eQuip! — Commercial Off the Shelf (COTS) Software Solution – Supports Fixed Asset Management
eQuip! is a software solution for managing the life cycle information of physical assets: owned and leased equipment, vehicles, furniture, IT hardware and software. It tracks the asset location, usage condition, chain of custody, and disposal status. When eQuip! is connected and used together with fixed asset management software solutions, they support end to end life cycle management of fixed assets.
eQuip! is not a fixed asset management software. It is an operational software to support the day to day life cycle management of physical assets and it provides the needed information to the fixed asset management function to optimize the management of fixed assets and tax obligations.
Challenges in maintaining accurate fixed asset inventory include:
- Unable to get the fixed asset information from the accounting system.
- Spend too much time trying to track fixed asset data in excel sheets or calculating depreciation in excel sheets.
- Don’t know which assets are disposed and when.
- Constantly make customized reports on fixed assets to different stakeholders.
- Don’t know where fixed assets are located physically.
Benefits from end to end life cycle management of fixed assets:
- Eliminate depreciation expenses on disposed assets
- Accurate property tax
- Properly classifying property to realize tax benefits
- Make better purchasing decisions.
- Eliminate unnecessary purchases
- Pay insurance premium on the accurate assets
- Sarbanes-Oxley Compliance