The Benefits of Small Business Asset Management

Small business asset management is as beneficial for smaller companies as it is for larger ones. Having a system in place can help track asset location, value, and performance. It can also boost productivity by helping prevent loss, damage, and unexpected repairs. Providing a significant return on investment. Features often found in asset management tools include maintenance scheduling and data tracking. Along with depreciation calculations, mobile access, and asset inventory management. But, just how beneficial are these features when it comes to deploying asset management in a small business.

6 Benefits of Small Business Asset Management

1. Collect all Accessible Asset Data in One Centralised System

Assets can include physical items such as IT equipment, machinery, and fleet vehicles. As well as properties, land, furniture. One key benefit of asset management is being able to manage an entire inventory in one place. Allowing asset managers to geolocate assets or check which staff have access to them.

An example is if you’re storing and shipping products via a warehouse. Asset management software allows you to track assets using tracking technology. Such as barcodes, GPS, or RFID. Allowing you to determine when inventory is low. Allowing you to order more stock from your suppliers in plenty of time. You could also see which aisle and row in your warehouse assets are located. Helping staff on the ground pick, pack, and despatch quickly.

Small Business Asset Management Software track items using barcodes, GPS, or RFID technology

Let’s also consider a small printing agency. Even though the number of assets is minimal, they still need to be managed effectively. Why? Because their printers are worth a great deal to this type of business. If one printer fails, that company would be operating at a lower capacity. Asset management can keep track of such vital assets and automatically provide alerts for planned maintenance. Helping to keep them in good working order.

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2. Small Business Asset Management Eliminates Manual Processes

Small business asset management tools can offer effective automation solutions. Helping to eliminate manual processes and significantly reduce errors. On average, fraud and human error are costing businesses in the UK £98.6 billion a year.

Unlike spreadsheets, software enables quicker reporting and automatically checks the status of assets. It can also alert staff when maintenance is required. As well as understand how much assets are worth according to depreciation value.

Automating asset management has a positive knock-on effect on other areas of a business. Including finance, HR, procurement, and IT. Allowing employees to perform with more efficiency.

3. Access Data Anywhere with Cloud-Based Apps

A beneficial feature of modern asset management software is cloud-based apps. This enables an entire asset directory to be accessed by anyone in the company. At any time and at any location. Unlike other non-cloud-based methods – such as spreadsheets.

Managers can check and update asset data from anywhere, using both desktops and mobile devices. This means employees can access and update inventory and log maintenance activities. As well as run reports in the field or on the go.

4. Asset Management Software Is Cost-efficient

Although an asset management system will be an initial expenditure, it is cost-effective in the long run. Asset management software can reduce costs arising from unexpected repairs. Or from having to replace lost or stolen equipment.

Because you can track assets precisely, you’ll also know where they are at all times. While routine maintenance scheduling helps prevent problems with equipment before they happen.

Out-of-the-box basic asset management tools might be sufficient for small businesses. As well as being cheaper than a highly customised solution. It also makes sense to opt for a standard solution if you’re moving from a manual spreadsheet-based system.

5. Produce Accurate and Detailed Asset Data Reports

A management system can store very detailed information. Especially when compared to the limitations of spreadsheets and paper records. It can easily log dates that assets have been purchased, inspected, or accessed by staff. Not to mention an assets’ purchase value and current worth.

This means that when an audit is due, you’ll have the necessary information to hand. Auditors can use these records to determine whether your accounts are financially viable. Even if your business isn’t required to undergo an audit process, it’s good practice to do this every twelve months.

6. Helps Business Growth and Promotes Scalability

You might be quite happy managing your quota of thirty assets in an Excel file right now. But, how will you cope in the future when you have hundreds of more assets. As well as several more members of staff editing and updating the same spreadsheet. Small businesses have one common goal; growth. Asset management software helps to scale for future business growth.

Why Should You Consider Small Business Asset Management?

Not only do large companies need to track, protect, and value their assets; small companies do too. Asset management software can help keep control of all asset data in one central place. It boosts productivity by allowing you to know the location, value and performance of assets. Some solutions can even be integrated with other functions such as invoicing and work orders, too.

Why Should you Consider Small Business Asset Management Software

Though employees will need to learn a new management system, many software solutions have flexible and friendly user interfaces to ease the transition. In which case, they are often more straightforward to use than traditional manual asset management systems.

While asset management software is undoubtedly an investment, it can provide an excellent return. It can help prevent losses, damage, and repairs. Ultimately keeping your business operations running smoothly.