Asset managers can define assets within the organization and assign them to users based on their requirements. Depending on the condition of an asset, it can either be used or sent for service/maintenance. After undergoing service/maintenance, the asset can be checked out to the user for use. All assets are returned back to the asset manager after use. Automatic email notifications are sent to the asset manager and user when an asset is assigned, returned or received after maintenance. Depreciation of an asset is calculated at regular intervals of time. Based on the depreciation and working condition of unused assets, they can ether be replaced, donated or disposed of. Additional service reminder and warranty expiry notifications can be configured and sent to asset managers.