![]() Additionally, fixed asset management tools automate processes, letting you save an average of 69 days from the manual method. It also removes ghost assets-items that are lost, stolen, or unused that remain listed as an active fixed asset-so that you aren’t charged for them. Having visibility over your assets minimizes employee theft-a common scenario in most workplaces, where 79% of employees are found to steal from their employer at least once. Note that fixed asset tracking or accounting is just one component of the bigger system-fixed asset management tools for which we are presenting here. You may check out this top 10 fixed asset accounting software for some solutions to these problems. This takes their time away from other crucial processes such as strategic planning and analysis. According to a survey by Bloomberg BNA, 46.8% of US-based finance executives revealed that they spend an average of one week per month on conducting fixed assets accounting on manual spreadsheets and database management. A manual method is not sufficient for this process as it will require a bigger number of employees for completion and leave your data susceptible to poor quality and inaccuracy. Regardless of your company’s size, asset tracking is important.
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