If you’re looking to scale your business, you must handle your assets effectively. Knowing what you own and how effectively each bit of equipment is working means you can squeeze out more use, cutting down costs. This is where asset tagging and management comes in.
There are a lot of things that can go wrong with your equipment, and when you’re a smaller business, every piece of kit is irreplaceable. You need to know how effective laptops are, how much they cost to run, and when to replace them, for example.
Asset tagging and management can help you keep control of a fixed asset register. To find out why a fixed asset register is so important, check out the blog below:
What is Asset Tagging and Management?
Asset tagging and management is the discipline of logging and tracking your assets. You’ll use asset tags to track asset location, and use an app and web portal to monitor asset changes and status.
What you get out of it is a register of your assets which is clearly visible and editable. So, you’ll be able to implement IT asset management to track where your laptops are and information related to them, such as PAT test information.
You’ll be able to add all manner of information to your assets, depending on what your asset tracking requirements are.
For example, you’ll be able to use an issues management system to track maintenance. This is incredibly helpful if you’re tracking assets remotely, as you’ll be able to see which ones require maintenance quickly.
What You Can Do With Asset Management Software
The goal of asset tagging and management is clear. These systems are built so that you can view all the data you need to know about your assets.
With this data, you’ll be able to:
- Save time
- Save money
- Reduce the risk of duplicates
- Improve your tax return process
- Maintain assets more effectively
- Check assets out when a colleague is using them
How? Simply due to the functionality asset management software provides you with.
Every level of your business’ process can be improved. Having a fixed asset register in your asset management software, as opposed to a spreadsheet, allows you to replicate your expenses on your tax returns for all of your fixed assets.
Adding the purchase price and purchase date means that you can simply export this information and log it in your returns accurately. Therefore, you avoid fines and offset your profits further, as you won’t have any zombie assets weighing you down.
How Asset Tracking Helps You Scale Your Business
Ultimately, this level of transparency and accountability over your fixed asset register allows you to make better-informed decisions. Due to fixed asset tagging, you’ll be able to know where your assets have been, and thanks to a wide range of features you’ll know everything you need to about your assets.
In turn, this information helps you scale because it helps you get more out of your equipment. When you get the most out of your equipment, you spend less money, and you save necessary time.
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