Choosing The Right Asset Tracking Solution

By: John Morris

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.

Article Source: http://www.bigfreearticles.com

About the Author:
For more great tracking related articles and resources check out http://brokerweb.info

Please Rate this Article

Comments

Share This Article - Quick and Easy Using This Button:

Click the XML Icon Above to Receive Business Articles Via RSS!

Read More Articles From - Home | Business

I Need to Sell My House, Now What? By: N.Big - Many people find themselves in the position of needing to unload their home, but aren`t sure how to go about it. If you aren`t accustomed to the real estate market, you might be wondering just how to go about selling your house. There are several reasons why someone would need to sell their home. The reasons aren`t particularly important, what you need is to turn your home into money.
Tags: business, want, to sell, my house
Are there cash gifting programs that are legal?-00-2185 By: Jason - First thing when you look at cash gifting programs: Don't ever join one where "your money will be delivered at your front door." Don't ever join one where you will need to start at a "level", like starting at $100 and ending at $3500. These would be pyramid type of cash gifting programs (illegal ones), in it just to take your money.
Tags: business, gifting, join, money, cash, cash gifting, program
No Website? You Can Still Make Money Online By: Rick Eriksen - Do you want to make money online? There are some easy ways to make money online without having to know anything about html or even building a website. There are a few simple steps you should follow, but it does require some work. There is no such way to make money without lifting a finger these days.
Tags: business, work at home, home business, internet marketing, affiliate marketing
Key Points and Benefits to a Collaboration Marketing Strategy By: Christian Fea - Relationships have always been a cornerstone of effective marketing, and collaboration marketing is a way to foster trust and build strong alliances. The following are a few ways in which a collaboration marketing strategy will benefit your business. Take Advantage of Size Economics Often, though not always, you can enjoy significant cost savings by collaborating with other businesses, which require the same supplies that you do.
Tags: business, entrepreneurship, joint venture marketing, making money, strategic alliance
Picking the Right Router By: Mallory Kramer - A router is designed to rout, or mill out an area in the surface of a piece of wood. This tool, however, is not limited to just one application. In fact, it would be difficult to determine which application the router is most commonly used for.
Tags: business, router, fixed-base router, plunge router, makita router, bosch router, dewalt router
How a Personal Secretary is Critical to Your Response Rate By: Mark Silver - In a past Moneyflow class, one of the participants was promoting a seminar. "People aren't responding to my emails. What do I do?" "Well, tell me what you've done," I said. "Today the second email went out. I've only had 5 people respond so far on my list of 100. And I've been networking, and making phone calls, and sending out flyers." What wasn't working?
Tags: business, marketing, friend, personal secretary, repetition, emails. deadline, strategically
Tackling Floor Tiling the DIY Way By: Sean Farrell - There is no denying the effect of a well tiled bathroom or kitchen. Oftentimes tiles can even be spread throughout the house. Nowadays they are seen as a cleaner, neater, lower maintenance flooring option. The most common use of tiles is in the bathroom, as it is better to tile the walls to prevent damp. With the right tiles an immaculate and impressive shower can be created.
Tags: business, power tools, plant hire, equipment hire, tool hire, coastal tool hire
Small Business Advice: The One Thing You Must Become When You Start a Business By: Allison Babb - In this article, I would like to focus on something that entrepreneurs are almost never told when starting a business. What's the one thing you absolutely must become when you start a business? Read below for more. The joy: When you take the leap to become an entrepreneur, you are most likely thinking about the thing you most enjoy doing.
Tags: business, small business advice
Jobs In Financial Services 2009 By: Louise G - With today's economy it might seem that jobs in financial services will be harder to find in 2008 and 2009. But employment opportunities for finance professionals will likely be good, and the current business problems are part of the reason why.
Tags: business, financial services jobs
Quality Firewood Ensures Good Fire for Your Home By: Rokai Kolam - Homeowners with a fireplace in their home often use wood in building fire. Heating with wood is a great alternative to other home heating methods and creates a unique ambience in the room which can be enjoyed by all members of the family especially on a cold night. Outdoors, it can produce bonfires for heating as well as cooking purposes.
Tags: business, wood, firewood, delivery, service