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Choosing The Right Asset Tracking Solution

Aug 17, 2007
Many companies literally have assets accounting to thousands within the firm that requires tracking; this is because if a business does not correctly track their assets, this results to substantial financial losses.

Whereas traditional inventory provide you with information particularly on the number of assets your company has, generally it does not address those essential information attached to that particular asset, like location, maintenance, cost and utilization.

An implementation of an appropriate asset tracking solution within your firm allows you to efficiently track assets so that an employee for instance will know to locate a specific asset should it requires a maintenance confirmation, how old it is, determine its value depreciation as well as its maintenance cost.

An asset tracking solution can be hand-held based or PC and used to manage and track a companys assets. These assets can either be non-fixed or fixed and identified with a label that contains a distinctive bar code or number.

Asset barcode labels are efficient particularly when performing an audit. Benefits of asset tracking solutions generally include:

Track asset by location, building, supplier, user etc. Determine what your business has as well as that client or employee has them.

Enable you to calculate asset depreciation easily.

Obtain comprehensive reports.

Determine asset costs.

Reduce expenses because you know what you have therefore you will not buy the same items.

Spend lesser time looking for needed equipment.

Reduces items unreturned or lost.

Reduces borrowing with no permission.

Operate with a much tighter budget but with much better service

Asset tracking solution packages today are available with convenient import tools that gets you started on a simple inventory system quickly.

Types of asset tracking solutions:

1. Software-based asset computer tracking. For a tracking to start, a software is set up into you the hard drive of your computer, then it dials unto a central monitoring station on a specific schedule by means of an IP connection or modem so that if your computer is accounted stolen or lost, it is identified in a protected database in order that next time this computer calls in, its whereabouts is efficiently tracked.

2. Software tracking

By means of monitoring license software and license contracts compliance, organizations can successfully manage their software investment at the same time avoiding penalties and fines associated with non-compliance.

3. Barcode Systems

Generally this incorporates barcode tags with readers like handheld scanners, barcode wands and PDAs. These systems efficiently combine maintenance and valuation scheduling, location-centric asset tracking and other essential functions.

4. GPS Solutions

This uses a two-way satellite technology, capable on locating asset trailers and vehicles.

5. Proximity tagging

This is linked to access system control that helps to discourage theft, however should a certain asset disappear, this system can quickly track its location.

Here are features to look for when selecting the right asset tracking solution:

1. Navigation

This section covers the interfaces layout and design, including ease of access to principal program functions, data entry and general operation, thereby providing you with a general idea of how a user could easily get the system up and running.

2. Management Features

This segment recognizes how many books can be supported, available depreciation methods, asset editing utility and many other capabilities including mass edits, splitting assets and dispositions.

Also, whether the system supports barcode scanning or not, is addressed.

3. Integration

This segment identifies the ability of the system to share information with GL programs, tax software and supplementary accounting systems.

4. Reporting

Look for a system with reporting functions, including report and customization writer features and support for a variety of IRS schedules and forms.

5. Help and support

Look for a system with built-in help utilities as well as gauges support options available such as regular updates.

Determine whether these are already incorporated with the system license or does it entail additional purchase.

Without asset tracking solution, assets maintenance costs can not be determined, therefore you have practically no reference how much your assets are costing to run your business as well as your maintenance staff has no efficient record of work previously carried out that could assist them to fix a concern inexpensively.
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