What Is Asset Management Software?

what is asset management software

Asset management software is a broad term. In this article, we explain what it is and how Logican’s property management software can help businesses manage their property assets.

Every business should strive to have the best software. However, there’s a huge disparity between what is best for one business and what will best benefit another. Each business’s  needs is unique and, at Logican, we appreciate this. That’s why we’ve created a number of software solutions for various industries — each one tailored to the bespoke requirements of the companies that use them — including our software for handling property portfolios.

In 2017, the commercial property industry was valued at over $33 trillion. Those working in the industry are required to meticulously manage their properties, making asset management software designed specifically for property portfolios essential. Purchasing the right software for the day-to-day management of your properties can significantly improve your workflow and processes.

 

What Is Asset Management Software?

 

The Institute of Asset Management states “…assets can be made of anything – a brand, a licence, a right of way, a group of companies, opportunities – anything in which you invest to achieve your purpose!”

In short, asset management software records an asset and information about that asset, including who owns it, who uses it and how long it has been an asset for. Organisations and individuals have assets that they need to keep track of, but, due to the complexities involved in widespread asset management, specific software is commonly used by companies.

Companies that use bespoke software benefit from having all the relevant information about their assets clearly organised in one place, making it much easier for them to track their various assets.

Standard software and Excel spreadsheets do not offer the same capabilities as software designed specifically to manage assets, and relying on unsuitable methods can prove disastrous. Generalised software is not designed for this task and by using the incorrect software, you risk manual errors and having to rely on outdated information. As such, finding the right software should be a top priority for every business.

If you work in a specific industry, such as property management, it becomes even more vital to find software suited to your needs. This involves narrowing your search further.

 

What Is Property Management Software?

 

There are multiple kinds of asset management software, just as there are multiple types of assets. In this case, property management software is designed to allow businesses to specifically manage one type of asset: in this case, property. Logican creates various business software solutions for a range of industries and purposes, one of which is our property portfolio management software.

 

Logican’s Property Portfolio Management Software

 

Logican’s property portfolio management software, LogiPro, is used by property owners, managing agents, surveyors and more. It has the ability to keep track of portfolios of hundreds of properties, meaning it’s as equally suited to the management of commercial property assets as it is residential. LogiPro has a variety of features, which enable you to:

  • Automatically generate rent demands based on lease details
  • Keep track of all receipts and expenses
  • Distribute payments
  • Calculate and distribute funds owed to syndicate investors
  • Manage contractor jobs and redistribute service charges to all tenants within each property
  • Integrate our software with your electronic banking facility, schedule reminders, and create and link documents to accounting functions.

Our software was designed in collaboration with an accountancy and property management professionals. It incorporates the feedback from a broad range of property management companies that use it on a daily basis. The combined expert knowledge makes LogiPro an ideal choice for businesses looking to specifically manage their property assets.

 

Discover more about Logican’s property management software — request a free demo and discover how it could aid your business.