The final article in our preparation series helps companies identify if adding an asset manager is the step. With organization growth, additional processes may be needed, as well as someone to oversee the equipment and fixtures of the company. If you have a fixed assets question or topic that you’d like more information on, please let us know.
Is your business in need of a fixed asset manager? by blog.sagefixedassets.com
As companies expand, they face the need to bring in more employees and create new departments or branches to suit growth. To meet the growing needs of clients and improve processes for further expansion, businesses should focus on improving fixed asset management to maximize property use, eliminate ghost assets from accounting books, and ultimately cut costs associated with taxes, insurance fees, and productivity losses.
In addition to partnering with an inventory accounting solutions provider that can provide customizations, a company may need to consider the benefits of having a full-time, in-house fixed asset manager. These professionals serve as the link between accountants, the finance department, equipment managers, and organizational leadership. There are many other positive aspects to having someone in charge of tracking property value, condition, and use.
Beyond overseeing equipment use
It’s important for supervisors and decision makers to understand how machines and tools get used to ensure employees are using correct processes and maximizing fuel and resource efficiency. However, relying solely on an equipment manager to balance associated expenses can lead a business to miss out on potential cost savings and operational improvements.
Fixed asset managers can bring in the financial knowledge necessary to keep the books healthy and accurate. Most have accounting certifications or may have received training from the Association of Equipment Management Professionals. Many of these professionals have taken the Certified Equipment Manager Exam, Energy Global explained.
While they do have the qualifications to work as a finance professional, fixed asset managers have skills that pertain specifically to overseeing the use, purchase and disposal of property, equipment, furniture, and other items.
“Asset managers are involved in everything from procurement to benchmarking, evaluating life-cycle costs to purchasing technological tools, parts management to safety assurance,” the source explained.
To keep your business’s fixed assets under control, accounted for, and essentially working to better the overall position of the business, dedicated personnel may be a profitable solution.