March 18, 2021
Mobile Asset Management Software is Invaluable for Schools
Why would schools need mobile asset management software? Educational institutions depend on fixed assets to run smoothly. Laptop computers, tablets, projectors, printers, scanners, and copiers are just the beginning. Office and classroom supplies, books, furniture, sophisticated graphing calculators, sports equipment, and educational tools also qualify as fixed assets. That's before even considering equipment used for maintaining school grounds and facilities.
It’s easy to dismiss a lost ream of paper, a box of pens or other missing office supplies as no big deal. However, these usually aren’t isolated cases. A loss here, a theft there, and before you know it, your bottom line takes a hit. Educational institutions everywhere are stretching their limited budgets as creatively as they can. Thorough and accurate recordkeeping isn’t optional. In fact, in many cases, grant funds are contingent upon good recordkeeping practices.
IT Equipment is a Hot Target for Theft, Loss
IT equipment almost always represents a school’s most expensive assets. Unfortunately, it’s also the most commonly stolen. Every year, schools lose thousands of dollars when IT assets are either stolen or carelessly lost.
As schools increasingly rely on technology to help prepare their students for the world, mobile asset management software is becoming an investment they can’t afford to pass by. In many schools, IT assets are issued on loan to students. Using pen and paper to track who has which assets and when they're scheduled to be returned can be a hassle that leads to mistakes and slows access to important information. Mobile asset management software uses simple barcode technology that makes check-ins and check-outs much easier. A quick scan, and the item is now recorded as checked out by a particular student who is then held accountable for its timely and safe return. If the item isn’t returned on time, there’s no question about who was responsible for it.
The Problem With Ghost Assets
Ghost assets – or assets that have been stolen or are missing, but not reported – are another common result of poor recordkeeping. Schools may find months down the line that they’ve been paying insurance on fixed assets that aren’t even in their inventory anymore. Again, IT assets may be most vulnerable, as they’re frequent targets for theft.
The first step toward eliminating ghost assets is to get a count on the assets you currently own, as well as details on their respective conditions and maintenance needs. It’s a big job, and a complex one, but mobile asset management software simplifies the task. An audit will examine whether your reported fixed-asset balance matches your asset records. Once you’ve completed your audit, you’ll have vital information about assets that are damaged or no longer usable, the existence of ghost assets, inaccuracies in your depreciation calculations, gaps or errors in your recordkeeping, and missing asset tags. The faster you can uncover these errors, the faster you can eliminate the unnecessary drain on your school’s bottom line.
A Streamlined Approach to Asset Management
Mobile apps now enable schools to conduct these audits from a smartphone or tablet at any time, create reports and make budget decisions based on real-time, accurate data. Asset Panda’s free mobile iOS and Android apps offer a completely customizable solution for educational institutions. With Asset Panda, schools can conduct audits quickly and easily and manage the complete lifecycle of their vital assets – saving time and money.