Barcode asset management is much more than a “nice to have” for government agencies. As stewards of taxpayers’ hard-earned money, those entities are required to maintain financial transparency and responsibility. Barcode asset management enables them to do just that with the aid of accurate, real-time data that lives in one convenient location.
Manual Asset Tracking Inherently Flawed
The negative effects that manual asset tracking can have on your budget, your productivity and your morale are profound. An Excel spreadsheet – the most common way to track fixed assets manually – requires users to type in barcodes and keep up with items throughout their respective lifecycles as they change hands, require service, depreciate, and more. Unfortunately, typos, gaps or oversights in recordkeeping, and other mistakes are common occurrences when well-meaning humans try to stay on top of multiple fixed assets. The nature of this responsibility – and the pressures government agencies face to make the most of limited budgets – demand an automated solution to fixed asset tracking. Barcode asset management allows government agencies to outsource the traditionally laborious and time-consuming task of fixed asset tracking to a platform that increases accuracy and accountability throughout the department and allows staff to focus on other priorities.
Accounting Guidelines Make Accuracy More Important Than Ever
Another extremely important reason for government entities to consider barcode asset management is that they’re required to follow guidelines established by the Governmental Accounting Standards Board (GASB). Those regulations dictate reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States.
Established in 1984, the GASB is charged with a mission to promote transparency and consistency of financial reporting. The Federal Accounting Standards Advisory Board (FASB) fulfills the same mission at the federal government level. According to the Financial Accounting Foundation, “the GASB … works to educate the public, including financial statement preparers, auditors, and users, about its standards and the information those standards require governments to present in their financial reports.”
Local and state governments are required to report depreciation for accounting and compliance purposes. Barcode asset management platforms give them the peace of mind that comes from knowing the figures they provide are based on accurate calculations, not guesswork.
The Advantages of Outsourcing
By centralizing all fixed asset data in one location, barcode asset management saves staff significant time and hassle. Without the aid of a tracking platform, employees have to hunt down fixed assets by calling and emailing colleagues. The records attached to each asset – for example, an asset’s warranty, insurance policy and complete maintenance history – may be either missing or in various locations through the department. That lack of organization can be incredibly frustrating. Missing assets mean project delays and missed deadlines. The department may have to order replacement assets, thus taking a bite out of their already limited budgets.
A barcode asset management system with mobile capabilities means that staff has access to the lifecycle of any fixed asset simply by picking up the smartphones they already carry. They can examine an item’s maintenance history, create a work order if a repair is needed, and determine if the item is covered under warranty.
Asset Panda’s barcode asset management platform, powered by a free mobile app that syncs with the cloud, gives government agencies the easiest, yet most powerful way to track their fixed assets however they want. A simple interface and completely customizable features provide a user-friendly way to manage their fixed assets, maintain transparency and accuracy, and stay within their budgets. To learn more, visit assetpanda.com
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