A vital and oftentimes overlooked task for business is the tracking of fixed assets such as technology, cars, furniture, etc. A fixed asset is any tangible item valued at least $500. Accounting for each of these items for some large companies can be quite a task. However, there is data collection software that can streamline this process for you. In fact there is fixed asset tracking software that will allow you to scan barcode labels to capture and catalog the information accordingly.
Small to medium sized organizations, although not required to track assets, can also benefit from automated data collection software. This is a great way to have assets and information on hand in the event it is needed to obtain a loan or gain additional funding for growth. Another thing to consider is the time saved when using automated data collection software in comparison to the hours spent using a manual process.
Once each item has been identified and cataloged, you need to calculate the depreciation of each asset and determine the correct expensing option for tax purposes. Then you can report on your business’ fixed assets.
A dedicated fixed assets management solution, can effortlessly solve the fixed assets equation and help you keep track of new and existing fixed assets. With the option to implement barcoding technology for data capture and fixed asset tracking, companies can be confident knowing their fixed assets are accounted for and managed well.
If you would like to discuss your requirements, BAASS can help. We have several options to help you and your organization with fixed asset management.