How to Avoid Under Insuring Your Fixed Assets

May 13 2015

Fixed asset tracking software enables an organization to maintain a healthy fixed asset register and adequately insure their assets. An inaccurate asset register could lead to a company being under insured and this could have potentially disastrous consequences. In the aftermath of hurricane Katrina and prior to implementing Series4000, one of our customers spent months evaluating and recovering destroyed materials and estimating replacement costs as they did not have an updated fixed asset register. Finally, they were able to file an insurance claim but the lost time and resources were another huge drawback. It's never a good idea to ignore your fixed asset register.Maintaining an accurate fixed asset register is a daunting task for those organizations still using paper-based or spreadsheet asset tracking methods. Their registers are filled with misinformation and errors and the overall asset tracking process is a labor intensive one, leading to fewer audits than is ideal. Those organizations that have implemented modern fixed asset tracking software systems tend to maintain healthier asset registers and have better risk management and compliance with GAAP, SOX, and IFRS.Real Asset Management's Track5000s System turns any Windows Phone, iOS, Android Smartphone or tablet into an asset tracking device and syncs with the asset register.   Download and start using a FREE trial of Track5000s from iTunes, the Google Play, or the Windows Phone store.