What is Asset Management? - Internal Computer Services

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What is Asset Management?

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Asset management for small and medium businesses is extremely beneficial in a number of ways. The term asset management refers to a person (asset manager), group, or program that keeps track of a company’s complete finances, including investments, budgets, taxes, payroll, insurance and any other assets. Tracking your company’s assets is essential for long-term growth. 

Asset Management for Small and Medium Businesses

Small and medium-sized businesses need to keep track of their assets in a simple way. Smaller companies may also not have the staff available to do what’s needed in terms of managing budgets and accounts. Now, technology has made it easier than ever before for these businesses to be able to keep track of their spending. 

Effectively-managed assets mean more productivity and greater efficiency, placing your company in a better position to receive a higher return on investment. It’s simple: by tracing your assets you can ensure that your budget is being utilized efficiently at any point so that you can also redirect your spending when it’s necessary towards more productive ventures. 

Asset management keeps track of absolutely everything – from inventory to taxes, insurance payments, payrolls, advertising, spending, and any other tangible and intangible investments. A well-managed company knows where its money is going at all times. Knowledge gives your business the upper hand and allows you to be more competitive in your industry. 

Utilizing Asset Management for Maximum Benefits

There’s a point every business reaches where their growth exceeds the ability to accurately track and organize resources. This is when it is time to equip your office with asset management technology. There are a few ways that asset management technology can help your company:

  • Manage assets from different locations in a timely and accurate manner
  • Easily create inventory reports that are necessary for insurers, financiers, or investors
  • Make sure amortization rates are accurate, keep financial statements accurate
  • Asset recovery is automatically reflected
  • Save money on maintenance by tracking assets, repairs, and maintenance that can cut into the profits of the business
  • Implement a risk management plan
  • Remove ghost assets from your inventory that paint an inaccurate picture
  • Optimize planning operations
  • Reduce incidents of theft

Your business must adapt to modern asset management in order to grow and stay competitive in the market.

How it Works

When you choose to have an IT company streamline your asset management system, they will effectively connect your programs and information to create a system that works for your particular company and industry. By connecting all hardware units as well as programs being used for internal asset management, you can easily have an accessible system that allows you to see the facts and figures at any given moment.

At Internal Computer Services, we’ve created our own support methodology that tracking, part replacement, stock replacement, stock management, supply chain management, manufacturer relations, and effective use of support labor. This approach meets all Service Level Agreements (SLAs). If you’re looking to implement an asset management system, call us at 804-672-1057 and speak to an IT expert about your company’s needs.