Assets are essential or all businesses. They come in a number of forms, from tangible to intangible and intellectual property. Businesses generate profit by using them, and they are essential for employees to work. Some assets can be sold during difficult times in order to keep the business afloat, and it’s important to have a selection of all the different types of assets for a healthy business.
But how do you track these assets? First, let’s look at the types of assets, and which ones you can track.
The Types of Assets
There are various types of assets that a business may have. Tangible assets or fixed assets are physical assets that you can see and touch. They include buildings, equipment, vehicles, etc, and they are used in the course of doing business. These are considered high-liquidity assets because they can be converted into cash.
Intangible assets have no physical form. These include things like the reputation of the business and industry knowledge, and they are not listed on the balance sheet. However, they have an intrinsic value to the company, and they add credibility.
Intellectual property is a form of intangible asset. It can include trademarks, logos, formulas, patents, and inventions.
Using Asset Tracking Software
Asset tracking software is used by many modern businesses to track expensive equipment, and it is therefore used for tangible assets rather than intangible assets and intellectual property.
These tangible or fixed assets can include electronic items like computers, tablets, and laptops, as well as furniture and vehicles, and keeping track of these is important for many businesses. Such equipment can be expensive, and knowing where items are at any given time can help to prevent them becoming stolen or lost.
Locating equipment can be time consuming, and this can affect productivity. In addition, replacing lost assets can be very costly. IT assets can be especially important to track because you may have to track thousands of dollars of equipment.
If you loan equipment to employees, asset tracking becomes even more important. Many businesses now provide their staff with tablets and cellphones, and keeping track of these can be a challenge without the right systems in place.
How Asset Tracking Works
Asset tracking software is essentially very simple. Assets are labeled with a barcode, and this can then be scanned so that the information can be stored in the software package. You can then get access to all the information about the asset, including where it is and when it needs servicing, at any time.
Management and financial reporting are often included in a management system. These cover the life cycle of the asset from its acquisition through its maintenance and its decommissioning.
Track All Your Tangible Assets
If you want to have more control over your fixed assets, knowing where they are at all times to reduce the risk that they will become lost or stolen, an asset tracking system is a very good idea. Look for a solution for your business, and save time and money by tracking your assets more efficiently.
Patricia P. Mitchell manages a travel agency. She loves to share what works for her business by posting on the web. You can find her articles on many business and travel sites.
