Without a doubt, your answer should be “Yes”. However, the reality may be different. Things are not always what they seem to be at first glance.
The importance of accurate financial statements for any businesses regardless of their industry cannot be underestimated. These play an extremely important role in business leadership making the right decisions and planning strategies. Investors, auditors, management and board members all rely on financial statements, and consider them reliable enough to analyze the health and performance of their companies.
Many organizations struggle managing their financial statements accurately and face challenges in tracking, locating, maintaining, and calculating the depreciation status of their fixed assets. Many enterprises still use manual processes like spreadsheets and logbooks to manage their fixed assets; these are labor intensive, prone to errors, and make compliance difficult. A small error in a financial statement can leave a significant impact on the business. Assets don’t always have the same value that they had when they were purchased. The total cost of asset ownership increases through heightened insurance premiums and property taxes, as well as neglected depreciation. To address all of these hidden costs and liabilities, organizations need a robust asset tracking solution which enables greater control.
Automate and Streamline Your Fixed Asset Tracking
mAssetTag is an intuitive fixed asset tracking, geocoding, and reconciliation mobile product that helps automate your physical inventory and reconciliation process. It provides you real-time information throughout the asset life cycle and eases the asset management process resulting in over 40% improvement in employee productivity during audit cycles. Using native mobile device capabilities such as GPS, camera, and barcode readers, it enables asset managers to quickly conduct multiple inventories and reconciliations across various sites using a single, easy to use mobile interface with built-in integrations to your back-office SAP or ERP systems. mAssetTag is fully configurable with Innovapptive's patent-pending Rapid App Configurator Engine (RACE™), which enables no-code/low-code customization and configuration of mobile applications in seconds—no downloading of app updates needed.
Automated inventory of your fixed assets provides essential control and accuracy for the financial reporting with these key results:
- Over 15% reduction in insurance premiums by proactively identifying retired assets.
- 99% accuracy of fixed asset financial statements.
- 100% of global fixed assets reconciled to meet audit and regulatory requirements.