From a business perspective, a fixed asset is defined as company property used for the purposes of conducting business that does not leave the business location. So if you have a sales floor consisting of a number of computers, the computers would be fixed assets. Of course, there may be several fixed assets in your company which may be moved from time to time, but for the most part, fixed assets are those that remain connected to a particular location.
Why Should You Track Fixed Assets?
Even if there is no risk to your business regarding theft or loss of your fixed assets, they still need to be tracked. This is because each of the items you have identified as being fixed assets will depreciate at their own rate. And because the life cycle of each asset is unique to that asset, it’s important that its reliability can be measured.
As well, tracking your fixed assets allows you to have a complete view of your company’s value so that you can plan for maintenance. Doing this will allow your company to avoid having to pay for replacements and repair prematurely.
The maintenance and repair of fixed assets is another reason to monitor them. The equipment you deem to be of the highest value to your company is the equipment that you should be most concerned about keeping in working order.
There may be regulations in place which require you to report the status of your fixed assets to a government body.
How to best track your Fixed Assets
The most effective means of tracking any fixed asset is with security labels. Whether you use a bar code label or a heavier-duty asset tag, the importance of labelling your computers, scanners, printers and other similar items cannot be understated.
Any bar code that will be used for the internal tracking of assets will usually be either a Code39 or Code128 barcode. These bar codes can be in colour, but barcode readers and scanners prefer black and white. The bar code is one of the most effective forms of security labels. However, if considering the use of colour, it’s important that the right colour combinations are used, as some can render the bar code ineffective.
There are a number of asset tags available. This is due to the fact that they are used in several industries including manufacturing, warehouse and telecommunications. In the case of the equipment being used in an office, tamper-evident tags may be an option, as may be those made from aluminium. The built-in security features of the tamper-evident asset tag allows businesses to have a tighter rein on all aspects of equipment health and location.
Whether you choose a bar code label or asset tag, the benefits are many. Not only are these labels as easy as peeling and sticking to apply, but they can also contain a plethora of information. Asset tags can be personalised with a company’s name and logo, and can be printed with or without a barcode.
The peel-and-stick type of labels are ideal for environments where there is very little risk of abrasion, and where there are no chemicals present. The aluminium, asset tags are ideal for both indoor and outdoor use, as well as withstanding temperature extremes, solvents, abrasion and sunlight incredibly well. They are also available in a wide range of sizes to suit virtually any application.
Regardless of the type of security labels you choose for your company’s important equipment, it’s critical that there is some sort of asset tracking system in place. Otherwise, you can’t possibly know where your assets are or what condition they are in, which can cost you money and time.