internet connection, your employees can have access to your business’s fixed assets. And as we live in an era of smartphones with scanners, your employees can scan the QR codes of specific assets. In the meantime, a report will be generated by software which is going to last long forever in the registration records. We can say it as easy and convenient due to less consumption of paperwork, and more of such technology.
3. Cost savings:
There is evidence that asset management Applications that maintain infrastructure in a sound and reliable condition and are based on minimizing life cycle costs, can significantly reduce operating and maintenance cost, as well as long-term capital expenses. A life cycle approach means that the utility always gets the most assets for its money.The android based application helps the person available at the site/location of the asset to scan and submit the details of assets. The application saves the cost of travel of the asset verification team as well as saves cost on reconciliation between FAR and physical assets.
4. Improved Reliability:
Reliability of any business begins with the management, and if it is about asset management, the maintenance factor of the fixed assets plays the vital role. Your fixed assets require a decent facility to have a hold over their whereabouts. Thus, leveraging the use of various features (like RFID, Barcode, etc.) of such Android Application provides a facility under a constant battle to reduce the costs and increase the profitability. And gradually, it improves its reliability.
5. Increases Accuracy:
Manual documents are more prone to error while data accuracy in business is paramount. But with use of technology this occurrence of errors can be mitigated. The Android Applications are specially crafted to mitigate these errors. Resolving such errors can really sometimes save a lot of investment, manual purchasing and much data by system.
Android Application for Fixed Asset Management can act as a central database of the company. Data, in the central database, is thoroughly to be maintained by application. Generally using this application, users can access data stored by the central team such as: purchase details, copies of invoices, descriptions, images, documents, manuals, attachments, contract agreements, project-wise assigned assets and materials for each asset. Apart from this, it keeps track of service history, maintenance, warranty details. This will let you know which assets have to replace and it’s time of preventative maintenance and inspections which reduces human error.
Compliance Management is one of the biggest challenges faced by most of the organizations today. Observing regulatory compliance and audit policies are necessary for every organization. With Android Application, verification is less time consuming, accurate and organization can assure by compliance.
The asset management application monitors the license compliance and manages warranties on hardware assets and meets the guidelines of regulatory requirements for the asset register. Hence you can avoid severe penalties.
8. Asset Auditing:
The company can define the audit schedule. It can conduct asset audits.The auditing procedures ensure the existence of assets in a company. Some common procedures were used to test the existence of different category assets while auditing. Asset management application follows the same auditing procedure. The audit team of the asset management application will perform internal audits in a regular interval and provide the audit report. So that you can better identify inefficient procedures and then eliminate them.
9. Performance Booster:
Asset management application increases the performance with automated processes for adding, modifying asset records. The android application has the bar-code facility which makes the physical asset verification process easier. The collaborative working of the application helps a business to reduce both the overall capital expenditure and operating expenditure related to the assets.
10. Asset Transfer:
When a laptop or desktop (as a fixed asset of a company) is transferred to some other place or let’s say it’s been shifted, then what about its records? This Android Application of Fixed Management System allows users to add detailed records including time, date, place and etc. Therefore, it is less stressful to have endless records at the end of the year just due to that application.
11. Asset Discard:
In the case of manual (written work) you discard assets in books, but for benefits like discarding in the tax assessment, you can’t retain them physically. Here’s where Android Application benefits you withholding the data online.
Taking in consideration the above noted advantages, it can be said that use of Android Application is definitely a must for all the organizations in order to achieve Stability, Accuracy and Maximum Profits as it mitigates human errors and can save other losses.They are providing precise and detailed records, security and feasible support for asset management.They are making this task easier for the employees and also adding value to the organizations.