The Best Fixed Asset Tracking Software Features
Fixed assets are valuable, non-consumable tools utilized by a business. Such equipment is in use on a daily basis and is liable to being lost and being depreciated over time. This makes it imperative to track these assets rigorously. Common examples of fixed business assets include:
- Buildings owned by the facility.
- Computer equipment such as laptops, tablets and hard disks.
- Furnitures and fixtures including chairs, tablesbicles and so on.
- Intangible assets like patents, copyrights, and licenses.
- Vehicles such as company cars, trucks and vans.
These business-owned tools form the basis of its growth. The tools need to be managed with the utmost precision because the lack of a dynamic management system can lead to prolonged downtimes and unnecessary large-scale repairs. A manual tracking platform is no longer a viable option as there is a significant chance of human error and information going missing. To avoid such miscalculations, companies prefer an automated system of data entry provided by a fixed asset tracking software. This type of solution offers the following benefits to your company:
A Centralized Database
Being accessible by employees all over the office, your asset information can be updated by anyone, at any time.
The use of Barcodes or QR Codes eliminates the need for bulky and expensive third-party scanners.
Hosted in the Cloud
Having all critical data backed up with tight security means less chances of loss through malware, virus, or unauthorized access.
Easy to Use
User-friendly UX/UI offers login-based accessibility to all employees from their personal computers. This allows instant data retrieval and lets workers complete tasks on time.
Keeping in line with the latest technology, servers get updated on schedule as soon as the supplier introduces new features. This leaves your focus on growing your business to attain new milestones.
Using the correct management system can give your performance a boost and increase return on investment. Here are a few features to look out for when choosing a fixed asset tracking software to reinvigorate your business:
Tracking Asset Information Through Barcodes
Every business acquires assets according to its specifications. To ensure optimal performance, equipment needs to be monitored as per the manufacturer’s manual. In order to do so, companies label all their assets for easy reference. The most convenient way for it is to use Barcode or QR Codes which are in accordance with the company’s workflows. These tags allow the business to store relevant information strategically. Such data then can be used to enhance the asset’s usage across its lifecycle and to increase overall efficiency. For improved transparency, employees can be made to check-in and checkout Barcoded items against their user IDs as well. A strict security system lets you track usage patterns in case of loss.
Replenishing Stock on Time
Research shows that 60% of all companies invest the largest portion of their cash flow in forecasting inventory. An ideal way to avoid shortages is to plan inventory replenishment in an accurate manner. The best fixed asset tracking software lets you automate this process. Contingent upon stock consumption patterns, a minimum quantity limit can be set. When this threshold is reached, a purchase order will be created and sent to the respective vendor to restock the desired assets. Dealing with inventory procurement in a timely manner, the software lets you avoid costs related to stock outs and delays in workflows.
Adjusting Asset Value with Depreciation Management
Generally, depreciation is defined as the useful life of an asset over the years. To arrive at the correct adjusted value for your tools and equipment, a method to calculate depreciation must be developed. A fixed asset tracking software is the most suitable way to keep a record of such statistics to streamline the utilization of the product. Some important aspects of devaluation include:
- The Useful Life:This information can be obtained through an accountant and varies for different types of assets.
- Salvage Value:You estimate this value if you decide to sell off an asset. Most of the times, companies determine zero salvage value if the entire asset has been discounted over its useful lifespan.
- Cost of the Asset: In addition to the value at which the equipment was purchased, the cost includes all expenses involved in training, setting and transportation.
Using a software to monitor asset depreciation lets you order new stock in time while accurate statistics let you figure out whether a certain tool needs to be replaced in accordance with precise information about models and expiries.
Setting Equipment for Recurring Services
Unexpected breakdowns can put a huge strain on the finances of a company if they not planned for in a timely manner. All assets in the business inventory come with specific maintenance instructions. Following these guidelines is extremely important for the equipment to perform at optimal levels. A fixed asset management software lets you schedule repair sessions as soon as you purchase tools. Rigorous supervision also allows you to gauge calibration details for all your equipment. For best results, you can draft assets for recurring services so that none of the maintenance sessions are missed out. Preventive maintenance can help save 12-18% of a company’s costs as compared to reactive maintenance. This makes it imperative to keep business tools in good shape for daily workflows.
Meeting Compliance Requirements with Audits
Compliance is the set of rules and guidelines which need to be followed in order to function in the market. It forms the basis of a company’s ethics and policies which the company is legally bound to follow. Failure to meet both external and internal regulations can lead to negative consequences and even harsh lawsuits. A lack of a reliable method to account for the company’s activities can cause financial and reputational damage. To tackle such issues, audits can be carried out using a fixed asset tracking system. Carrying out frequent audits filters the asset data and flags up what needs to be fixed. This way an organization can keep up with the latest compliance rules in the market.
The most important step in attaining optimal asset utilization is defining clear goals and objectives. Gaining efficiency in work operations is a priority for most organizations. This can be achieved through implementing a robust asset management system which aims to revamp usage and minimize wastage. Keeping track of all business activities lets you control over production and maintain your business processes. To cater to such problems, it is necessary to opt for a fixed asset tracking software that lets you follow the requirements of the business and reduce wastage.
A reliable server in the cloud facilitates data collection and leads to improved efficiency and collaboration. Accurate data makes quality control easier as well as allowing you to address the root cause of poor performance. When such problems are quickly identified, firms have a greater chance of maximizing the rate of return on investments. Gear up for faster growth with a customized fixed asset tracking software for your company!
EZOfficeInventory is a fixed asset tracking software that has helped hundreds of asset-intensive companies manage budgets, maintain equipment, and lower . Try out our free 15 day trial – no credit card required!