Top Four Reasons Businesses Implement Fixed Asset Tracking Software

Large businesses and government agencies are required to track their fixed assets on a regular basis. This would include everything from computers to desks to vehicles – any item that is reported on financial statements and depreciated.

1. SOX Compliance

Sarbanes-Oxley requires public companies to actually list or prove all fixed and capital assets on their balance sheets with estimated worth. Capital Asset Tracking Software not only allows businesses to track asset inventory, it also allows users to programmatically calculate depreciation over time for more accurate estimated worth balance sheets.

2. Inventory Control

Enterprises and small to medium-sized business alike can benefit from fixed asset tracking software by using mobile computers to scan barcode labels and capture asset inventory within a building, complex, campus or in the field. Users can confirm the location and status of assets with less than 1% margin of error (usually a result of user error).

This would include everything from track wildlife monitoring equipment placed in trees and near streams by state wildlife departments. Montana Fish and Wildlife installed the CheckMate Asset Tracking software to provide this type of information, using rugged barcode equipment and special water-resistant asset tags.

3. Improved Chanced of Getting a Loan

Businesses and governments alike operate on credit. While small, privately held businesses need not worry about SOX, they will often run into the need to obtain a loan for implementing new growth strategies. By tracking the relative worth of all their assets, product inventory, employees and other capital, they improve their chances of obtaining the funding needed to get to the next stage.

4. Reduced Cycle Time

We have all heard the old adage “time is money”, and while we all believe it in theory, few businesses implement it into practice. A good asset tracking software provides a fast and accurate method of collecting data by performing inventory cycle counts. A well-designed asset system will identify not only the asset and its location, but the purchase date, cost, condition, maintenance history and depreciated value of the asset.

Most companies who implement our barcode software report an 80% increase in efficiency after only one year of use.

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