An asset is defined as anything and everything within your enterprise which has monetary value. Irrespective of the scale of your business, you own a set of assets in the form of establishment, vehicles, inventory, computers, office supplies etc. You can track the tangible assets to avoid the expenses of an unexpected repair. There are various ways to track assets which we shall discuss shortly.
Above all, even small businesses can improve their efficiency and boost their productivity by tracking assets.
Ways to Track Assets in a Small Business
Tracking is a compulsory aspect of the maintenance of assets. For instance, you can track a car to know its geographical location, the conditions of its parts and other necessary details. We will discuss three ways to track assets in this article.
1. Manual tracking
Manual tracking is the conventional method of tracking the existing assets with the help of pen and paper. Like old days, you can keep a ledger or maintain a book to track your assets. This is a good option at a micro-level. Obviously big organizations with thousands of employees and assets accounting for millions of dollars, tracking assets manually is practically impossible. However, small businesses, with limited resources can take resort to manual tracking. However, the process is painstaking and one has to be extremely meticulous during manual tracking.
2. Using Modern Technology
There are a few technologies that are by and large affordable by small businesses that help track assets. If you use any of these technologies, you need not be present in the inventory to count the number of items or examine their conditions. These tools are designed in such a way that it maintains your inventory and produces a real-time report. You can also track immovable assets using modern equipment. The report tells you about the physical condition of the assets and whether they require immediate refurbishment.
3. Install GPS and RFID
Tools like GPS and RFID have made the work easier for you. Installing GPS is one of the most popular ways to track assets. By installing the tool to a device, you can monitor its movement, get a report of its condition and prevent any damage beforehand. However, if you decide to install an asset tracker, ensure it has great sensors to track temperature, pressure and other external factors.
So, these are the most recommended ways of tracking small businesses asset.
