How To Keep Track of Your Business’s Valuable Assets?

Owning a business doesn’t mean you don’t have to keep track of everything. Without the proper tracking mechanisms, many things can go wrong with a small business, including inventories and tax liabilities.

However, with the help of specific tools and technologies, you can ensure that everything runs smoothly and efficiently. Here are some ways you can use technology to keep track of your business assets.

Conduct A Physical Inventory

A physical inventory entails a list of items you own and their worth. Conducting a physical inventory is important because it allows you to keep track of your business’s valuable assets. A manual count will give you an accurate picture of what you have on hand at any time.

However, it isn’t always possible for everyone to take part in this process every month. For example, only two people work at one location during regular business hours, but eight people work during peak season. It might not be practical for all eight employees to come together each month and do their counts individually.

In such situations, you may consider using automated asset tracking software that allows users across multiple locations worldwide access without using any special equipment.

Unlike a manual inventory system, automated software allows the business owner to track what is in stock at any time. The asset tracking software eliminates the need for extra human resources in your business.

Implement an Asset Tracking System

An asset tracking system is an effective way of keeping track of your assets. It makes it easier to find out if there has been any theft or loss. The best part is that you can reduce the likelihood of being sued by employees who may have stolen something from the premises without your knowledge.

It would be best if you had a plan before implementing an asset-tracking system. In addition, it’s advisable to define the type of asset-tracking software to use. Business owners should also learn how to implement such software at each stage and whether there are other requirements, such as staff training to facilitate the efficient application of the software.

Take Advantage of RFID Technology

Radiofrequency identification (RFID) tags are small, battery-powered chips that contain information about their owner. The tags can be placed on assets such as inventory and equipment and then read from a distance via radio waves without physical contact. That means you can track your assets without seeing them or touching them in person.

You might have heard of other types of big data, like Global Positioning System (GPS) tracking. RFID technology is different because it tracks objects at a distance instead of sensing their presence in space.

Asset Tags

You can use tags that are durable, tamper-resistant, and easy to apply. Removing the tags is easy if you need to reposition them. Use magnetic strips or colored paper with a black ink base to scan the tags.

Using custom asset tags is the best way to track your valuable assets. Most asset tags utilize cloud systems so you can get a real-time update of your assets. The asset tags specialist will design the tags according to your specifications.

Smartphone Apps

If you have a smartphone, there are plenty of apps out there that can help you track your assets. These apps allow users to set up alerts when an asset is missing or if it has been tampered with.

Use a Spreadsheet

It’s the best option if you’re looking for an easy way to track your assets. You can use a spreadsheet program like Excel or Google Sheets on your computer or mobile device, allowing you to keep track of your company’s assets in one place.

You can easily make changes with a spreadsheet. It’s also hassle-free for small business owners because they only need to download Google Sheets onto their phones or tablets and start using them immediately.

Use Barcode Scanning

A barcode scanner is an excellent tool for assets and inventory tracking. To use a barcode scanner, you must tie it to a reliable tracking application. It helps you keep track of things like:

• Vehicles
• Money

Using barcodes to track assets eliminates human errors. You can reduce administrative overheads in your business with a barcode label and a reader.

In addition, barcode scanning increases accountability among your employees. A barcode system will update your assets’ current location and availability.

Final Thoughts

Regular asset tracking is essential to running a small business. It can help you reduce the risk of loss and make better business decisions.

Furthermore, you may need to know your assets’ worth as it will allow you to calculate the cost basis for investments when selling them later down the road. And the best way to accomplish this is to use all the assets tracking tools at your disposal.