Fixed Asset Tracking for Banks
Asset Panda enables Banks to easily conduct physical asset inventory and generate reports to be used for regular audits and/or asset compliance. Our easy to use asset tracking system helps Banks save time and money.
A Better Way of Working…Fixed Asset Tracking for Banks
- FREE Mobile Apps and Powerful (SaaS) Platform
- Use the devices your employees already have
- No more expensive scanners, software or spreadsheets
- Track and Manage your assets at the same time
- Adapts to the way you work
Accurate, Fixed Asset Tracking for Banks
Asset Panda’s Asset Tracking software efficiently produce qualitative data for financial planning, disaster recovery, reduced employee theft, and so much more.
EASY FIXED ASSET TRACKING WITH ASSET PANDA
In the past, people had to update their assets’ values in ledgers and spreadsheets. Fortunately for you, Asset Panda is sending the old way of doing things packing and offering asset tracking and asset protection services. Asset Panda provides your company with state-of-the-art asset tracking technology to ensure that your assets don’t slip away. All you need is a mobile device with the Asset Panda app, and you can start inventorying your assets right away.
WHY DOES THE INVENTORY OF FIXED ASSETS MATTER?
Maybe you’re thinking that you’re doing fine with the system you’ve got. However, chances are good that you’re not only missing some valuable information about your assets, but you may be making some big mistakes that could cost you significantly later on. “Fixed assets” is a term that refers to any permanent object your business uses. Even if you loan the item out or let an employee use it, a fixed asset is still something that belongs to your business. If something goes wrong with that item, you may be held responsible legally. If it disappears, you might find yourself unprepared to cover the loss. More important, you could be overpaying by up to 30 percent more on your taxes and insurance. Most insurance programs and taxes require that you have an accurate knowledge of your assets for proper coverage. However, neither of them will mind if you claim you have more since you’ll have to pay premiums and fees for them. This means that you’d wind up spending significantly more than you otherwise would.
AREN’T FIXED ASSETS JUST A MATTER OF SIMPLE INVENTORY?
Actually, they aren’t. And this is where Asset Panda comes into play. Fixed assets do not have consistent value. What you paid is not necessarily the value. In some cases, it may appreciate or depreciate. Overall, factors such as the item’s location, length of use, state of repair, and usefulness come together to determine the asset’s actual value. SO DOES ASSET PANDA JUST HELP FIGURE OUT THE ACTUAL VALUE? Asset Panda does far more than that. While its core is ensuring that you understand the actual value of your fixed asset inventories, it also helps in other ways, including:
- Saving time
- Reducing employee theft
- Improving budgeting, planning, and financial preparation
- Hunting down and eliminating ghost assets
- Increasing ability to recover in the event of a disaster
SAVE TIME AND MONEY WITH FIXED ASSET MANAGEMENT
It can take a lot of time to figure out the actual value of your assets and evaluate any other factors that may influence this. Because Asset Panda makes this as simple as taking a picture or entering in a code, data on all of your fixed assets can be updated within a fraction of the usual time. This will help you save money, as well, since you can verify whether you’ve purchased an item already. Additionally, you can organize your assets through the Asset Panda system, and send reports straight to insurance providers and other necessary parties.
INCREASE YOUR ABILITY TO RECOVER AFTER A DISASTER
It doesn’t matter whether a disaster is natural or manmade; it can destroy your business and your assets. The National Federation of Independent Businesses reports that manmade disasters strike 10 percent of companies, while natural disasters strike 29.7 percent of businesses. Tragically, the U.S. Department of Labor estimates that one out of five businesses will never reopen after a disaster. Of those businesses that do, at least 25 percent will close their doors forever in two years. Finances are the most common reason for this inability to reopen or continue business. When the worst happens, whether manmade or natural, it’s vital that you have an inventory system that accurately documents and verifies your fixed assets. Asset Panda makes it easy for you to demonstrate what you have lost, provide documentation, and get the funds you need to recover your business.
REDUCE EMPLOYEE THEFT
Asset Panda can save you money by reducing theft. Sadly, according to research conducted by Kessler Forensic Accounting, 79 percent of employees will steal from their employers at least once. An estimated one-third of all bankruptcies come from employee theft. For every single dollar of theft, you’ll have to earn $20 in sales to offset the loss. The theft ranges from everything from office supplies and equipment to merchandise and intellectual property. Lack of an effective inventory, and knowledge of this lack, fosters an environment where theft can thrive. Through implementation of the Asset Panda system, you can drastically reduce this risk by creating and maintaining a detailed inventory with tracking features.
IMPROVE YOUR BUDGETING, PLANNING, AND FINANCIAL PREPARATION
Repeat and duplicate purchases can cost a business hundreds. Failure to maintain your assets can also lead to increased costs. Asset Panda allows you to have a far more comprehensive understanding of your assets. You don’t have to guess anymore about when you bought your printer or upgraded your scanner. Instead, you can anticipate what you’ll need to purchase in the upcoming year and prepare for upgrades, service packages, and total replacements. Having an asset inventory will also ensure that you don’t purchase something you already have or double-book a package you can’t use.
HUNT DOWN AND ELIMINATE GHOST ASSETS
Ghosts in the business can be expensive, particularly when they’re ghost assets. A ghost asset refers to property that’s lost, stolen, or unusable and yet still remains listed as an active fixed asset. According to Asset Management Resources (AMR), a leading provider of asset inventory and reconciliation services, 65 percent of fixed asset data is “incomplete, inaccurate, or altogether missing.” An estimated 10 percent to 30 percent of fixed assets on a business’s books are ghost assets. This means you may be overpaying on your taxes and insurance by 30 percent or more. Once you find these ghost assets, you need to eliminate them and remove them from the books. This way, you can demonstrate that you no longer have the asset and should not be charged for it.
With Asset Panda you will…
- Know what you own
- Know where your assets are
- Know who has them
- Know what condition they are in
- Store all information related to an Asset in one location
- Save Time and Money!!!