Finding the right tool that focuses on management for asset inventories can be challenging for a company just starting out. There are so many products available to businesses looking to add this important feature to their business. Many companies see the word “inventory” and immediately cross a product off their list because they don’t “carry” an item for sale to consumers. But having a tool that is useful for asset tracking as well as inventory control can be a benefit for a company as it grows and/or changes its business model over time.
Today’s tracking software performs two primary functions that are important to the business of any size across most industries:
- the management of fixed assets
- the management of inventory
It’s important to understand that these terms can be used interchangeably, but in fact, they are describing two different functions. Assets are the items that help you run your business, such as IT equipment, office furniture, vehicles, office space, and even trademarks, patents or copyrights you hold. Inventory describes the items a company is manufacturing and/or selling for profit. No matter which category your business falls under, the payoff associated with accurate and efficient management for asset and inventory tracking can be quickly realized.
Management for asset inventories has proven to be especially important when it comes to tracking and reporting functions. The auditing and accounting team is responsible for reporting a company’s fixed assets each year for tax and compliance purposes. Each year, fixed assets lose value, and their depreciation must be noted. That is almost impossible to do with a handwritten ledger or a shared online spreadsheet that anyone can access and make errors to. Maintaining an accurate record of every asset, who has it, where it is, its maintenance/upgrade schedule is simply a struggle. Employees don’t have time for guesswork – and that always leads to errors. The long-term consequences as a result of unnecessary errors include an audit, lost revenue and, potentially, a loss of customers. Simply stated, inaccuracies are expensive and mismanagement can make it even more costly.
As mentioned, managing asset inventories and their whereabouts and condition is vitally important from an accounting and compliance standpoint. Accurate tracking allows companies to stay on top of equipment maintenance schedules, saves considerable time since employees no longer have to hunt down lost items, and saves unnecessary costs associated with lost, broken or stolen items. There’s no longer a surprise element that a company has been paying for “ghost assets,” or assets that have long been missing but not updated in company records. Again, an important cost-savings benefit.
Finding a tool that allows you to customize the product to fit your needs and grows and changes as you do is one of the most important factors when looking to implement management for asset inventories. The product should be flexible and able to adapt as needed. If a product works as it thinks you need it to, not as you need it to, then it’s not going to work for your business. Remember the words customization and flexibility.
Asset Panda has introduced a powerful, yet simple way to track both assets and inventory from the palm of your hand. Powered by free mobile iOS and Android apps that sync with the cloud, Asset Panda requires no additional hardware or software to use – only the mobile devices you and your employees already carry. There’s no need for separate handheld barcode scanners; the app includes a mobile barcode scanner. Without the need for additional software, you won’t face charges for licenses. Asset Panda provides your company with increased accountability and accuracy, which in turn saves you money.
Asset Panda’s asset inventory software tracking platform adapts to the way you work. Complete customization means you can change every data field to reflect your organization’s structure and needs. Customize the dashboard, the notifications you receive, the calendar – it’s all up to you. Choose from built-in asset tracking reports or configure your own to fit your needs, including audit, action, change, depreciation and inflation calculation. Generate automated reports about your assets, organizing the data by location, category or any number of assets or inventory numbers. Using your smartphone, tablet or computer, you have at your fingertips the entire lifecycle of every one of the assets upon which your organization depends.
So take charge of the management for asset inventories and let Asset Panda be your guide. Get started today with a free 14-day trial by visiting assetpanda.com.