Prosper ERP allows you to track the stock that comes in and goes out of your company’s outlets and warehouses. It can help you find the right balance of stock to satisfy customer demand or in a manufacturing context, supply production lines.
Inventory assets are crucial to a business because asset shortages impact revenue. During peak season, production lines and retail outlets need a consistent supply of stock to meet demand. Our ERP software helps you manage all information about an asset and helps ensure that you won’t run out of stock again.
Lifecycle of Assets
With Prosper ERP, you can find all information about your assets in a single location. A key task in asset management is knowing the life cycle of an asset. Monitoring starts from the time your company acquires any asset and it ends when you dispose of the said asset.
ERP software helps you know what assets you have, where they are, and their condition. Accurate asset lifecycle management will give your company a competitive edge. Having the right data helps you make informed decisions on new purchases and optimize the performance of an asset throughout its lifespan. Proper asset lifecycle management is made easier and seamlessly with Prosper ERP.
Purchasing assets is made simpler and easier with Prosper ERP. The procurement process in small and medium businesses can be a massive undertaking. You don’t want to make the wrong decisions since it will affect your balance sheet.
ERP systems have proven their worth in procuring and managing assets due to its ability to standardize how various types of assets are bought, distributed and accounted for. The system creates a record for an asset based on the information stored about the item. Easily update depreciation methods, schedule, insurance details and more with just a few clicks.
In the course of running your business, there will come a time where you would accumulate different types of business assets. Some are worth keeping while others might have a shorter lease. Selling off these assets that are no longer useful may be a viable strategy to get some cash back in your wallet.
When you sell an asset, you need to have good and accurate records like purchase price, depreciation, modifications, repairs or other transactions related to the asset are important to know your asset’s value before you place a price tag for disposal.
ERP software can provide accurate and real time data that will help you determine the fair market value for your asset.
Assets have a lifespan and when they reach the end of their lifecycle, you can scrap them with a single click. Assets are scrapped when they have become obsolete and there is no resale value for it.
When an asset is written off, you need to remove all traces of the asset from the balance sheet. No need to worry about the accounting entries since Prosper ERP helps you handle everything in our asset management module.
Automated Asset Depreciation
Wouldn’t it be great to have automated software that can remove manual depreciation entries? Manual depreciation methods are tedious and time-consuming. It is also prone to errors that require a rework to get things right.
With Prosper ERP, you can easily configure depreciation schedules for various assets and be amazed at how the software auto-calculates the depreciation amount and creates accounting entries.
Prosper ERP can help identify bottlenecks, monitor asset performance, and improve service delivery by allowing users to provide accurate reports. Standard reports and custom reports are now made easier with our asset reporting feature. Asset reports help decision makers forecast future demand and prevent blockages in the workflow.
Employee theft is a huge issue in small and medium businesses. Studies show that U.S. businesses had an average loss of $1.13 million in 2016 as a result of employee theft. Asset reporting lowers the risk with asset misplacement and helps keep transparency in an organization.
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