One-Two Punch: How
Kitting Your Assets Saves
Your Company Time and Money
When you have a lot of individual items to record and organize your business, your asset tracking process can become complicated and messy. This is especially true when many of those assets are frequently used together for projects or services your business offers on a regular basis. Tracking these assets separately can lead to a higher incidence of loss, and since each individual asset entry also takes time to create and maintain, your business can also lose hours and dollars to ineffective asset maintenance.
Essentially, the more items you have to keep track of, the more time you will need to spend maintaining your asset database. When you store assets individually, you could be entering a lot of the same information multiple times. This becomes busy work for whoever gets assigned the task, essentially wasting time they could be spending on client projects.
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Storing assets separately also makes it difficult to prepare for audits. When similar assets are stored in separate locations, your team has to spend longer prepping each of those assets for the upcoming audit. If those assets were kept together, your team could prepare everything in batches, saving time and stress for everyone involved.
Additionally, keeping your assets separate could also increase taxable income for your business without actually increasing your overall profits. For example, when your assets are sold before their expected lifespan is up, the income you get from selling or disposing of them is taxable.
Your clients aren't the only ones who can benefit from kitting. Tracking your assets as a group instead of individually is a great way to reduce your asset expenses overall. Learning about best bundling practices can help your company institute a comprehensive asset tracking solution, reducing the likelihood of assets getting lost or misplaced. You'll save money by reducing errors, improving maintenance, and preparing for audits in a flash.