Can’t Name Your Fixed Assets? It’s Time for An Asset Tracking Software

Ever given any thought to an asset tracking software? If you haven’t, spend a few minutes taking a mental inventory of your fixed assets – items like office equipment and supplies, smartphones, laptops, tablets, servers, monitors, desktop computers, scanners, copiers, and other IT equipment. All these items help conduct your business daily. If you’re unsure how many fixed assets you own, where they're located, or what condition they’re currently in, then you're in dire need of an asset tracking software.

Manual Asset Tracking Leads to Costly Mistakes

You may currently rely on a manual asset tracking procedure, like an Excel spreadsheet or even pen and paper. Many organizations justify using these procedures because they don’t realize how many fixed assets they actually have to track and manage.

You've probably held off on getting an asset tracking software because you think it's too expensive or difficult to implement. But the reality is, it costs more to manually key in information. Why is that? Because mistakes are bound to happen. One typo or small error can throw off your entire inventory. Although, we as humans pride ourselves on being detail oriented, overlooking a mistake is way too common. After all, who has time to keep up with every move or update an asset experiences? Completely remove the burden from your shoulders by automating the process. Doing this will not only allow your employees to focus on other priorities, but now you can rest assured that your data is accurate and mistake-free, saving you tons of time and money.

Another great thing about an asset tracking software is the ability to check on the status of any fixed asset. No matter the time or place, you can have its entire lifecycle at your fingertips. This information includes its acquisition date, maintenance schedule, warranty expiration, check-in/check-out status, location and much more.

Benefits Extend Far Beyond Tracking

Keeping up with routine maintenance is key to maximizing the useful life of your assets – particularly your IT equipment, which is likely to represent some of your biggest-ticket investments. Only scheduling maintenance when something breaks down is not the best approach, because more than likely you'll be looking at a problem that has compounded over time and requires extensive, expensive and urgent repair. Failing to keep up with regular preventive maintenance will slow-down your equipment at a much quicker rate. For IT equipment, that means reduced productivity and potential security risks. But in the case of heavy equipment and machinery, you could be putting your workers' safety at risk.

In 2017, the U.S. Securities and Exchange Commission implemented a series of updates that raised the standards for business owners to become fully transparent in their asset reporting procedures. Software assets tracking is undeniably a far more reliable means of determining your assets' values, which is important information for your accounting and compliance teams.

When selecting the best asset tracking software for your organization, keep in mind that you need a solution that can grow with your business – and one that allows you to track your assets any way you want. Asset Panda offers the most powerful, yet flexible and user-friendly software assets tracking solution available on the market.