Obviously, being profitable is at the top of the agenda for most businesses, and finding new ways to trim budgets and maximize resources is prompting a new kind of strategic thinking to emerge. To improve the bottom line, some companies reduce the quality of the products they sell and raise the price, while others take a more strategic route. Saving money can be as simple as enhancing control, tracking and maintenance of company-owned equipment. Wondering just how asset tracking software can boost your profits?
- Eliminate employee theft. With asset tracking software, you’re more easily able to keep tabs on where everything is. Adding RFID tracking to your asset solutions can even make it possible for your company’s property to let you know when it has been removed from the premises. It’s a lot tougher for products and equipment to just “walk off” when you have that level of visibility.
- Keep service agreements and maintenance schedules current. Do you know when the service agreement on your fax machine expires? Or when the company truck needs its transmission fluid changed? Keeping these things current can save you from having to make expensive and unplanned repairs down the road. Some asset management solutions allow you to link electronic versions of warranties and other related documents to each asset. Instead of having to hunt for the paperwork, all you have to do is pull up the asset record within the software.
- Find mislaid tools, assets and information. Asset management solutions track chain of custody, maintaining a history of where your assets have been, where they are now and who was involved in their movement. Obviously, this prevents loss through misplacement, but can also help you avoid purchasing duplicates of equipment or other items you still own.
- Save money on procurement. When an asset needs to be replaced, your asset management software can tell you if other similar items are due for replacement. Doing this can help you get quantity discounts, meaning you’ll pay less than if you staggered purchases in quick succession.
- Reduce your accounting costs. Instead of making your company’s accounting staff struggle to keep the depreciation schedules straight for all of your assets, let your computerized fixed asset management solutions do all of the hard work for them. You’ll make their lives easier while ensuring you’re not overpaying on taxes or insurance.
Saving money can be simple when you focus on cutting expenses, but it’s especially easy when your fixed asset management software does all of the hard work for you! Check out what today’s asset management software has to offer your business.