Does Your Company Track Fixed Assets? It Should!
The process of tracking fixed assets is becoming more commonplace in business as companies realize the value from a financial and time perspective. There are many different options available with a variety of features. Do your homework when looking at what’s available, and ensure you find an asset tracking and management system that works as you work!
One method that you should most definitely dismiss ASAP is the use of electronic spreadsheets. If you have a smartphone or tablet, then you have all you need to track fixed assets, and it’s way more advanced than spreadsheets like Excel. Although a spreadsheet can provide strong static information, the lack of mobility and customization is detrimental to your company’s asset management goals. Today’s asset tracking tools allow anyone to track assets on the go using their own smartphones or tablets, thanks to mobile apps and built-in barcode scanners.
- Attach photos or videos
- Set alerts
- View check-in/check-out status
- Enable GPS capabilities
- Scan barcodes using built-in scanners
- And much, much more
What’s a Fixed Asset Again?
Fixed assets are physical assets that are dedicated to providing form and function to a business or company. These are items that are of cost to a company but generally not part of the product or service the company manufacturers or markets.
Why Do I Need to Track Fixed Assets?
Do you know what assets you have? Do you know where they are? Do you know if they are in good working condition? If you answered “no” to any of these questions, then you most definitely need to be tracking your fixed assets!
When you are unaware of your fixed assets' location, user, and status, it is much easier for them to become lost, stolen, or unusable. And when you have any of these scenarios, your company loses time and money. Employees spend their time searching for missing or lost assets and are less productive on the tasks they should be doing. The company is also losing money replacing lost or missing assets – money that could be useful elsewhere. And in today’s competitive business environment, no business wants to lose time or money!
Does My Particular Industry Really Need to Track Fixed Assets?
The simple answer is yes. No matter the industry or company size, tracking fixed assets is a benefit to the bottom line. From small startups to large Fortune 500 companies, educational institutions, hospitals and medical centers, government agencies (police, fire, EMT) and military installations, and legal/financial institutions – the list is endless on who can benefit from asset tracking.
Grand Rapids-based Pioneer Construction recently started using an asset tracking and management platform to track fixed assets after relying on inconsistent spreadsheets. In three short months, it has completely changed how they track assets. Their equipment manager shares, “ … (it) has allowed me to merge the data of our vehicle fleet, construction equipment, vendors, projects data, parts inventory, and more from all those spreadsheets into one tidy location. In these few short months, I would say that I have already been able to eliminate at least eight different tracking spreadsheets, and I anticipate more to fall off over time.”
In South Dakota’s Watertown School District, they have numerous fixed assets that move throughout the eight school campuses. And we all know that assets in schools are critical to our children’s education and not cheap either. Keeping up with all of these different pieces of equipment is vital. One benefit of tracking fixed assets is that you have all your data in one central location that you can view anytime, anywhere. The Waterton District realized that after tracking fixed assets, they now see far fewer mistakes, and more accurate information can be shared from one central location by all users.
Asset Panda's Fixed Asset Tracking Software
Asset Panda has designed a platform far ahead of everyone else regarding technology, flexibility, power, and ease of use to track fixed assets. Based on free mobile apps that sync with the cloud, Asset Panda requires nothing but smartphones and tablets.
Asset Panda is totally customizable, from the custom dashboard to the fields, notifications, alerts, and role- and location-based security settings. No additional hardware or software is needed because the app includes a mobile barcode scanner. Add an unlimited number of users to your account at no additional charge, and take your pick of the features most relevant to your business. And it couldn’t be easier to use, requiring little or no training to master.
It’s time to re-evaluate how you track fixed assets. Take advantage of our free 14-day trial to learn more about our platform! (No credit card required).