subject: Asset Tracking Systems for Businesses [print this page] Asset Tracking Systems for Businesses Asset Tracking Systems for Businesses
Companies and business houses do not always manage to keep track of all their assets, even though the total worth of the assets may run into millions. This also leads to financial losses for the company.
It is possible to get a list of the company's assets and their worth, but traditional methods of keeping these records were unable to keep additional information like the location of the asset, its cost, maintenance and use. This problem, however, can now be resolved by using asset tracking solutions, which will provide anyone in the company with information about its location, maintenance costs, its depreciation value and the date since it has been with the company.
These asset tracking solutions come in hand held form or can be computer based, and can keep track of all types of assets, fixed and movable, by allotting them a barcode or a distinctive number. Barcodes allotted to assets prove to be particularly beneficial for auditing purposes, as they become easily identifiable.
Having asset-tracking solutions have many advantages like:
The asset can be traced by an address, name or business
The depreciation value of the asset can be calculated very easily
The costs and expenses of the asset can be gauged
Detailed reports about the asset can be seen
Helps cut down expenses by checking on what assets already exist and not wasting money on similar items
Time saving as equipment required is all listed
Being informed about what one has helps cut down losses by just having forgotten about an asset acquired in the past
Helps cut down on borrowings without prior sanctions
Better service and better management of resources helps maintain a tighter budget
Easy to start with a simple inventory system
Various types of asset tracking systems are available, and have to be selected according to individual requirements. Some of the popular asset tracking solutions available are:
1. Software based asset tracking: It is possible to initiate an asset tracking system by installing software on the computer that will be linked to a central monitoring station through an IP connection or a modem. This will help keep track of the computer used as well. The protected database will store information about the computer and each time the computer connects, it can easily be tracked.
2. Software tracking: Some specialized monitoring license software is available to help organizations handle their software investments> This will help them avoid penalties and fines that may be imposed in instances of non-compliance to norms.
3. Barcode Systems: Barcode systems include barcode, tags, barcode scanners and PDAs. They are ideally suited for scheduling of maintenance and valuation and asset tracking on the basis of location and a whole host of other functions
4. GPS Solutions: These come in the form of a two-way satellite technology and is useful in locating asset vehicles and trailers
5. Proximity Tagging: This is effective in preventing theft and in the case of theft the vehicle can be traced in a short period of time. It is connected to an access control system.
While finding the most appropriate asset tracking solution, one must look for the following features in the system:
1. Ability to Navigate: The interface layout and design reveals how easy or cumbersome it is to navigate the asset tracking system, and provide insights into setting up the whole system
2. Features Involving management: This feature reveals the depreciation tools used, asset editing features, splitting assets and other features like barcode scanning
3. Integration-This feature reveals the ability of the program to establish a system of information sharing with tax software, GL programs and supplementary systems of accounting
4. Report writing: This feature reveals the ability of the program to customize reports through special writing features, besides regular schedules and forms
5. Help and Support facilities: In-built help facilities assist in getting assistance when required along with the latest updates
Asset tracking solutions are a requirement to keep track of expenses and costs, and maintain a record of every transaction. This is especially helpful in curtailing future costs as the same service providers can be used, provided their information is stored.
