Organizations must account for the assets they possess every once or a couple of items in a year. Doing so provides authorities with the necessary information to evaluate the financial standing of companies. Any errors in the accounting process, such as the overestimation of assets, can attract penalties and other non-compliance repercussions. 

Analyzing what assets on paper actually exist in the company can be daunting. The process is even more complex with paper-based tools and spreadsheet software. The duration of the audit with such methods is time-consuming, as well as expensive. Companies need a more efficient way of assessing available assets. The best solution is to use a mobile asset auditing application.

Effective auditing takes the pressure off when it comes to it. In this post, we discuss what a mobile asset management software application is, how it aids the asset auditing process and the advantages of using it. 

What is a mobile asset management application?

A mobile asset management application is a dedicated program for tracking, monitoring, and overseeing assets. It runs on smartphones. Depending on the application type, it can run on both Android and iOS. 

The asset tracking software for mobile is a cost-effective solution giving users complete control and visibility of company assets. Apart from having a comprehensive auditing module, it can also perform maintenance, manage inventory, oversee transfers, allocations, and more. 

Features desktop asset management software applications possess exist in the mobile version too. The significant advantage of the mobile solution is its portability. That makes them incredibly versatile for use in field operations.

How mobile asset management software transforms the audit process

Real-time asset tracking

Mobile asset management systems record all asset activities in real time. Whenever there’s a movement of assets, acquisition, maintenance, or decommissions – the software builds a comprehensive log. This way, you’ll have knowledge of where your assets are and what condition they are in at all times. Barcode, NFC, and RFID integrations in the mobile asset management application enable you to speed up the auditing process. It eliminates visual estimation, which is incredibly time-consuming.

Accurate data

Taking stock of the assets you have against your software or paper-based records manually is prone to errors. Even the most minute mistakes can cause legal repercussions. A mobile asset management application ensures complete accuracy owing to its automation capabilities. As the software integrates with real-time tracking technologies, it retrieves exact data. The accuracy in asset count also helps eliminate ghost assets.

Compliance

When it comes to software applications, you must have a license for every program you use. The duration of software licenses can be finite. Checking which ones are nearing expiry and which have expired is critical. Mobile asset management software solutions can store license details alongside each application in your organization. In the event of a discrepancy in a license, the asset management software sends alerts and notifications.

Reports

Finally, a mobile asset management solution gathers critical asset data and generates in-depth reports. It gives you a comprehensive understanding of asset purchase frequency and decommissions frequency. Additionally, you can learn what assets are in high demand and what assets require the most maintenance. Not only is this information valuable for auditing, but it is also vital for optimizing asset management operations. 

Summing up

Auditing is an integral process in any company belonging to any industry domain. The process can be painstaking when you don’t use an effective solution. With a custom asset management software solution for mobile, you spend less time and money auditing assets. Are you looking for a world-class mobile asset management system? Then get SmartAMS. It is loaded with cutting-edge features, user-friendly, cloud-enabled, and secure. Simplify the auditing process and focus on higher value-based tasks. Reach out to us to learn more.