Physically tracking fixed assets is often a time-consuming, underappreciated task. However, keeping track of computers and smartphones, tools and equipment, and other assets is as important as any other financial management task. Keeping a tally of fixed assets is necessary for maintaining the right level of insurance and is needed when planning capital investments. Give fixed asset accounting the boost that it needs by digitizing this important process.
Every Asset is Worth Tracking
Expensive electronics, equipment and tools—and other fixed assets—are essential in nearly every business setting. Sales representatives and managers rely on smartphones and tablets, while field services teams require a variety of tools and equipment to maintain or repair customer machines, equipment or other products. When these items break down or go missing, productivity suffers, your business suffers financial losses, and customers may not receive the prompt attention or services they expect.
Tracking these assets is easy when new items come into the office. Your accounting department likely enters the serial numbers and other identifying information into a spreadsheet, as well as the employee or department responsible for that new fixed asset. However, as soon as these assets walk out the door, it’s difficult to maintain visibility as they move between physical locations or are shared among other employees, customers or vendors. Developing a fixed asset tracking plan your people will follow is an important first step toward protecting fixed assets. The second step is putting the right technology in place.
Track Fixed Assets Physically & Financially With PanatrackerGP
Barcode asset tags provide an efficient way to track fixed assets both physically and financially. PanatrackerGP is a mobile solution that seamlessly embeds with the Microsoft Dynamics GP Fixed Assets module. Your accounting team can print a barcode for a new fixed asset which captures physical details and generates a corresponding asset record in Dynamics GP. As the asset moves between locations or is shared with other custodians, data can be quickly and easily updated across the system with handheld computers. When performing a physical inventory, for example, you can validate assets, updating the current location or custodian of each asset or group of assets, which automatically updates the Dynamics GP database. Your accounting team will have current, reliable fixed asset information to prepare financial and tax reports or when pursuing credit for other investments.
Prevent fixed asset loss or theft by tracking assets with barcodes and PanatrackerGP. Contact Panatrack for additional information on how to digitize fixed asset management.