Why Should I Use an Asset Tracking System If I Already Have Fixed Asset Accounting in My ERP?
It is evident that most organizations face significant challenges related to tracking of assets, their quantity, condition at present and the depreciated status of the assets. This job is primarily done with the help of spreadsheets keeping records and maintaining a fixed asset register (FAR) or an ERP system. Periodical physical verification is the only method that is being used to update the records accurately, which in itself involves a lot of effort and ambivalent processes. The organizations are aware of the criticality of the aspect that accurate estimation of the fixed asset inventory can only guarantee the precise and reliable fixed asset accounting. However, the task of maintaining a physical inventory register for fixed assets can be really daunting. Budget restrictions and lack of readily available systems are the other reasons – why organization start with the orthodox and rudimentary asset tracking methods . How Is Asset Tracking Sy...