A business’s assets are made up of the resources which they own or lease. These assets are vital to the running of the business, and keeping track of them is essential.
From stock to computers to vehicles to the building in which you work, keeping track of what is in your possession, where it is, and in what quantities will help you to run an efficient business, and also to track any losses.
An effective asset management system helps any business considerably with organisation. It enables them to know exactly where equipment is, when it needs to be serviced, and at what point it may need to be decommissioned and replaced, thus providing safety assurances too. It also assists the accounting process significantly when every asset can be accounted for, listed and valued easily.
Asset management also helps a business to save money. Accurate records and tracking will mean that a business can avoid buying unnecessary items, avoid receiving fines for failing to renew licences, and make preparing insurance easy and straight forward.
The benefits of knowing exactly where, and in what state, every asset a business owns are clear. But without an efficient system in place, it would seem to be an impossible task. Keeping track of everything from printer paper to properties, and from company mobile phones to company cars, could be a complete disaster without the right support and software. It could easily result in incomplete, inaccurate and unreliable records.
The best types of asset management software will create automated processes by which assets can be discovered and added, tracked and managed, leading to a situation where costly and prolonged audits can be avoided. As well as being incredibly powerful, any software solution must also be user friendly – if the system is too complicated to understand it will most likely be abandoned or, at the very least not updated, in which case the business’s assets would not be accurately managed.
Assets need to be categorised and added to a comprehensive database, from which they can be tracked. They can be added to the software and recorded by location, presenting an instant visual map of where the items are. When adding an asset, a feature to incorporate full information about the item, such as its brand, model number, serial number and features mean that as the system is populated, every detail which could possibly be required is stored within the data.
Software which stores a company’s asset information online avoids the risks associated with all of these details being saved on site. Computer or server failure or loss of the relevant equipment would equal the loss of the information contained in the entire system if it was all stored and maintained on a company’s own servers. Holding this information centrally, in the cloud, means that it is secured against equipment breakage, theft or failure. It can also be accessed remotely, which is increasingly necessary nowadays, as people check in from conferences by smartphone, from hotel rooms on their laptops, and work flexibly from home.
Choosing the right computer software can make a real difference between effective asset management, and a chaotic, incomplete system which is ineffectual and even unused. As well as providing an organised and clear summary of what a business possesses, it can also help to save money, improve accounting practices and keep on top of maintenance and licence renewal schedules.