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Fixed asset management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence. This applies to all industries because doing so makes the workplace more productive.
Without fixed asset management, the equipment and resources of the company are not used both effectively and efficiently. Think of it like a car. If you do not have the oil changed, it will break down. The net effect is being able to save money instead of spending it on repairs which could have been avoided in the first place.
This is why companies take various steps to manage these closely. For instance, machines that are used undergo regular maintenance. If anything needs to be replaced or replenished, this is ordered well in advance so there will not be any disruptions at the workplace.
If the machines are already obsolete and there are newer models that can do a better job, management must consider the costs of buying it or maintaining the old one. In recent times, new equipment is purchased to avoid being left behind the competitors.
Management also has to coordinate with the various departments in the company to see how each one is doing. This is done on a monthly basis to determine whether the company is achieving growth. If it is not, find out why and then do something about it.
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