Asset Tracking Systems for Businesses

Often a company or a business house suffers huge financial losses when they fail to manage and keep track of all their assets. However huge a company’s assets would be, the losses can be visible if assets are left unattended.

Even if a company endeavors to keep an eye on all its assets and their worth, maintaining a record using traditional methods often proves a Herculean task for them. Recording some additional information related to the assets such as their location, maintenance costs, type of use etc is virtually impossible using traditional methods. But nowadays asset tracking solutions are available to help companies overcome such limitations of asset management. These solutions are very much efficient to provide valuable information of an asset such as its location, the period of possession with the company, its maintenance costs, its depreciation value etc.

These solutions are available as handheld devices or they can be computer based as well. They help companies in managing all types of assets, whether fixed or movable, with the help of a barcode or a unique character assigned to them. A barcode allotted to an asset is more preferable due to their great benefits in auditing. A barcode can be identified more easily.

An asset tracking solution offers various advantages to a business such as:

-A business can trace its assets using a name, address, or business type.

-The depreciation of assets over a period of time can be easily computed.

-It’s possible to determine the costs and expenses related to the assets.

-A detailed report can be generated about a given asset.

-Reduces unnecessary expenses of physical visiting of the assets, time and again.

-It saves time too, as everything is listed.

-Keeps the business informed about the assets acquired formerly and thus minimizes losses.

-Minimizes borrowings due to not having earlier sanctions

-Improved resources management and thus a maintained budget.

-No hassles in starting due to an easy inventory system.

These highly advantageous asset tracking solutions are available in various types in the market and a business needs to select one according to its requirements. Few popular asset tracking solutions are enumerated below for a business to take a decision:

1.Asset tracking solution powered by software: Software installed in a computer can easily serve the purpose of an asset tracking system. Such a system can be connected to a centralized monitoring location with the help of an IP connection or through a modem. This system can also keep track of the computer usage as well. The database will keep information log about the computer usage and whenever the computer is connected, it can be monitored easily.

2.Tracking through software: There are a few dedicated monitoring software that help businesses to manage their software related investments. Such software helps to avoid penalties and fines that a business may have to pay in case of non-compliance to the assets laws set by the government and other authorities.

3.Barcode Systems: A barcode system typically includes barcode, barcode scanners, tags and PDAs. They are perfect for asset tracking with their capabilities of maintenance and valuation of assets. They offer various functions on the basis of their location.

4.GPS Solutions: These are in the form of a two-way satellite technology which is helpful in navigating assets and vehicles.

5.Proximity Tagging: This is very useful in case of vehicles. It connects vehicles with an access control system and prevents stealing of vehicles.

If we wish to take best benefits of an asset tracking solution, finding the most suitable solution should be our goal. The following features available with a solution will help a business to identify best asset tracking solution for their needs:

1.Navigation Capability: The interface outline and design makes it clear the simplicity or complexity in navigating a given asset tracking system. This feature helps to evaluate the entire setting of the whole system.

2.Asset Management Features: This feature gives an idea of the depreciation tools, asset editing aspects, splitting assets and other important features like barcode scanning etc.

3.Integration: The integration of a solution reveals the ease and ability of the system to incorporate other programs such as tax software, GL programs and additional accounting systems.

4.Report generation: This feature gives the idea of the capacity of the solution to generate customized reports. A solution should have unique writing attributes, apart from standard schedules and forms.

5.Help and Support features: A solution, intact with in-built help features, helps the users and provides them with the latest updates, whenever required.

Asset tracking solutions are very important for the businesses helping them to manage their assets and keep control on related expenses and costs. They help maintain a record of every transaction. This is very useful in reducing future costs, since all information remain stored and can be used in future, quite aptly.

Author Bio: The ability to track and manage stock properly is vital to the success of any business, http://emobilescan.co.uk knows the importance of this and we have helped some of the worlds largest companies to do just that.

Category: Business Management
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