How to best use an online asset tracking software for your business
Don’t you just wish your assets were easier to find? Well, many industries can relate. Whether your organization handles hundreds, thousands, or hundreds of thousands of fixed assets, your employees need to track the valuable assets whenever they need them. Chaos is almost guaranteed as the number of your assets increase. It is here that asset tracking software comes in and lets you manage, analyze and distribute assets from a central database and allows you to spend more time creating brilliant business strategies for your company and less time looking for assets.
Fixed assets are basically those objects or equipment that businesses use in day-to-day activities to complete their tasks. Employees use and return them frequently which means companies can lose control over them in the absence of an accurate method of tracking these items. Keeping an accurate record of fixed assets is a cumbersome task for businesses but nonetheless a necessary one. Luckily, an online asset tracking software makes the task of tracking fixed assets less arduous. Without an updated record of fixed assets, your company remains at risk of losing thousands and hundred thousands of dollars every year.
Tracking the condition, quantity, maintenance, depreciation, and location status of assets can be an uphill struggle for many organizations. Recording, maintaining and reconciling fixed asset account is of immense importance as errors can result in an inaccurate evaluation of a business. It has a direct impact on agencies, lenders, and investors. Hence, asset tracking solution tracks fixed assets for theft deterrence, preventive maintenance, and financial accounting.
Here’s how helpful an online asset tracking solution for fixed assets can be for tracking your valuable assets in five different ways.
1. Eliminate the “ghost” assets of your business
Like the name suggests, ghost assets are those assets which are present on the books but they no longer exist. They continue to haunt the financials of the company for years and result in overpayments. If companies are serious about avoiding overpayments, they need to keep a close track of their fixed assets. When you don’t eliminate ghost assets, none of the added processes, calculations or controls can ever establish an accurate baseline of fixed assets. How can you think of increasing the concentration of your asset management potion when your basic ingredients are missing!
Ghost assets can make you lose your productivity because unusable or missing assets won’t be available when you look for them. This inaccuracy of recording unused assets can generate ripples of negativity across the organization. For instance, fixed asset reporting is bound to have inaccuracies due to ghost assets which in turn results in errors in the corporate financials. This ripple effect threatens executives accountable for ensuring regulatory compliance. Asset tracking software helps you to track and record every detail or every action made by all the employees. You save your organization from the aura of uncertainty associated with your assets.
2. Ensure data integrity for data protection
Attaining hundred percent confidence in the integrity of your data can be a challenging task but not anymore. Asset tracking system swipes away all the input errors and inaccuracies by automating the entire process of fixed asset management. You can easily minimize data manipulation with a high level of security and accuracy. A fixed asset management system consists of security feature that points out problems of inaccuracies and input errors along with automating it to save your time.
Companies are always looking forward to profiting from fixed assets usage also known as an asset’s useful life. That doesn’t mean fixed assets are here to live forever. Their decline and usefulness need to be recorded by the asset tracking solution which helps to let you know the value of fixed assets at any given point in time. Each and every move of your employees are being tracked with respect to your assets. This is a complete triumph when justifying security, integrity, and accuracy of your business data.
3. Keep a central fixed asset register
Don’t we all just listen to all the talk about doing more with less? That is exactly what an asset management system does with the help of central asset register that is accessible across several departments providing information in an easy and consistent manner. Communication plus transparency is definitely equal to streamlined business processes.
Fixed asset registers not just allow companies to keep track of their fixed assets but also the details surrounding them. With a central asset repository, companies can immediately know about all the assets owned by them and also whether or not these assets are still in their possession and functioning well. This is a great way to find the value of fixed assets which in turn helps to manage and control assets.
4. Conduct in-depth reports to make informed business decisions
With fixed asset management reports, managers can make informed decisions for the company.
Composing forecasts and reports is indubitably a daunting process even for the hardiest financial bodies out there. You are crippled particularly when you don’t have the right tools to do the task. A fixed asset tracking software will take into account customized and standard forecasting and reporting templates that pave way for fast and easy extraction of data.
An online asset tracking software lets you tailor reports according to the company’s requirement. Isn’t that such a blessing especially at the end of a busy month! When financial managers have accurate fixed asset management reports at their disposal, they can efficiently allocate assets, easily plan future asset acquisition, and effortlessly make tax plans.
5. Monitor and manage maintenance schedule
When something is continuously used, it also requires regular maintenance. Physical fixed assets that are used continuously in the process of production need to be checked regularly. Monitoring efficiency and efficacy of fixed assets along with their performance ensure lean business operations. This makes evaluating life cycle of assets extremely important.
Maintenance expenses happen to be routine periodic costs spent in order to safeguard the value of fixed assets and shield the company from sudden costly breakdowns. Asset tracking software maintains records on fixed assets. Every time a fixed asset is sent for service, it records all the necessary information.
Want to learn more about our asset tracking software?
EZOfficeInventory is a leading fixed asset tracking software used by companies around the world. Keep accurate records of fixed assets and make your business operations lean!