Virtually every business has both inventory and assets on hand. In this article, we will touch on the importance of tracking assets in particular. After all, assets tend to be high in value—and, oftentimes, not tracked with the same level of precision as inventory and stock.
Here are four key reasons to consider asset tracking:
1. Most businesses cannot afford not to know where their assets are
Whether you run a construction company or a home staging business, knowing where your assets are at any given time is crucial to completing high-quality work promptly. A crane at the wrong place at the wrong time isn’t just a problem; it’s a logistical nightmare that will cost time and money.
And if a home stager can’t locate a couch on installation day, they‘ll either face an install with no sofa, a delay that could cost them a client, or a staged room that doesn’t look quite right.
A mistake like this, every once in a while, might happen to any business. However, repeatedly misplacing assets or having to spend time and money relocating them could create major problems for your business’s productivity and profitability, not to mention a long-term hit to its reputation.
Related: What is Asset Tracking?
2. Optimized asset tracking can reduce theft or loss
Not every business faces inventory shrinkage concerns; however, most businesses that maintain high-value assets want to protect these items from theft or loss. The easiest way to achieve this, apart from ensuring assets are properly secured, is to implement an asset tracking system that keeps the whereabouts of all assets clear and updated in real time.
The best way to ensure inventory is up-to-date is by implementing a perpetual inventory management system. To do this, you’ll need to use barcodes and QR codes to check assets in and out as they move from one location to the next.
This easy, comprehensive guide can help you:
Free Ebook: Track Equipment & Tools Like a Pro
3. Asset tracking can also help improve maintenance on equipment
While not all assets require preventative maintenance, many, including expensive equipment, do. Modern inventory management software can automatically keep track of upcoming maintenance dates and warranty end dates that your business should be paying attention to.
These customized alerts make it that much easier to stay on top of dates, appointments, and more without having to implement an entire calendar system to keep up.
What’s more, if you’re using inventory management software like Sortly, you can also add notes about maintenance and service anytime. Additionally, photos and service reports can be attached to an item’s profile for future reference. No rifling around a filing cabinet required.
4. Asset tracking may benefit your business during tax season
Most businesses use assets many times throughout their life cycle. And because many assets are expensive, keeping track of them is crucial. This is particularly true if these assets depreciate, as properly claiming such depreciation can lower your tax liability year after year.
How to track assets quickly
There are various ways for businesses to track assets, including manual or spreadsheet tracking. However, growing companies seeking a scalable asset tracking system that is both quick and accurate would benefit the most from inventory and asset tracking software.
Sortly inventory management software is designed to grow and scale with businesses of all shapes and sizes. Businesses can track any type of asset, including tools, equipment, IT assets, and more. Sortly can be used to track assets in real time on any device, from any location. It comes equipped with smart features like barcode and QR coding and low stock alerts that can speed up your asset tracking processes and ensure greater accuracy. Plus, Sortly makes it easy to track the condition and maintenance of assets over time, prolonging the life of assets and minimizing downtime.
Additionally, Sortly streamlines asset tracking by automatically creating detailed inventory reports. Analyzing this data provides key business insights into asset usage, depreciation, current value, and custody history. This information can help resolve issues related to equipment condition, expedite asset audits, and simplify end-of-period depreciation calculations.
About Sortly
Sortly is inventory and asset management solution that helps you track, manage, and organize your inventory and assets from any device, in any location. We’re an easy-to-use inventory software that’s perfect for large or small businesses. Sortly builds inventory and asset tracking seamlessly into your workday so you can save time and money, satisfy your customers, and help your business succeed.
With Sortly, you can track all four types of inventory and all sorts of assets, too. Plus, Sortly comes equipped with smart features like barcoding & QR coding, low stock alerts, customizable folders, data-rich reporting, and much more. Best of all, you can update inventory and asset details right from your smartphone, whether you’re on the job, in the warehouse, or on the go.
Whether you’re just getting started with inventory and asset management or you’re an expert looking for a more efficient solution, we can transform how your company manages inventory—so you can focus on building your business. That’s why over 15,000 businesses globally trust us as their inventory management solution.
Start your two-week free trial of Sortly today.
