Asset Management Software: It's Not Just for Tax Time! |
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By: Anne Sych Posted: 2013-03-27 02:21:22 |
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Well it is that time of year again : tax time! We all know that preparing taxes is a lengthy chore for both businesses and individuals. Having good accounting methods in place can make the process much easier to manage. Not only does maintaining good records streamline the reporting process, but is critical to make sure your data records are accurate. Mistakes in calculating inventory can result in hundreds or even thousands of dollars in unnecessary taxes and can prove unfavorable in an audit. Tracking fixed assets such as IT equipment and furnishings is something many of us think about only during tax season, but knowing what assets you have, their condition, location, and purchase information is essential to know all year round.Many businesses track assets in an accounting spreadsheet, such as MS Excel, which is a great tool for simply listing and calculating items. They may retrieve the worksheet from the previous year, add in any new purchases, take inventory and reconcile any differences. Tax regulations can tell how much to depreciate an item, but no real ‘life cycle' history is kept for the assets. For example, it would be helpful for management and accounting to know what equipment was removed from inventory, and why? Is the problematic equipment that will soon need replacing? Which items were moved and where are they now?What if at a single glance you could:Know when and from where an asset was purchasedKnow the price paid for the item, and other related descriptive informationHave a picture or other related graphic representation of the itemHave a history of where the asset has been (movement from location to location)Make an account of repairs made or problems noted for the itemSet the date and automatic notification prompt of when to retire the asset from serviceHaving accurate information available along with related reporting to track the information not only ensures that asset inventory is correct, but will save time lost to manually accounting for each asset.Web-based asset management software allows approved users to view the tracking data over the Internet by way of a web portal. Remote workers can make updates ‘from the field' of the status and any changes to an asset. Management can run reports at any time (to see a complete view and respond accordingly).So if tax time has you pulling out the clipboard and excel sheet wishing there was a better way to track your organizational assets….there is! Look into an asset management solution and make your life much easier….this time next year you will be glad you did!
Anne Sych, Marketing Manager for Novo Solutions, Inc. Novo Solutions, Inc., is an Independent Software Vendor (ISV) in Virginia Beach, Virginia specializing in Support Tracking Software. Free trial versions of the Novo Asset Management Tracking Software, Knowledge Base Software and suite of web-based Customer Support Solutions are available. |
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