Fixed Assets management refers to the process of managing physical assets such as buildings, machinery, land, and equipment. The objective of fixed assets management is to ensure that these assets are properly maintained and used in a way that maximizes their value to the organization.
There are several key aspects to fixed assets management, including:
– Maintenance: Fixed assets must be properly maintained in order to function properly and retain their value over time. This includes regular cleaning, lubrication, and repair work.
– Utilization: Fixed assets should be used in a way that maximizes their potential value. This means using them for their intended purpose and making sure they are available when needed.
– accounting: Proper accounting for fixed assets is essential in order to track their value and depreciation.
– Insurance: Fixed assets should be properly insured in case of damage or loss.
Fixed assets management is a vital part of any organization, as it helps to protect and enhance the value of these important assets. By following best practices in fixed assets management, organizations can ensure that their assets are properly maintained and used in a way that maximizes their value.