TRAXX is a robust fixed asset management system that gives companies and their teams full control over the fixed assets they are utilizing for their business operations which include computers, programs, office equipment, tools, and more. The system is built by RCS Technologies, a software company based in India which has been developing and implementing fixed asset management solutions since 1999. TRAXX is the oldest fixed asset management software solution in the SaaS market, and it was produced through the evolution of extensive development efforts. In addition, the features and functionalities of the system were built based on the feedbacks and suggestions of some expert asset managers who have been serving the asset tracking and management needs of multinational corporations across the world.
As a perfected fixed asset management system, TRAXX offers a comprehensive collection of features and functionalities that are organized into different modules. These modules are eProcurement, Compliance Management, Asset Tracking, Depreciation, and Space Management. The eProcurement module provides users with the capability to efficiently manage the process of purchasing and acquiring assets. This covers budget management, purchase order and work order management, Request for Quotes generation, approval workflow, and vendor tracking and engagement.
The compliance management features of the system are designed to help companies automate their activities for adhering to Sarbanes-Oxley Act, STP, CT3, or Special Economic Zone-based policies, rules, and requirements, which are usually cumbersome and time-consuming. When it comes to tracking and auditing of fixed assets and performing asset inventories, TRAXX allows users to attach barcode and RFID tags to their assets and inventory items. They can also assign tags to the workstations, rooms, and locations where such assets are found so they can group and track them according to location. In addition, the system provides other asset tracking features such as the ability conduct user-level asset tracking, allocate and transfer assets, and flag assets.
Meanwhile, TRAXX’s Depreciation module simplifies the process of doing computations for asset depreciation. Moreover, the module permits users to comply with the policies and regulations being implemented by governing bodies and organizations that are specified in various laws as they depreciate their assets. They can make configurations to apply the parameters in fixed asset management being required by policies and regulations and conduct accurate and compliant asset depreciation. Last but not least, the fixed asset management system has a module which can be used for generating and viewing graphical visualizations of buildings, floors, and workspaces; and accessing asset-related information and details directly from those graphical visualizations.
Generate And View Graphical Representations Of Spaces
TRAXX has a very unique module and capability which is not available in a typical fixed asset management system. This is called Space Management. Space Management puts asset tracking and management to the next level by letting users generate and view graphical representations of the specific areas and environments where their assets are located and used. Such areas and environments include buildings, workspaces, floors, and spaces.
Access Asset Details And Other Information Directly From Graphics
The Space Management module utilizes a relational database management system which makes it possible to collect asset data or any information and link them with the graphical representations of workspaces, buildings, floors, or spaces. In other words, while users are viewing drawings, diagrams, or plans, they can also access all the important data and information they need right straight from those graphical representations.
Workspace Status Feature
But how does the Space Management module exactly innovate asset tracking and management? The module has a workspace status feature which allows users to see graphical representations of all their workspaces and identify whether those workspaces are empty, have assets, or occupied. Empty workspaces are workspaces that do not have assets and not occupied by employees. Some workspaces may also be equipped with assets and ready to be occupied by employees soon. If the status of workspaces is occupied, this means those workspaces are equipped with assets and currently occupied by employees. Aside from being able to identify the status of their workspaces, users can also view information and details related to the assets within each workspace as well as identify the employees assigned to the workspaces.
Manage And Track The Movement Of Employees, Workspaces, And Assets
The Space Management module is built with another feature which ideal for reassigning employees and moving or transferring workspaces and assets to different teams and departments. Normally, this is not an easy task because it involves multiple processes. At the same time, capturing and collecting data for such purpose is a very challenging job. With TRAXX’s Space Management module, users will be able to move workspaces along with the occupants and assets assigned to the workspaces virtually; and this can be done using only a single step.
Implement Asset Branding Through Barcode And RFID Tags
TRAXX delivers a set of asset inventory, tracking, and auditing features which can be accessed from its Asset Tracking module. One of those features is asset branding. Asset branding enables users to assign and attach unique asset IDs to their fixed assets. This is done by using barcode or RFID tags. What’s great about this is that barcode or RFID tags can also be attached to the workspaces, rooms, cubicles, or locations where assets are placed. Thus, in TRAXX, assets can be organized into groups and monitored based on specific locations.
User-Level Asset Tracking
TRAXX also has an asset allocation feature wherein aside from assigning assets to different locations, assets can also be assigned to specific employees and users. This user-level asset tracking feature makes it easy for asset managers to identify the employees who are requesting or using assets.
Comprehensive, Accurate, And Cost-Effective Asset Auditing
In TRAXX, asset auditing is executed in a comprehensive, accurate, and cost-effective way. If users are tracking and managing a large number of assets distributed across multiple locations, the solution makes sure that they are able to audit all of those assets and perform a complete asset inventory. As they perform asset auditing, they will be able to automatically check the description of each asset, enabling them to save a lot of time and reduce costs which won’t be possible if they are doing it manually.
Asset Classifying And Flagging
In addition, the Asset Tracking module provides features that permit users to classify and flag their assets as they perform asset inventory and auditing. Classifying assets is very useful whenever they are doing insurance and tax-related activities. When it comes to flagging assets, assets can be flagged as soon as they are tracked. Assets that are moved or transferred, misplaced, missing, or disposed can be flagged as well.
Set Up Approval Workflows For Asset Procurement
Procurement is an important aspect of fixed asset lifecycle management. Luckily, TRAXX offers a module designed to streamline all the activities associated with the process of procuring and purchasing assets.
The primary feature of TRAXX’s Procurement module is approval management. As the heart of any procurement system, approving purchase requests is very critical in business operations. This means users should have an approval workflow that defines the authorized people who need to review and approve purchase requests, reflects their business goals, requirements, and needs; and takes into account their budget.
The Procurement module enables users to set up approval workflows that can be organized into multiple hierarchical structures. These workflows can be created based on their own business rules, condition-based scenarios, or any parameters. For instance, they can set up approval workflows for different quantities, materials, or values being requested. In addition, such workflows can be configured on TRAXX’s user interface.
Web-Based Asset Requisition Forms
The module is built with an eRequisition system which makes it easy for employees to prepare and complete asset purchase requisitions or those documents or forms submitted to the purchasing department which specify the assets or items they are requesting the department to place orders order for and buy. Purchase requisitions also contain other important details such as the number of assets or items being requested, general descriptions of the assets, their expected prices, the department who is making the request, and the names of the suppliers or vendors. The eRequisition system has web-based forms so it is very easy for employees to prepare purchase requisitions. They simply need to fill out the forms with all the needed details. Moreover, the format of the web-based forms can be customized according to their existing requisition process.
Automated Creation And Submission Of Request For Quotes
As the Procurement module makes the process of preparing and submitting purchase requisitions a breeze, it also simplifies the creation and sending of Request for Quotes or RFQs. Users will be able to generate RFQs instantly and send them to potential suppliers electronically. They can also easily check the proposals and quotes provided by the suppliers, and compare the quotes based on proposal terms or values.
Vendor Management Capabilities
TRAXX’s Procurement module is equipped with vendor management features so users can engage and communicate with their vendors or suppliers better and immediately access important details and information about them. The module has a comprehensive system which is exclusively built to organize all records and information related to vendors and suppliers in a central location. From this system, users will be able to easily access, review, and retrieve any vendor data they need. Additionally, the procurement module lets them set up and configure different approaches or methodologies for approving vendors or suppliers.
Dynamic And Compliant Asset Depreciation
The fixed asset management system is built with a highly configurable module that allows users to depreciate their fixed assests in such a way that they can comply with the standards, requirements, and policies defined by various acts, accounting principles, and governing bodies. These include the IFRS or International Financial Reporting Standards, the international standard for financial accounting; the IASB or International Accounting Standard Board, a body within the IFRS foundation that creates and enforces global accounting standards; and the GAAP (Generally Accepted Accounting Principles) which is followed by a lot of organizations.
Users can configure TRAXX’s Depreciation module to accommodate all the asset management-related parameters required by acts and governing bodies.These parameters are comprised of factors which they need to consider when they are depreciating their assets. The module lets them filter such parameters and access all the related reports, eliminating the need to use and consolidate multiple spreadsheets.
Painlessly Perform Compliance Activities
TRAXX offers a compliance management module that facilitates how organizations and their teams perform activities to achieve SOX/STP/CT3/SEZ compliance. Whether they are doing those activities to adhere to the rules and policies being implemented by the STPI (Software Technology Parks of India) or Customs and Central Excise departments; the system ensures that they are able to do them effortlessly and painlessly. This way, they can have peace of mind and avoid paying heavy penalties.
For instance, the system assists them in complying with the Sarbanes-Oxley Act, a United States federal law that aims to protect investors by enforcing requirements to public company boards, private companies, management and accounting firms, promoting the reliability and accuracy of corporate disclosures and the transparency and accountability of audits. One requirement of this law is that there should be a match between the assets presented in the balance sheet and the actual assets existing in the floor. To eliminate discrepancies, users must be able to accurately conduct asset auditing on a regular basis; and with TRAXX, this is made possible. Thus, the fixed asset management system provides them with the capability to comprehensively, accurately, and efficiently perform asset auditing; letting them reconcile finance asset registers with physical asset registers with ease.
Position of TRAXX in our main categories:
TRAXX is one of the 50
If you are interested in TRAXX it may also be beneficial to investigate other subcategories of Best Fixed Asset Management Software collected in our base of SaaS software reviews.
Since each organization has specific business needs, it is advisable for them to refrain from looking for a one-size-fits-all faultless software solution. Needless to say, it would be useless to try to find such a platform even among market-leading software applications. The clever thing to do would be to jot down the various vital elements that require consideration such as key features, budget, skill levels of staff members, company size etc. Then, you should do your research thoroughly. Read some TRAXX reviews and check out each of the other solutions in your shortlist in detail. Such comprehensive research can make sure you discard ill-fitting applications and zero in on the app that presents all the elements you need for business success.
TRAXX’s SMB and enterprise pricing plan information is available only upon request. Please contact the company, and ask fora quote
We realize that when you make a decision to buy Fixed Asset Management Software it’s important not only to see how experts evaluate it in their reviews, but also to find out if the real people and companies that buy it are actually satisfied with the product. That’s why we’ve created our behavior-based Customer Satisfaction Algorithm™ that gathers customer reviews, comments and TRAXX reviews across a wide range of social media sites. The data is then presented in an easy to digest form showing how many people had positive and negative experience with TRAXX. With that information at hand you should be equipped to make an informed buying decision that you won’t regret.
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TRAXX’s SMB and enterprise pricing plan information is available only upon request. Please contact the company, and ask fora quote
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