+91 9860600300  +91 9860600300  contact@assetrak.in

Pune | Mumbai | Bengaluru | Chennai | Jaipur | Ahmedabad | Bhopal | Ranchi

Assetrak - FAM

Assetrak Fixed asset management (FAM) is the enterprise grade fixed asset audit and tracking software that automates processes related to asset inventory, reconciliation, transfers, retirement and allocation. Assetrak - FAM not only digitizes fixed asset data but also tracks physical location of every asset, reconciles with Fixed asset register and provides a single version of all corporate asset data.

Assetrak Product Features

  1. Digitized Physical Verification of Assets and Reconciliation with FAR
    • Securely digitize asset tracking process with QR codes, Barcode, RFID, GPS and Mobility
    • Physical Verification and Audit of Fixed Assets
    • System based Reconciliation
    • Track Non-FAR assets
    • Track Assets available at vendor/customer location
    • Geo tagging and Geo Fencing of Assets
    • Media and Documents storage (Images, Invoice, Installation certificate and other important documents of Assets)
  2. Integration with :
    • Leading ERPs like SAP, Oracle, Microsoft, etc
    • LDAP and Active Directory
    • Leading Service Desks
    • Single Sign On
    • 3PL or other Vendors systems
  3. Mobility
    • Assetrak mobile application that fully supports all asset related transactions (Asset creation, edit transfer, retirement and audit.)
    • Read asset tags from the Mobile Application
    • Secured mobile application interface with the database
    • Ability to audit assets in Airplane mode
    • Secure local storage on the mobile phone
  4. Data Security
    • Data trasmission through Secure Socket Layer (HTTPS), encrypted link between client and server
    • 256 bit encryption while data at rest
    • Regular Vulnerablility and Penetration testing for enhanced security
    • Data transmission to Virtual private cloud (VPC) using IP secured (IPsec) VPN
    • N Tier architecture with web server isolation from App and DB server
    • Automated custom DB backup and standard health check
  5. Asset Transfer
    • Mobile or Web based initiation
    • Customizable workflow
    • Transfer assets between locations, cost centers and storage locations
    • Transfer assets on loan or to vendors
    • Overdue alerts for assets in transit, on loan and with vendors
    • Customizable Asset transfer documentation
  6. Asset Retirement
    • Mobile or Web based initiation
    • Customizable workflow
    • Retire through EOL, Sale or Scrap
    • Customizable Asset disposal documentation
  7. Asset Assignment (Allocation) and Unallocation
    • Allocation and Unallocation with documentation trail
    • Track assets allocated to non-employees
    • LDAP integration for updated employee list
    • Overdue alerts of temporary allocation
    • Self certification portal for employees
  8. Contract Management
    • Leases
    • Maintenance
    • Support
    • Warranty
    • Insurance
  9. Advanced Data management and Reporting
    • Customizable Management dashboard
    • Role based business intelligence and reporting
    • Advanced analytics framework for further data analysis

Implementation Support Services

We believe that a successful implementation of Asset Tracking solution needs high quality implementation support from a team of professionals. Keeping this in mind, our services described below will result in a highly effective Asset control environment and a successful Assetrak product implementation.

Here are some of our support services which are widely opted by our Customers :

  1. Preparation of Fixed Assets Register (FAR) and Clean-Up
  2. We help Organizations prepare Fixed Assets Register (FAR) in compliance with the statutory requirements and assist in FAR Clean-up.
    A detailed FAR is generally required at the time of Statutory Audit, Implemetation of asset management solution , ERP implementation, ERP migration, Mergers & Acquisitions, for submission to Banks, Insurance Companies or for such other purposes.
    With our experience of over 10 years in working on Fixed Assets Registers, we assure you of industry best practices in the domain.

  3. Physical Verification of Assets and Tagging
  4. With an experience of physical verification and tagging of more than 4 million assets, our experienced and skilled service team helps baselining the Fixed Assets Register. With our physical presence in various locations in India, we have the bandwidth of visiting your plants, offices, laboratories, warehouses and vendor locations for asset identification and tagging. We would submit our findings on Missing, Additional, Damaged and Not-in-use assets after first level intra-location and inter-location reconciliation.

  5. Asset Data Reconciliation
  6. If you need assistance with reconciling FAR with physical audit findings or with asset information provided by other departments, we can help you with our expertise to create a central asset data repository available to all departments.

  7. Implementation of Asset Tracking Policy
  8. Asset Tracking is a continuous process rather than a sporadic activity of conducting Physical audits and adjusting the FAR. We believe that the asset tracking processes should be highly robust and scalable and the transactions should be recorded in the Asset Register as soon as they happen.
    We can help you prepare and implement Asset Tracking Policies where processes are laid out for the entire Asset lifecycle management and review the effectiveness periodically.

Benefits

  1. Fast, Efficient and Cost effective Asset Audit and Reconciliation
  2. The physical audit (physical verification) of assets carried out through Assetrak mobile application is fully automated and highly accurate resulting into significant saving of cost, time and efforts involved in conducting audit. With a complete audit trail available which includes information of who did the verification, when it was done, geo-location of the asset, asset photo, asset user information and condition of the asset, complete actionable inputs are available to the asset managers for smoother reconciliation process.

  3. Better Internal Control over Assets.
  4. Having better control over Asset availability, its condition and movement is not just important from the compliance viewpoint, but also for achieving better asset utilization. Assetrak provides complete control over recording of asset movement, condition, assignments and availability ensuring enough control points available throughout the asset lifecycle.

  5. Better ROIs from Assets
  6. Assetrak improves Assets utilization thereby resulting into better return on Asset Investments. Assetrak also reduces costs associated with maintenance of the assets and insurance premiums.

  7. Centralized monitoring of Assets
  8. In a multi-location Organization, it is challenging to keep track of Assets moving in and out from any location. However, Assetrak has a history of being effective in such Organizations as is effectively demonstrated by the asset managers of organizations having 1000+ locations using Assetrak for Asset monitoring from a centralized location.

  9. True and Fair statement of Fixed Assets in Financial Statements
  10. Assetrak ensures that there are no Ghost assets in the organization and the condition of each asset is recorded accurately so that any adjustment if required is made in the value of the asset. Further, at all times, the physical status of the Asset is in sync with the FAR and hence the depreciation is calculated accurately as well. This ensures that the Fixed Assets value in the Financial Statements reflect true and fair view.

  11. Ensuring single source of truth for Finance, IT, Engineering, Maintenance, Administration and other users in a common Asset Database
  12. Assetrak connects all the databases and transactions with respect to Assets through a single Asset Inventory Number. On reading the said number, each user can view or edit the information of their concern. This ensures that there is single database for all asset stakeholders in the Organization.

  13. Analytics for better decision making
  14. Assetrak offers actionable intelligence on the available asset information which can be used by CFOs for better decision making with respect to Procurement, Replacement, Insurance and Utilization of Assets and fixing up Accountability within the Organization on control of assets.

  15. Better Compliance to regulations including IFC (Internal Financial Control)
  16. One of the leading objectives achieved by the use of Assetrak is Compliance to various statutory regulations including Internal Financial Controls on the maintenance of asset information, accounting and control over assets.

  17. Submission of accurate information to Insurance & Banks and for ERP implementation, Public offering or Restructuring
  18. Generally, there is a challenge in preparing/locating accurate asset database for internal and external submission for the purpose of Insurance, Finance, ERP implementation or Strategic transactions. Assetrak keeps a fully updated, accurate, reliable and submission-ready database for immediate use.

  19. Reduced Insurance Premium and Faster claim processing
  20. In case if there is a need to claim insurance for damage to the Assets, documentation and processing would be quite faster as fully accurate and reliable data can be extracted from Assetrak. Additionally, there would not be any loss of claim on account of unrecorded transfers as all the transfers would have been routed through Assetrak.

FAQs

Yes, Assetrak can integrate data from multiple systems of records and can synchronize them all to come up with one integrated asset repository.
Yes, we understand that all assets are not always as the same location. Assetrak supports multiple locations, companies, etc.
Yes. Assetrak can be integrated with all leading ERPs including SAP, Oracle and Microsoft. This will ensure asset database consistency.
Yes, our software infrastructure is designed to protect against all common security threats. Asset data always remain encrypted. We secure the data in transit and at rest. We follow the best industry practice in securing all the data. Our application has been duly tested and trusted by the security teams of some large Organizations.
Any Android phone with operating system 5.0 and above, Camera resolution of 13 mega pixels or more and Ram of 3 GB or more is sufficient to use Assetrak Mobile Application.
We offer a range of implementation services including Fixed asset register (FAR) preparation, FAR clean-up, Asset Identification and Tagging, Reconciliation and Tracking Policy implementation. You can opt for these services along with Assetrak software.
Yes. We have our teams located in more than 8 states to carry out periodic asset verification and tagging and submit compliance report to you.
Yes. We have a wide variety of asset tags to choose from. You can contact us for more information.
Durability of asset tags depends on many factors including the label type, asset type, asset use, environment where the asset is installed, fixing technology and the printing technology. Through our years of experience in this industry, we have developed some highly durable asset tags and our team shall help you chose the best ones for each asset.
The product licensing is based on the number of assets being tracked using Assetrak. We have different plans for different slab of assets.