How important it is to streamline your business processes and why opt for asset tracking system?
Tracking assets is a tedious process that is time-consuming and involves unexpected failures. Efficiency in time and cost are prominent factors to push your business towards stability. There’s no denying the fact that managers are squashed from both ends when it comes to tracking assets and meeting client deadlines. Fortunately, an efficient asset tracking system solves all asset related problems and more.
Tracking of assets is a process of maximizing asset utilization and providing the best returns on investment. An asset tracking system automates the entire asset tracking process. This automation then creates on-demand visibility into what assets are being used throughout your business. With this data readily available, everyone is kept in the loop on the status of all company assets. This can aid in speeding up the verification and creation of asset reports.
An asset tracking solution keeps all your asset data organized throughout its lifecycle and minimizes the risk of human error. It is the best way to keep all your asset data up-to-date and accurate. Having accurate data with asset tracking system throughout the year means you have more chances of ending up with reliable financial reports. This information is important for compliance as well as making informed decisions in your planning and budgeting processes.
How does asset tracking system help streamline your business processes?
1. It supports accuracy and eliminates ghost assets
Paperwork errors can lead to great problems. This liability is not easy to fix. Even the most exacting of auditors and accountants can make mistakes when they use spreadsheets as their prime tool for tallying assets. Did you know 88% of all spreadsheets contain errors? A single mistake of comma or decimal point can lead to series of unfortunate accounting mistakes. Let’s not forget the forgotten, misplaced or mislabeled assets on the ledger. Such paperwork errors create both ghost assets as well as zombie assets. These are the assets which exist in your workplace but have no documentation on your accounting forms. With incorrect information, companies get audited and have to pay heavy fines.
With an asset tracking system in place, all your assets whether tangible or intangible have a digital record. These records may include notes regarding maintenance schedules, attached labels, photos or any other information considered necessary so that the asset is not mishandled or misplaced. Increased accuracy in asset management helps to prevent unfortunate situations.
2. It helps you identify the location of all assets
This happens to be the most obvious use of asset tracking system. It will always keep you aware of the exact location of your company’s valuable assets. Typically, assets owned by a company are moved whenever required by employees or when they are needed for different projects. It is not easy to keep track of all the movement and changes in possession.
Locate your assets using mobile devices no matter where you are
By using an online asset tracking software, you can also use your mobile devices to track the assigned custodian for your asset and where each of your assets are located. You can not only get real-time reports regarding the position of each asset but also recover complex transactional information of all your assets.
The staff has to undergo tiresome work in maintaining the records when it comes to tracking particular items that have been returned, checked-in or checked-out. By having an asset tracking system in place, the staff doesn’t have to worry about asset records and transaction details.
3. It enables you to avoid any overpayment on assets
By using manual methods, companies are unable to keep a check on ghost and unused asset. Such assets are present on a company’s ledger but in reality, they are lost or completely missing. Unused and ghost assets are certainly forgotten financial burdens on a company. They have the power to destroy the accuracy of asset information and financial numbers.
Ghost and unused assets tend to drain the company financially as they have to pay for maintenance programs, insurance or even taxes on such assets. There are many businesses out there that are overpaying for the ghost or unused assets. An overpayment is not only in terms of money but also skewed financial reports and data during the audit season.
Make informed decisions when setting budgets for your assets
However, a cloud-based asset tracking tool endows you with money-saving capabilities. Once businesses are aware of which assets they own and which ones they don’t need, they can save money in the long run. Tracking ghost assets ensures that companies won’t have to pay auditing fines on assets they don’t use.
4. It enables you to improve transparency and efficiency
Vigilant asset tracking provides companies with efficiency and transparency even outside audit sessions. Inventory management and asset tracking solutions provide you with the data that contributes to efficiency. It also improves the organization of your company’s physical space – whether it is your warehouse, storage unit or office. By tracking assets, you can also highlight items that are mostly accessed together and use it to make a better structure of your physical space. You can even anticipate the needs of your company through an asset tracking system by figuring out trends in advance.
The overall efficiency of your business is enhanced as the tool reduces the need to reallocate resources, ensures the needed information is on-hand. It speeds up the auditing process and records an asset’s lifecycle. All this contributes to streamlining your business with minimal disruptions. Furthermore, using a dedicated system to track assets shows your willingness to work with auditors as it creates a sense of trust and transparency.
EZOfficeInventory – Streamline your business processes
EZOfficeInventory’s asset tracking system streamlines your business processes by optimizing your assets. Our asset tracking system offers a comprehensive solution for companies that need to maintain accountability, control physical assets, and foster accuracy.
It is easy to lose track of your assets if you depend on the manual method of asset tracking, particularly, when you own hundreds of assets. Our asset tracking system utilizes RFID and barcode technology to allow you to scan and automatically gather asset information into the system. You can save time and money with accurate reports generated by our software solution.
Our centralized system for managing your assets aids in supporting increased communication and organization. Some businesses consider committing to an automated asset tracking system as yet another expense. However, assets are among company’s major investments. It is important to manage them properly.
Our asset tracking solution integrates seamlessly into your organization, improves business operation, helps makes informed decisions and saves you time. By implementing EZOfficeInventory, your team will become more productive and produce precise results without any error.
Want to learn more about our asset tracking system?
EZOfficeInventory is the leading asset tracking system used by companies around the world regardless of their size. Streamline your business processes and enjoy increased returns on investment!