One of the first questions posed when incorporating a fixed asset management software program in a company’s daily activity is “How can asset tracking help my business?” A startling statistic that justifies the answer to that question is that 30% of all organizations do not know what they own, where their assets are located, or who is using them. And of course as companies evaluate the different fixed asset management software programs available, there is always a concern on price and what comes “free” with their integration of this tool into their existing asset management program. The “free” isn’t necessarily a tangible item and may translate more into a “freedom” for tasks that were once time-consuming for employees and costly for businesses.
Fixed assets & the value of maintenance
When it comes to fixed assets, companies need to understand two important facts:
- You must understand the value of your fixed assets.
- Fixed assets do not have a consistent value, and may change depending on the location, length of use, state of repair, usefulness, appreciation, depreciation.
Evaluating factors that influence the actual value of assets does not happen overnight. One of the most underestimated actions when it comes to maintaining an accurate understanding of a company’s fixed assets is the importance of keeping equipment regularly maintained, serviced and repaired. Failure to keep equipment and machines on a regular service schedule can be extremely expensive, turning minor repairs into complete overhauls or replacements. Accurately tracking this information requires a custom database as part of a fixed asset management software program that presents data securely, in real time, so that at any time of day or night, users have the “freedom” to promote regular maintenance, preventing unnecessary repairs and other expenses and keeping their clients’ machines and equipment in good working order.
Modern mobility & time savings
The old style of tracking assets via spreadsheets and ledgers are now being replaced with revolutionary technology to simplify tracking assets. Today’s workforce is more mobile and they have the “freedom” of moving from location to location and their reliability of an accurate fixed asset management program that gives up-to-date reports on where an asset is, is more important than ever. For users, this means the communication loop among staff is closed, promoting better organization and increased efficiency, saving time, frustration and money when they don’t have to hunt down the whereabouts of their expensive equipment, determine its condition and repair/replace it. And with the reporting features available, users can create custom, automated reports for stakeholders, address questions or concerns, and provide vital information for compliance, straight line depreciation, and asset appreciation calculation.
With today’s asset tracking systems, companies are finding they have more monetary “freedom” as they are able to track where an item is, who has it, its maintenance status, as well as eliminate costly spending on duplicate items, items that are no longer viable for the business, and the identification of ghost assets, which are items that are lost, stolen or unusable and still remain listed as an “active” fixed asset. Organizations have found that they greatly reduced the number of duplicate purchases by confirming what they have already purchased thanks to real time data reports with all the details about an asset. According to a research study, one company saved $100,000 in maintenance fees alone by dropping items they weren’t using. Rather than guessing about where and item is, possible upgrades or replacements, tracking fixed assets helps anticipate costs and timing of replacing or upgrading items.
We’ve seen and heard a lot about the impact disasters have on a business across the globe. From earthquakes, to tornadoes to devastating wildfires, you can always plan for what to do should you be faced with a disaster – either natural or manmade – but when disaster strikes, all that planning goes out the window and companies go into survival mode. Sadly, 1 out of 5 businesses will never reopen after a disaster. With fixed asset management software, businesses have all their assets loaded into one centralized location that can be accessed from anywhere and now have the “freedom” to work with insurance companies much easier and focus on rebuilding their business rather than guess what assets they might have had and their status for replacement.
Asset Panda’s fixed asset management system gives organizations large and small a comprehensive, lifecycle view of their vital assets and equipment. Available via “free” mobile apps and on the web, Asset Panda is not just incredibly powerful; it’s also very simple to use. Clients are entitled to an unlimited number of users and may add specific details in their custom entries, like repair and replacement costs, current condition and administrative information. The depth of this information empowers clients to make better, more informed decisions, eliminate guesswork and costly errors, and eliminate wasteful spending.
Asset Panda does not have hardware and software licenses to pay for upgrades. No separate barcode scanners are required, which saves our customers repair and replacement costs. Our mission is to empower organizations and the companies they serve to track their vital assets exactly how they want. Isn’t time you freed yourself from the old way of asset tracking and integrated the most flexible fixed asset management software tool available into your daily operations? To learn more, contact Asset Panda and get started with a free 14-day trial. Visit assetpanda.com for more information.