As a facility manager, you’re wholly and solely responsible for taking care of the day-to-day maintenance, upgrades, and management of all types of assets. Whether it is the storage area, warehouse, or physical office space, you need to ensure everything is operating properly for the smooth functioning of business operations.
The New Lease Accounting Standards
The list of responsibilities doesn’t end here. The Financial Accounting Standards Board (FASB) went into effect for all public companies and will be further applied to all other companies by December 15, 2019.
With the new lease accounting standards coming into effect, the facility managers have to do a lot more than regular facility management and asset tracking. Asset tracking will become more important than ever.
The new rules have made it must for organizations to list all their lease assets as liabilities, which are in terms of more than 12 months. They also have to keep a detailed record and information for other business assets, which include:
- Lease agreement and type
- Lease terms
- Start and end date
- The owner and lessee
- Monthly payment
- Fair market value
- Useful life
The new lease accounting standards by the Financial Accounting Standards Board has made it compulsory for all facility managers to maintain several updated sheets of information for every individual asset.
And, if your organization is a large one with tens of thousand assets to manage across different geographical locations, proper asset tracking will become a tedious task for you.
Types of Assets You Need to Be Tracking
1. Information Management Assets
Managing assets that work with your data is one of the most common and challenging tasks to deal with. These assets may cause various problems if they would not run smoothly. A well-managed and optimized IT infrastructure ensures a flawless communication system.
The information management assets that need to be tracked and maintained include:
- Copiers/MFD fleet
- Desktop and laptop computers
- Software licenses
- Other IT Equipment and digital assets
2. Employee Personal Assets
When it comes to employees’ personal assets, most of the asset management plans fail. As a facility manager, it is your responsibility to develop an asset management plan that keeps track of your employees’ personal belongings as it can have a big impact on their health and safety.
The employee-related assets you should track include:
- Safety equipment
- Mobile devices
3. Facility Assets
Facility-related assets are what make your business look good. While you’re planning for facility maintenance and management, these assets must be included in your plan.
A well-maintained workplace and equipment will ensure a good workflow for your employees. Therefore, it’s important to maintain all facilities-related assets. This will keep your employees happy and motivated in the workplace.
These assets include:
- HVAC equipment
- Break room appliances
Why You Should Use Asset Management Software
Asset management is a crucial task where a small mistake can cause huge problems for your business operations. And, when an asset management plan involves facility management and asset tracking of a large company across different geographical locations, you can never rely upon spreadsheets or any other manual facility management procedure.
Spreadsheets are not as efficient as you cannot manage multiple departments and facilities together. Therefore, you need advanced cloud-based asset tracking software that’ll allow you to manage all your business assets easily and efficiently.
Why Choose QuickFMS?
QuickFMS is an advanced cloud-based asset tracking software that features innovative asset tracking tools that’ll help you know what you have and where, as well as what it costs your organization to lease or own it.
To know how QuickFMS can help your organization’s asset tracking plan and how it can help run your facilities more efficiently, schedule a personalized and FREE DEMO.
Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.