What is an asset inventory management system? It’s a means for tracking and managing both your fixed assets and inventory. The terms “asset” and “inventory” often are used interchangeably, but there’s a difference.
The term fixed assets refer to items you depend on to run your business, but you don’t sell them for a profit. Office furniture, desk phones, mobile devices and computers, equipment, service vehicles and even real estate all qualify as fixed assets. Inventory, on the other hand, refers to items you do sell, whether you’re selling the entire item or just stocking parts. Organizations face the task of determining optimal levels of inventory. They strive to avoid stocking too much or too little and need to make periodic adjustments based on seasonal demand, promotions and other factors.
“Organizations face the task of determining optimal levels of inventory. “
Whether you’re talking about fixed assets or inventory, those items all have value and are reported for tax and accounting purposes. Organizations also must track the movement of these items in and out of the office or warehouse. They need to determine when items will expire and when it’s time to phase out or replace an asset. Also important is the ability to track periodic updates and maintenance, create equipment refresh schedules, track warranties and prevent theft and loss. Ghost assets are an unfortunate trend within many organizations. The term ghost assets refer to assets that have been lost or stolen, but weren’t reported as such; so the company continues to pay the insurance cost for them. Every organization strives to watch its bottom line and be a good steward of its resources. Ghost assets can cause significant revenue loss and divert funds that could be better used elsewhere.
If you’ve been tracking your fixed assets, inventory or both with an Excel spreadsheet, it’s time to make a change. Excel is an inflexible, error-prone system which doesn’t allow multiple employees to enter information at the same time or consolidate that information. And, because humans make mistakes, it’s likely that your spreadsheet contains more than a few – and that can throw off your record keeping, cause confusion and wasted time.
A good asset inventory management system automates a significant portion of these processes, allowing you to focus on other priorities while you enjoy the peace of mind that comes from knowing your data is accurate. One system can help you tackle both asset and inventory responsibilities. There are a great many products on the market that address asset and inventory management, but they vary in terms of ease of use, affordability, flexibility, and features. Asset Panda’s asset inventory management system offers you a powerful platform, plus mobility, an intuitive interface, and easy customization. It syncs the cloud and includes a mobile barcode scanner, so not only is your data in real time, you won’t need any additional hardware to use it. Simply download the free mobile iOS or Android app to your mobile phone or tablet, or use the web app, if you prefer. Create custom notifications and alerts for inventory reorders, quickly track an item’s exact location and condition, calculate depreciation, generate work orders, create reports, and so much more.
Clients throughout the world trust Asset Panda to help them track and manage their assets and inventory. Start your free 14-day trial today. To get started, go to assetpanda.com.
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