Tracking Systems Aid in Asset & Inventory Management

From the December 2009 Review of Fixed
Asset Management Systems

When tax and accounting professionals think of fixed asset management, most
instinctively think about taxes and depreciation methods. When business owners
and managers think about their own assets, however, they are more likely to
think of more tangible aspects, such as the usefulness of the investments, when
they need to be replaced, and whether any disposed of or missing assets may
still be on the books.

For years, the only available method of tracking physical locations for fixed
assets was through periodic asset register audits using a spreadsheet checklist,
a process that can be very tedious, especially for entities with large asset
bases. That method is also imprecise and can fall far short of accuracy goals
since organizations often maintained multiple asset spreadsheets: one for accounting,
one for maintenance and even separate ones for IT.

Each department needs different asset information for different purposes,
but having multiple spreadsheets often leads to incorrect data. With fixed assets,
this can be an expensive proposition. Missing or disposed assets that are left
on registers can lead to higher property tax liabilities and insurance premiums,
and can even cause business disruption for improperly managed mission-critical
assets like production machinery and vehicles.
To help avoid these potential problems and simplify the process of fixed asset
audits, many businesses have adopted the same methods they use for inventory
management. Barcode scanning technologies have, of course, existed for more
than 50 years and are most common in retail environments, but they’ve
also greatly simplified the process of tracking items. Likewise, radio frequency
ID tags have been used for decades as an anti-theft device and more recently
for inventory purposes, allowing audits of an entire warehouse in minutes.

Many fixed asset depreciation systems have incorporated one or both of these
technologies to provide more comprehensive management capabilities, and additional
options are available for users of other systems, providing a much more efficient
alternative to the spreadsheet checklist, with the ability to integrate data
with financial management programs.

Wasp Barcode Technologies • www.waspbarcode.com

Wasp Barcode Technologies offers a variety of software and hardware designed
for asset management and tracking, as well as inventory software, time and
attendance systems, point-of-sale applications and barcoding accessories.
The vendor’s Wasp MobileAsset system is geared toward the asset location
tracking needs of small and medium-sized businesses, providing a solution
that can handle any number of assets in multiple locations or assigned across
different divisions, cost centers or other business units.

The system’s interface offers simplified navigation through asset
management activities, administrative functions, reporting, mobile tools,
forms and label printing, with selection screens offering broad summaries
of items, and the ability to track detailed asset information, including type,
location, departments, condition and parent-child asset relationships.

Additional features enable the management and scheduling of maintenance
activities, while users can attach warrantees, invoices, contracts, images
and other documents to asset records, or add up to 20 custom data fields.
Items can be checked out and assigned to locations, divisions or individual
staff or customers, with barcode scanning functions easing this process as
well as asset inventories.

The program also offers basic depreciation management with one book per
asset and support for multiple depreciation methods, along with asset and
managerial reporting, and options for performing mass and partial disposals
and exchanges. The program integrates with mobile devices, and the company
offers barcode scanning equipment and printers.

GigaTrak Barcode Software Solutions • www.gigatrak.com

The WIN-ATS asset tracking system from GigaTrack provides a barcode identification
and tracking system for businesses with stationary and mobile assets. In addition
to giving users streamlined functions for performing asset audits, the program
also offers advanced asset information management, depreciation calculations,
histories and maintenance management capabilities.

The GigaTrak system offers a streamlined program interface with tabbed access
to asset data, including condition, class, groups, locations, custodians and
values, with the ability to add user-defined data fields and attach warranty
information, images and other documents. Users can easily move between individual
assets, perform checkout/check-in functions, print barcode labels or download
data into mobile devices. The system includes both software and hardware,
with wireless scanners that allow users to move freely when performing asset
audits.

GigaTrak is ideally suited to larger entities with multiple stationary and
mobile assets, such as office equipment, computers, tools, production assets,
vehicles, etc. GigaTrak also offers barcoding systems for stores and tool
inventory processes, warehouse management, document management, route planning
delivery, luggage management and custom software development.