What is a fixed asset?
Many organizations confuse asset tracking with inventory tracking and vice versa. This is primarily because we often think of our assets as inventory because they require some level of tracking. This is not the case however, as assets are defined as items of value that are not consumed like inventory. For example: technology items such as laptops, computers, monitors, cameras, phones, vehicles, anything with value to your organization. These asset items are often assigned to a location or an individual and may require maintenance and service that needs tracking.
Do you know where your assets are?
55% of small businesses don’t track their assets or still use a manual process. Without an efficient asset tracking system, businesses risk costly losses. Organizations with proven asset tracking methodology save time, increase retention of assets, and minimize costly losses.
What is asset tracking?
To put it simply, asset tracking allows you to view and track items of value inside your organization. Many organization set limits on the minimum dollar amount that requires an asset to be tracking. It is very common for organization to track items with a value over $500. All manner of businesses can profit from using an asset tracking system. Companies that deal primarily with computers may track software licenses or hardware assets. An equipment company may track their tools and machinery used for production. With an asset tracking system, owners can track their asset’s value, depreciation, custodianship, and location.
Why is an asset tracking system important?
- Asset Tracking Systems Save Time: Manual logging of your assets can be tedious and can lead to costly errors. An asset tracking system provides quick accessibility of the location of your assets.
- Asset Tracking Solutions Increase Accountability: Having a methodology for tracking your assets that are checked in and out to team members increases accountability. You can check items out to a person and have them sign for possession. Individuals are more likely to take care of the assets assigned to them if they know they are being tracked internally.
- Asset Tracking Software Simplifies Asset Management: A cloud based solution keeps your system simple and manageable. Access your assets from any internet enabled device with credentials. Put maintenance schedules and overdue notices for checking items back in on autopilot and never worry about missing schedules again.
- Asset Tracking Saves Money: Implementing asset management software offers many cost saving advantages:
- Save time processing items
- Reduce audit time
- Mitigates costly losses
SqBx provides an asset tracking system that allows user to easily manage their fixed assets from fully customizable, user-friendly mobile and web application. Our fully-customizable SaaS solution quickly defines and assigns assets to your list of customized locations and custodians. Additionally, it supports establishing due dates for assets, maintenance checks, alerts to avoid overdue items and depreciation of your assets.
Whether mobile or web application, SqBx Asset Tracking guarantees less time worrying and more time in control of your chain of custody for items of value used inside your organization
Learn more about specific benefits to your process and Schedule a demo today!