Fixed Asset Tracking 101 by Asset Panda. Spreadsheets and ledgers are now being replaced with revolutionary technology to simplify tracking assets. What is a fixed asset? Any permanent object your business uses. Why is tracking fixed assets important? 1) You may be held legally responsible for an item is something goes wrong. 2) If an item is lost or stolen you will want to be prepared to cover the loss. 3) You could be overpaying over 30% on taxes and insurance.
How can asset tracking help my business? 1) You must understand the value of your fixed assets. 2) Fixed assets do not have a consistent value, and may change depending on the location, length of use, state of repair, usefulness, appreciation, depreciation, etc… 30% of all organizations do not know what they own, where there assets are located, or who is using them. Evaluating factors that influence the actual value of assets can take time. With an asset tracking system it can be as easy as taking a picture or entering a barcode. Organizations can save or even make money by tracking their assets. Organizations that track their assets have 15% or less cost of ownership. You can reduce the number of duplicate purchases by confirming what you all ready have purchased. You can organize your assets that are reporting to insurance and even make those reports automated so the insurance company is constantly up to date.
Tacking your fixed assets can help you recover from natural disaster faster. Natural disaster strike 30% of all businesses. Man made disasters strike 10% of businesses. Using an asset tracking system will ensure you have the proper documentation you need to recover your business. 1 out of 5 businesses never reopen after a disaster strikes. Asset Tracking Systems help reduce employee left significantly. Employee theft thrives in environments where employees know no tracking system is in place for items such as: office supplies, equipment, merchandise and intellectual property. 79% of employees admit to have stealing from their employees at some point. 1/3 of all bankruptcies are a result of employee theft.
Asset tracking can help your organization with budgeting. According to a research study one company save $100,000 in maintenance fees by dropping maintenance on equipment they were no longer using. Rather than guessing on upgrades or replacements, tracking your assets helps anticipate costs and timing of replacing or upgrading assets. Eliminating ghost assets is key to your business success. Ghost assets are assets that are lost, stolen or unusable and still remain listed as an active fixed asset. Remove ghost assets so you are not charged for them. 65% of fixed asset information is inaccurate, incomplete or all together missing.
For fixed asset tracking that is simple and easy to implement start a free trial with Asset Panda.