Growing Businesses Save Money by Tracking Assets

Growing businesses can quickly lose track of their assets. As companies expand, employees, without the owner or managers' awareness, can move equipment, furniture, computers and telecommunications devices to various locations. 

Handheld devices eliminate this problem. The company CG4 builds mobile tracking applications so that businesses can utilize handheld devices when tracking assets. This allows inventory to be conducted on location, eliminating the need for personnel to write reports detailing the location of assets throughout the company. Scanners pick up the information from barcodes and feed it to the company asset tracking system.

Asset inventory software tracking has become essential for businesses of all sizes. This process includes warehouse inventory tracking, so that companies can know the locations of units that arrive in warehouses, and the number that are sold or transferred to other locations. This informs the warehouse manager or buying agent when to order new inventory. In the event of a dispute with vendors, tracking software can also establish proof of delivery.

Asset tracking goes beyond warehouse inventory, however. Companies that have income-producing equipment can attach a barcode to that equipment to help them not only track its location, but keep tabs on the amount of useful life it has left. This is essential for depreciating equipment to get the best tax breaks for the company.

In addition, companies can track computers, printers, generators, vehicles, cranes and supplies. The tracking process begins with determining what the company wants to track, a survey of the companies' location or locations, and a technology plan for monitoring assets. 

CG4 encourages companies to conduct a baseline inventory as the first step to creating a tracking system. Companies can then use unique barcode identifiers and a single database, and include location information in the barcodes. This helps personnel find assets at any time.

Asset tracking is essential in valuing a growing company, especially those who intend to use assets as collateral. A company that wants to expand can provide a lender with detailed lists of assets, and the accounting department can assign a value to those assets. This gives a lender an accurate picture of the company’s assets, and when combined with projected sales and cash accounts, can provide a precise company valuation. 

Growing businesses may also encounter the need to qualify for joint venture partnerships. One way companies qualify each other as joint partners is the value of their assets. An asset inventory tracking system lets the partner know exactly the size of the company they are dealing with, and indicates that there are best practices in place. This tracking system can also be used to track the assets of the joint venture. 

Asset tracking also allows companies to establish meaningful workflow. Knowing where assets are located and what their functions are helps workflow planners design the inter-departmental workflow that is most efficient for companies. Misplaced assets can disrupt workflow and put companies in the position of buying assets they do not need simply because they did not know where their current assets were located.

Growth is a primary goal of any business. However, if a business does not manage its growth, it can incur costs that eat into profits. Asset inventory software tracking is a vital control for growing companies.