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Asset inventory management software can be used to assist with the inventory process. Items are labeled with barcodes or radio frequency identification (RFID) tags and loaded into the software via a scanner. When new fixed assets are purchased they are added to the list. Similarly, when existing fixed assets are disposed of they are removed from the software. In this way, the software can provide precise fixed asset inventory tracking.
Typically, asset management software will interface with a company's accounting system and handle such tasks such as noting depreciation and keeping asset ledger accounts up to date. The software also can provide a way to record additional data, including description of the asset, manufacturer, model, serial number and when it was acquired. The software can make this data available to other company systems so information is recorded in one place, reducing data entry time and errors.
Without asset management software, a company would have to manually produce a fixed asset inventory. For a company with a few fixed assets, a manual process is most likely the best option. A company that has many fixed assets would be best served by investing in asset management software and outsourcing their annual inventory requirements to a professional inventory firm.
AIMS is a well-established Inventory Solutions Consulting firm with a reputation for innovative and lasting results. Founded in 2002, our consultants are seasoned experts in the fields of accounting/auditing, property management and regulatory reporting. For the past 20 years, our Team of property management professionals have performed physical inventories and data collection activities for Federal Agencies and Fortune 500 companies nationwide.