Asset inventory tracking software performs two functions: the management of fixed assets and the management of inventory. While the terms often are used interchangeably, they’re describing two different business functions. While assets are the items that help you run your business – take, for example, office furniture, vehicles, your office space and land, and even trademarks, patents or copyrights you hold. IT equipment – inventory describes the items you’re manufacturing and/or selling for profit. The payoff associated with accurate and efficient inventory tracking is fairly obvious; most organizations, regardless of size, recognize the importance of managing the flow of items and out of their respective inventories; and what could happen if any kinks occur in that process – namely, product runouts, lost revenue, customer dissatisfaction. Fixed asset tracking is where organizations sometimes miss the mark. What many companies fail to realize, unfortunately, is that they’re responsible for tracking and reporting their fixed assets each year for tax and compliance purposes. Fixed assets lose value each year, and their depreciation must be noted.
Even with the best intentions, companies often struggle to maintain accurate records. Because fixed assets like IT equipment (think laptops and mobile phones) are rather fluid, moving throughout the building and elsewhere, it’s downright difficult to track their location and condition without a real-time, technology-based system. The result is a lot of guesswork, inadvertent omissions and other inaccuracies on the balance sheet. The long-term ramifications associated with those errors include an audit, lost revenue and, for larger organizations, a damaged reputation among shareholders. Another point to consider: personal property taxes, which usually are calculated based on assessed value of the fixed asset accounting numbers a company provides. Inaccuracies are expensive; in fact, Financial Executives International Daily (http://daily.financialexecutives.org/increased-scrutiny-fixed-asset-controls-and-reporting/) reports that “It is not uncommon for organizations to overpay taxes by 10 percent to 20 percent because of assets that no longer exist but are still on the books.”
Asset Panda offers a powerful, flexible and yet simple asset inventory tracking software, enabling clients to perform both of these functions and enjoy an incredible return on investment. Designed to replace expensive and outdated processes, our integrated system combines the use of free mobile iOS and Android apps, the cloud and scanning using the devices your employees already carry. Any organization with inventory and/or fixed assets – can use Asset Panda and experience significant and measurable bottom-line results. There’s no need to purchase additional hardware, software or the associated licenses. In fact, you won’t even need to carry a handheld barcode scanner, since the Asset Panda app includes a mobile barcode scanner. With Asset Panda, the entire lifecycle of every one of your vital assets lives in the palm of your hand. Look up date of purchase, insurance information, maintenance history and schedule, who currently has the asset, the GPS location of that asset, and when it will be returned. Schedule service and even use Asset Panda as an enterprise service desk to drastically reduce the number of support calls your organization has to handle.
Asset Panda was designed with the philosophy that our clients should be able to track their assets exactly how they want. That’s why the tool is completely customizable to meet your specific needs. Create custom fields, generate custom reports, alerts and notifications, select location-based user security and organize your data by location, category or other criteria. Use the mobile check-in/check-out feature, track depreciation and inflation, conduct a mobile audit of your assets, and so much more. Every one of these features and more come standard with an Asset Panda account.
For more information, or to start your free 14-day trial, visit assetpanda.com