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.
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 :
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.