An
asset management solution is designed to help your small business keep track of valuable items—such as office equipment, tools, vehicles, or mobile devices—that it needs to function properly. These are items that, if lost or damaged, could cost your small business a significant amount of money.
As you might expect, or have already experienced, having a system to
keep track of assets can give you piece of mind as a business owner. Here are three additional reasons your small business needs an asset tracking solution
now.
1. Manage Your Mobile Workforce
According to a Cisco study, 3 out of 5 workers don’t feel they need to be in the
office to be productive. A mobile workforce can save small businesses money because they don’t have to provide a physical office space for employees, reducing overhead costs. However, it can cause a lot of headaches if you are trying to manually keep track of who has what items. Implementing an asset tracking solution helps you manage these items efficiently and helps prevent them from being lost and damaged.
Example: Based in Sacramento, California, Paladin Private Security offers professional patrol services to businesses and residential areas. Each of Paladin’s officers is issued a computer, camera, dozens of access keys, and Taser devices. Originally, the company relied on a manual spreadsheet to
track these valuable assets and, as a result, they were not aware of critical equipment that went missing. Wasp MobileAsset makes it easy for Paladin to quickly and efficiently check assets in and out for each shift.
2. Track Repairs and Maintenance
In addition to keeping track of your assets’ locations, it’s also important to know if they have had the proper repairs to keep them in working condition. Keeping up with proper maintenance helps your small business to save money in the long run because you don’t have to replace a broken asset as quickly.
Example: Lipscomb Fire & Rescue is a non-profit volunteer fire and rescue unit that provides fire protection and EMS services for their town. It was beneficial for them to switch to an
automated asset management solution to track the equipment on each truck. By knowing what is supposed to be on the truck they are also able to keep track of what repairs are needed for expensive equipment including handsaws, hand tools, and emergency medical equipment.
3. Be Prepared for Tax Season
At the end of the fiscal year, many businesses have to prepare for taxes by completing an inventory of their assets. If assets are tracked manually, this process is cumbersome, time-consuming, and likely includes errors. When errors are made, there is a greater chance your business will be audited.
Example: Schools within the Houston Independent School District have the responsibility to annually audit all fixed assets, including computers and technology equipment, and file the audit with the District. In the past, they used a labor-intensive, Excel-based process to track assets, which meant there were often missed deadlines and inaccurate information. By utilizing an
asset management solution, they are able to submit the audit to the District on time and without issue.
It may seem counterintuitive to suggest a small business can save money by spending money on an asset tracking solution. However, the solution pays for itself for all the reasons detailed, as well as, by providing peace of mind to small business owners that would otherwise be worried about their valuable assets.
