Understanding How Fixed Asset System Tracking Works for Business of Any Size

Companies are looking for an asset tracking system capable of handling more than simply tracking their fixed assets. And managing the equipment vital to any organization, whether a large multi-facility organization or a single room start-up, begins with fixed asset system tracking.

One of the most common challenges any business faces is accurately tracking its assets' location, condition, maintenance, and depreciation. Fixed asset tracking can be challenging depending on how many assets a company owns and utilizes and how mobile these assets are. Data on where assets are, who has them, and their condition changes as equipment moves from one department to another or outside of the facility to vendors or service providers.

How to Keep Track of Fixed Assets

Traditional asset tracking relies on manual processes like handwritten ledgers or shared spreadsheets, which are vulnerable to human error and, most of the time, are not kept up to date. As a result, tracking assets turn into a huge failure. Companies lose track of their equipment, fail to maintain it, and have to replace it sooner than they would have, spending unnecessary money if they had a more efficient tracking system in place. Sadly, the reality is that many organizations do not know what kind of fixed assets they own or how much money or time they’re losing annually as a result of these inefficiencies.

Tracking assets is a process multiple departments use in an organization – not just the one person using the tool. Teams from accounting, facilities, operations, audit, support, purchase orders, etc. – while they might not work in the same room or, in some cases, even in the same building, many of these teams need to obtain the same data about assets to make important decisions that benefit a company as a whole.

Before fixed asset system tracking emerged, these systems rarely spoke to each other, and the people trained to use one system were not trained on the others. Using multiple tools to do the same redundant work with different information equals insufficient data and increased costs. The new paradigm is to use one central tracking tool to handle assets related to each person responsible for their specific use within a fixed asset system tracking platform.

Tracking Assets with a Fixed Asset System

Fixed asset system tracking improves the management and integrity of a company’s asset-related information, eliminating the human error associated with manual processes, and taking the guesswork out of repair and replacement decision-making. The process of fixed asset tracking cannot be any easier thanks to advances in tracking technology. Organizations have complete control over managing their assets and inventory – entirely from the mobile devices their employees already carry. This integrated system combines free apps, the cloud, and a built-in mobile scanner, which eliminates the need to purchase other costly hardware and software.

Asset Panda's Fixed Asset Management System

Asset Panda offers the most powerful and user-friendly mobile asset tracking system on the market. Our clients can add as many users as they wish and customize fields to reflect their specific needs. From the palm of your hand or on the web, Asset Panda gives you real-time information on the check-in/check-out status of equipment, what condition those items are in, their repair histories, and maintenance schedules.

The information which your accounting and compliance teams need is within easy reach. Our service desk capabilities allow you to schedule maintenance or request work orders, effectively reducing your support calls. Your built-in barcode scanner helps you locate specific items you’ve logged into the Asset Panda tool in a matter of seconds. You can generate automated, customized reports and communicate when things need repair or replacement.

No matter their size, every company faces the significant task of tracking the assets they own. Organizations lose thousands or even millions of dollars annually by not having good information about their fixed assets. Asset Panda allows the people who use those fixed assets daily to track them anytime, anywhere. Give us a free 14-day try. You’ll see how our simple and powerful platform empowers you to track your equipment exactly how you want, saving significant and measurable time and money. (No credit card required).