ASSET MANAGEMENT
Blooms HRMS - Payroll software asset management is monitoring and maintaining assets used by or assigned to employees, making sure that business resources are properly maintained. This is how asset management works with payroll software.
Major Functions of Asset Management within Payroll Software
- Asset Tracking - Maintains a record of assets provided by the company such as computers, phones, and other equipment assigned to workers.
- Depreciation & Financial Impact - Amortizes depreciation of the asset and associates it with payroll to accurately represent expenses.
- Employee Asset Allocation - Holds employees accountable by associating assets with them.
- Recovery & Returns - Monitors returns of assets when an employee departs the company or changes roles.
- Compliance & Auditing - Keeps auditing and tax compliance for company assets transparent in financial reporting.
- Recovery & Returns - Catches asset returns when an employee departs the organization or changes positions.
- Compliance & Auditing - Promotes transparency in financial reporting and tax compliance for company assets.
Benefits
- Increased Efficiency - Automates assets tracking in payroll, lessening manual effort.
- Cost Control - Assists in monitoring business assets to avert unnecessary expenses.
- Accountability & Security - Curtails losses through the guarantee of employees' return of assets when necessary.