How to overcome the reporting challenges with asset tracking software
The success of a business depends on the ability of business owners wearing multiple hats at the same time and keeping the balance between them all. One hat that’s way important and hard to manage is overcoming the challenges with data. Companies are brimming with data every single day and skimming through this ocean of information can be an extremely time-consuming task. Investing in an asset tracking solution can be helpful.
Powerful business analysis and detailed reporting can be at your fingertips with asset tracking solution. With a wide array of reports at your disposal, asset tracking system gives you the infinite flexibility to draw your own business value by matching and collecting data and eventually formulate an in-depth end-of-year asset report. A lot of challenges in business revolve around the management and use of assets. Businesses that don’t utilize the reporting feature of asset tracking solutions often encounter the pitfalls that can be harmful to companies and startups.
You can attain utmost operational efficiency and transparency using the key reports generated by asset tracking systems. Reports help to uphold the fortress of your business by highlighting key asset management areas that require attention. This allows the decision makers to make well-informed decisions about their assets at the end of the year. It comes as no surprise that cloud computing today is one of the most used ways of storing and analyzing data. It seamlessly records all data about your assets with a cloud-based asset tracking software and gives you real-time reports about asset maintenance, depreciation, utilization, and audits.
We have enlisted some of the ways asset reporting feature in an online asset tracking tool assists in making in-depth asset reports for your business.
1. Data on asset utilization
If you want increased transparency in your organization to achieve your goals like better budget control and less time consumption, asset reports are the way to go. You can hold your employees accountable and even find out the root cause of problems with your assets whenever you need. For instance, you can pull out employee reports to find out their profile regarding how they have been engaging in work orders and other retirement or procurement tasks.
When you have histories of custodianship, you will not only know when the damage took place to a certain asset but also who used it last time. Such reports give you insight into any asset misuse, records location changes and creates an accountable workforce. This way you will be able to assess asset usage and easily categorize it with respect to the number of hours an asset was checked out for a certain duration, maintenance states, and availability. At the end of the year, a company can easily use such a report to comprehend the demand for assets and decide which ones are needed and which ones should be discarded. In other words, it provides you with a lens to see what future replacements you need and offers you time to prepare for extra expenditure.
2. Regular audits for increased report transparency
Audits further nurture accuracy in your business landscape. In fact, it is of critical importance when it comes to fulfilling asset management benefits and objectives. With regular audit reports, you can even figure out if you have been paying off tax or insurance for an asset that is actually missing. When employees know regular audit reports are generated, they will be more careful with the assets. This will reduce the chances of theft and damage. Auditing protects your company from financial loss and validates your financial records. What’s more is that mobile or digital devices let you walk into any of your locations and scan all the assets.
Regular audit reports allow businesses to streamline their operations and workflows
Using an asset tracking solution to track your asset activities like check-ins/check-outs, movement, disposal, and location further enhance efficiency and smoother workflow. If you want to make a comprehensive in-depth asset report, you should record every time an asset is managed. Recording such transactions becomes as easy as a simple scan when you use asset barcode tags. The detailed records help to complete your audit efficiently and quickly because then you don’t have to spend too much time on addressing discrepancies. All you have to do is just scan the assets within a location and let the asset management solution do all the data analysis for you.
3. Accurate depreciation calculations for data accuracy
All assets have a finite useful life and their decline in usefulness must be recorded by recording periodic asset depreciation. This helps to determine the asset value which reduces over time. However, the financial statements carry on using the original cost of the asset instead of its current market value. Asset tracking system lets you know the value of your asset at any given time. It performs depreciation calculations accurately and is integrated with audit trails and internal controls.
Any error in depreciation calculations can cause financial reporting dilemma. If your depreciation calculation has gone awry, your decisions regarding future asset acquisition and asset allocation will also be leveled out. Asset tracking system carries out accurate and flexible depreciation calculation methods. It ensures taking utmost advantage of depreciation periods which results in increased savings. There are items that are used on a regular basis and some that are not. Knowing when the equipment was procured, how often it is repaired, its maintenance costs and how frequently it is used help businesses determine when the equipment needs to be retired or replaced.
4. Complete maintenance and service reports
Even a little equipment or asset failure can leave your workflow disrupted for days particularly in case of a mismanaged asset repair and maintenance situation. You can easily keep tabs on huge swathes of equipment using historical data provided by asset tracking software. This lets you set maintenance priority over other assets along with letting you carry out preventive maintenance by managing custom alerts and organizing recurring servicing tasks. It also lets you keep track of equipment maintenance needs and this is actually of immense importance as poorly maintained equipment can not only cost you thousands of dollars but also increase chances of injuries.
Decision makers can easily decide which assets to discard with maintenance and service reports
You can generate service and maintenance reports with asset tracking software. These reports offer detailed records of all the service and maintenance events which includes how often the maintenance took place along with money and time it took to get the job done. At the end of the year, you can easily assess the assets that are chewing up maintenance costs and decide to get rid of them or at least reduce downtime.
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EZOfficeInventory is a leading asset tracking software used by businesses around the world. Improve business workflows and leverage your assets for increased profits with powerful reporting feature!