Asset tracking is an absolutely vital component of any asset management function. Assets need to be managed both financially and physically. To do this requires an extensive knowledge of just where your assets are, even if they are fixed. Many companies rely on a conventional spreadsheet approach to try to keep track of all their various assets, but that can prove problematic without the use of fixed asset software applicable and compliant with international regulations.

That’s particularly important with IT asset tracking. IT equipment often changes during its operational lifetime. Components are often switched, replaced or upgraded. Software is frequently installed, uninstalled or upgraded. Many of these changes are internal and therefore invisible and even the use of an asset tracking system to control bar code-tagged assets will not keep track here. The fact that many IT systems are so desirable and useful can also contribute to their tendency to “disappear”.

Central to any asset tracking software system should be a powerful, centralised database which provides controlled access for all parties that require it, thus preventing discrepancies that may otherwise arise between departments. This system should also have the capacity to include information about those invisible software assets sitting on your IT network – how many programs you have, where they are and whether they are licenced or not? A single audit should be able to cover multiple locations and thousands of assets. It should also be fully compatible with inventory management systems, so that hand-held scanning devices typically employed to read barcode label can work with both accounting and tracking modules to provide an accurate, validated, and consistently current database. This will mean that users can comply fully and confidently with auditor requirements relating to accurately accounting for and tracking their asset base.

The features of the best fixed asset accounting software should include the use of portable scanners or more durable PDAs to input information and update the status of items on-site and in real time, including data such as make, model or serial number. Assets and inventory items can then be flagged if they are transferred, disposed of or missing.

Once the audit data has been uploaded into the asset or inventory register, users are able to run a report displaying the details of, and the suggested actions (disposable, relocation, upgrade etc) for each of the assets located in the audit. In doing so, users are alerted to any discrepancies in the asset’s status or location prior to updating them on the fixed asset/inventory register.

If any further analysis is required, the asset tracking software has the ability to produce a range of additional reports to provide a comprehensive account of all the changes that have been made to the registers. Reports can be sorted and sequenced to suit the individual organisation and can be viewed in a range of different mediums, including spreadsheets and MS Word documents.

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