Time for an Asset Inventory Audit? Skip the Frustration

You’re making efforts to tighten up your efficiencies with an asset inventory audit. Before you begin, you’ll want to consider a few pointers that can help prevent this exercise from being painfully frustrating.

First, just say no to manual processes. Tracking your assets and inventory on paper or an Excel spreadsheet is setting yourself up for errors. A missed keystroke, duplication of efforts, typo or simple oversight can throw off your recordkeeping. A spreadsheet is also difficult to view, and it doesn’t allow you to take a step back, so to speak, and view all of your assets and inventory from a broader lens. Nor do manual processes allow you to keep up with real-time changes in your data, which are always occurring. You can’t communicate with colleagues when you’re using a static spreadsheet, and you can’t consolidate records from multiple sources. With manual systems, it’s also very easy to lose track of items. In the worst-case scenario, “ghost assets” are missing or stolen, and a company continues to pay insurance for those items, none the wiser. In short, manual systems are overly complicated and inefficient, and there’s simply no reason to use them with the advent of much better processes.

With asset and inventory management software, audits are not only much easier but more accurate, as well. Technology empowers companies to know at any time, day or night, how many assets they own, what kind of condition they’re in, and who has them. Inventory tracking, too, is exponentially simpler, as technology manages the constant flow into and out of your warehouse, enables you to make better-informed decisions about stock and reduce waste. The software also allows companies to view the entire lifecycle of assets and inventory, pinpoint when items will need replenishment, and avoid early sell-outs or overstocking.

Asset Panda has created the most powerful, yet easy to use the mobile asset and inventory tracking platform in the world. It’s accessible via free mobile iOS and Android apps that sync with the cloud, so your vital information is served up in real time 24 hours a day, seven days a week. You won’t need any additional hardware or software to use Asset Panda – only the smartphones and tablets you and your employees already carry. Or use the web app, if you prefer. The app includes a mobile barcode scanner for easy data entry. From the palm of your hand, you have access to an asset’s exact location, including GPS coordinates, the name of the person who currently has it, its condition, complete maintenance history, depreciation and inflation figures and so much more. From an inventory standpoint, Asset Panda also tracks value and length of use and allows you to create customizable reports. It’s easy to import data from your existing spreadsheets. With Asset Panda, you’ll increase your accounting and tax accuracy, reduce redundancy, loss, and theft, and improve your financial and budgeting preparation.

Asset Panda is both simple to use and entirely customizable. Your employees won’t need special training to master it, and you call the shots as to how your data is displayed and organized. The dashboard, fields, columns, security settings and actions – including notifications, alerts, and reports – are all up to you. Best of all, Asset Panda is flexible enough incorporate new technologies as they become available in the future. Add an unlimited number of users to your account at no additional charge. Our philosophy is not only that you should be able to track your assets any way you want; we also believe that by looping every stakeholder into your asset and inventory management conversation, you increase accountability and accuracy throughout your entire organization. That means bottom-line savings of time and money.

Give Asset Panda a try free for 14 days, and see for yourself how it can streamline and simplify your asset inventory audit. For more information, visit assetpanda.com

Courtney Roush

Courtney Roush is a freelance writer, editor, and communications strategist with 25 years of experience. Her favorite discipline is crisis communications – and it’s a highly relevant one in our present times.

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