Benefits of a Single Fixed Asset Register

Aug 27 2014

“Simplicity is the ultimate sophistication.” – Leonardo da Vinci

Companies can find themselves with multiple fixed asset registers and systems after years of change within departments and decisions based on immediate or specific needs instead of an overall vision or plan for a scalable system to accommodate future growth. The issues with having multiple fixed asset systems and non-finance asset databases are primarily inflexibility and inefficiency. Merging data together for year-end reporting can be a nightmare, especially if the systems do not integrate. The simple solution is to invest in a single asset register accessed across departments.

Our clients who have abandoned multiple systems and moved to RAM’s complete fixed asset management software solution have benefited from the following:

Better results in less time. When all departments access a single system instead maintaining their own records there is increased accountability and transparency which means times saved and more data integrity. Finance departments find that they produce reports in less time and with much greater accuracy.

Improved multi-site management. Clients who implemented a single fixed asset register within a multi-site environment were able to split the responsibility for asset updates among employees which divided the effort into more manageable tasks while still maintaining data in one central repository. They also benefited from a clearer audit trail.

Reduced costs. Maintaining multiple fixed asset systems across several sites and departments is cumbersome and inefficient. Our clients found that having a single fixed asset management software system reduced the costs, not only of system upgrades and support but also the cost of time wasted dealing with multiple vendors.

Ensure regulatory compliance. Clients who implemented a single system were able to ensure that it was sector specific to their needs and business requirements. They were able to benefit from a system that was flexible and compliant with regulations specific to their sectors.

Tiered roll out. Many of our larger clients have multiple businesses within one group so a single asset register makes sense. When it came to implementing the new system, once the single register was established in one company then the same solution was rolled out to other companies within the group making the transition much easier.

It’s the right time now to simplify and move to one specialist fixed asset software; delaying the inevitable will only snowball the issues.