How Tagging Fixed Assets Results in Long-Term Stability

businessman-stopping-domino-effect-with-his-fingerWhen it comes to putting tags on your assets, most people think of inventory and product tracking. But tagging fixed assets can help you keep a long-term asset tracking system going. Keeping an eye on your fixed assets will help you get the most out of them. You’ll also be able to make sure they’re operating in an efficient manner.

Let’s take a look at the different types of assets and why it’s important to tag fixed assets in particular.

Liquid, Intangible and Fixed Assets

Liquid assets refer to cash or other items that can easily be converted to cash. Most of the time, this refers to money in the bank, mutual funds, or other things that can be liquidated quickly.

Intangible assets aren’t physical but still benefit your company in a big way. These include things like brand recognition, intellectual property, copyrights, and goodwill.

Fixed assets refer to many of the items your company interacts with daily. They include things like property, equipment, furniture, computers, fittings, machinery, and more.

Why Tag Fixed Assets?

You might think that because your fixed assets have a long life span, you won’t need to tag and track them. But that’s exactly why you do need to track them. Because you won’t be interacting with your assets on a regular basis, you won’t remember when it was last serviced and when you bought it.

Tracking your facility operations might seem strange, but it can help save your company costs. If your utility bills seem unusually high, you can look into why that’s happening. Fixed asset tags are also a great way for your accounting department to make sure you stay under budget in each of your categories. Using tags to pull up information will help you save a lot of time as opposed to doing so manually.

Tagging fixed assets also allows you to track data over any period of time. If your office furniture needs to be replaced after five years, you can use your tags paired with your asset tracking software to remind you to find replacements.

The Process of Tagging Fixed Assets

To start, you’ll need to find a tagging system that works best for you. Whether you use barcodes, QR codes, or a different number system, implement something that works well for your company.

As you apply your tags, you can use them to update your asset database. Keep all of your asset data in the same place, and make sure you don’t omit anything. Record information like when the asset was last serviced, who has access to it, how it’s used, and when it was purchased. All of this information can help you with quarterly accounting and other important company processes.

Create a straightforward storage system for your fixed assets. Some of them have places that make sense, like your office furniture and equipment. But if you have assets that your employees need to check out on a regular basis, create a location to store them when they’re not being used.

Along with fixed asset tags, you’ll need an asset tracking database to store all of your asset records. Asset Panda was created to help you do exactly that. Our cloud-based database is a great way to keep track of all of your fixed assets, whether they be small things like computers and electronic devices, or large things like factory equipment. Whatever the size and quantity of your assets, you can track them with our platform.

Our Zebra Printer integration makes it easy for you to print your own tags. Create barcodes that help you track all of your fixed assets with ease, and then instantly upload that data into your asset database.

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