Managing assets has become closely tied to accounting, which is why your asset inventory management and accounting systems need to be integrated.
We’ll use a car-rental company to illustrate the importance of this integration. The company needs to know when a car is rented, who has it, and how much to charge based on how long the car is rented out. Serial numbers can be used to track assets, while accounting attaches billable amounts to those same assets.
How a bank manages its housing inventory is another related example. A bank needs to know all the real estate assets it has and the mortgages connected to those assets. This is essential with liens and with the house as collateral. If a mortgage were to go delinquent, then the accounting system would need to be able to collaborate with the asset management software to ensure foreclosure begins on the right property. Unfortunately, there have been cases where the wrong house was foreclosed on, which is a result of a glitch with the asset management and accounting systems.
Fishbowl’s asset management system integrates seamlessly with QuickBooks and allows businesses to stay on the popular accounting platform. This makes life much easier for companies trying to manage their assets and correlate their accounting data.