Are you tracking your assets efficiently?
Tracking assets is vital to meet accounting standards, yet for so many businesses maintaining an up-to-date asset manager is a challenge.
An asset tagging and verification system can help maximise capital allowance and minimise tax liability, reduce insurance costs, deter asset theft, and meet accounting standards.
Are you falling short of what’s required? Or are your current systems simply taking too long? We explore the value of good asset management tools.
Why is it so important to track assets?
During internal and external audits and accounting processes, it is vital to have a hold on what assets are still in existence.
Assets are very important to any organisation and their loss or damage can have a significant impact on a companies finances. Any genuine loss or damage must be recorded and corresponding depreciation claimed to ensure optimised tax liability and lower insurance costs.
During annual accounts, companies must declare all assets, both financial and physical objects. If these accounts are externally audited and discrepancies are found this could cause issues for your business. Further audits are likely which cost a business more time and more resources.
You’ll hear the phrase “Asset Auditing” which refers to the internal, or external process, of checking any asset records against actuals in operations. In order to pass one of these audits with flying colours, it is therefore vital to have an asset management process in place to ensure the records match the operational use.
How to track your assets
When coming up with an asset management plan usability is key. If something is hard to use, takes too much time, and is overly complex, then staff won’t do the task properly or at all.
We recommend that companies tag all assets with a unique ID, for example, a barcode or QR code, and routinely validate the condition and presence of those assets.
An asset tagging and tracking system can manage this process efficiently. Mobile solutions that work across multiple mobile devices create an easy to use the product for staff, that doesn’t mean an organisation has to purchase new equipment solely for that purpose.
How can On Device solutions help my business?
For SAP customers, On Device Solutions have created an out-of-the-box mobile solution that helps you tag and track assets throughout their lifecycle.
myAsset, provides a simple system for barcoding all assets with quick and easy label printing. With myAsset you can also schedule and verity work orders so that reminders for regular asset auditors are automated.
It integrates with SAP Finance and Plant Maintenance Modules and can be used to track assets including IT kits, vans, tools, and equipment.
As this is an out-of-the-box solution you can have a proof of concept completed for your business in just 2 weeks.
If you’d like to find out more, get in touch today.
