4 Simple Solutions to Asset Management

4 Simple Solutions to Asset Management

Read below on these four management solutions.

1. BARCODE YOUR ASSETS AND CREATE LOCATION LABELS

Barcodes can also be used within large or small businesses alike on fixed assets. This management solution ensures your assets are always accounted for. You can use UPC barcodes and location labels to track your asset inventory in real-time and update whenever needed to show locations and statuses of those assets.

2. CHECK-IN & CHECK OUT FIXED ASSETS TO STAFF AND KEEP A LOG

Keeping a check-in and check-out log easily allows your company to manage who was responsible for what and when. If at the end of the quarter fixed assets are catalogued as damaged or requires repair you have the ability to understand and manage who checked-in or check-out the asset last.

3. PLAN REGULAR AUDITS MORE OFTEN THAN YOU THINK
Doing quarterly audits is a good way to keep your business in check with compliance and to ensure all financials and bookkeeping statements are up to date. A few simple ones to consider arebarcode_products_warehouse_business_amazon_upccode

  • Asset evaluation test
    Asset clarification test
    Account balance accuracy
    Account transaction validation

4. KEEP TRACK OF WARRANTY PERIODS TO EVALUATE  DEPRECIATION

It’s inevitable your companies assets will lose value every fiscal year. Keeping track of your warranties and when they need renewals or additional coverage is critical to keeping your cost low. Scan in your warranties to document the cost of the warranty, the period of coverage and which assets are covered.

By accurately calculating depreciation, you can ensure you receive a maximum return on investment for these asset, and you do not have to end up relying on an overly-depreciated asset to keep customers happy.

 

 

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