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How to Simplify Your Fixed Asset Management Using Your Accounting Software

As a business owner or accountant, the management of fixed assets is a critical component of keeping your business finances in order. However, the process of manually tracking all of the assets, from acquisition, to depreciation and disposal, can be tedious, time-consuming, and require significant resources, making it difficult to make sound financial decisions about the assets themselves.

Let’s take a look at three business automation strategies organisations can use to manage their fixed assets in a streamlined, considered and strategic way (and how QuickBooks Online Advanced can make it happen).Β 

What are fixed assets?

Fixed assets tend to be larger assets that are used in the daily running of a business in order to create revenue through the production and supply of goods and services.

They appear under current assets on a balance sheet, and are considered to be β€˜long term assets’ when they’ve been used for at least one year and then will depreciate in value after (besides land and property).

Although intangible assets can also be classed in the fixed assets bracket, such as copyrights and patents, fixed assets are more commonly seen as tangible. Some common examples of fixed assets include:

  • Infrastructure
  • Buildings and property
  • Land
  • Machinery and equipment
  • Office equipment
  • Vehicles
  • Furniture and fixtures

The benefits of business automation for fixed asset management

Business automation significantly enhances fixed asset accounting by streamlining tracking, management, and reporting. Automated financial reporting systems enable real-time updates on asset purchases, disposals, and transfers, ensuring records are always accurate and well-maintained. They can also calculate depreciation automatically based on predefined schedules, reducing the risk of human mathematical errors.

Business automation for fixed asset accounting also simplifies compliance with accounting standards and tax regulations, as financial reports can be generated effortlessly. It allows for better asset lifecycle management, from acquisition to disposal, and provides businesses with greater visibility and control over their assets - what they own, where it is, how much it’s worth, and how much it’s costing to maintain.Β 

Overall, business automation improves accuracy, reduces administrative costs, and can help companies make more informed strategic decisions regarding the assets they invest in and how they maintain them, leading to better business performance.Β 

Unlock the Power of QuickBooks Online Advanced

QuickBooks Online Advanced for smart fixed asset management

Designed to simplify the process of managing fixed assets, the business automation power of QuickBooks Online Advanced streamlines the asset management process, optimising your business's financial performance and making it easy to effectively manage the fixed assets your business owns.

The QuickBooks Fixed Asset Module is user-friendly and intuitive, with built-in automation and customization options that save you time and effort. For example, QuickBooks will automatically create a depreciation schedule and automatically post depreciation entries on the first day of each month in your QuickBooks journal. It provides a centralised and organized system for managing your fixed assets, making it easier to track depreciation and other key metrics.

1. Automated asset accounting that saves time

Manually tracking fixed assets with pen and paper? Those days are gone thanks to the power of process automation. QuickBooks Online Advanced automates asset acquisition, depreciation, and disposal, reducing the time spent on manual data entry and saving significant time. It also enhances accuracy, reducing lost or misplaced assets and preventing unnecessary expenditure.

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2. Improved decision-making with comprehensive asset data

With QuickBooks Online Advanced, you can get instant access to your fixed asset information to gain a comprehensive view of the business' finances, both short and long-term, to help make better investment decisions.

Having easy access to quality data analytics makes it possible to transform data into actionable insights, enabling businesses to monitor the performance of their assets, potentially predict failures, and optimise maintenance schedules to reduce downtime and maintenance costs.Β 

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3. Optimised asset management strategies through data insights

Use QuickBooks Online Advance to track your assets' lifecycle, gaining valuable data insights that can enhance and optimise asset management strategies for business growth.

Data-driven insights allow asset managers to work faster and more accurately. Process automation replaces manual tasks, freeing up their time for strategic planning. For example, automated data extraction improves business performance by reducing the time spent on reviewing documents and financial statements, making it easier for asset managers to work efficiently.

Whether you run a small or medium-sized business or you’re an accountant, QuickBooks Online Advanced process automation makes it easier to manage your business's fixed assets, streamlining accounting and freeing up hours of your time to invest in growing your business.

Ready to take the hassle out of fixed asset management and start improving your business performance overall? Subscribe to QuickBooks Online Advanced today and start reaping the benefits of simplified assets management!


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