What Is Asset Tracking?

Have you ever gone into an office, and dug through an old filing cabinet you don't use frequently, and said, "Hey, I didn't know we had that!" Asset tracking, or asset management, is a way of keeping track of everything you have, its value, and its condition. Always know what inventory you have with proper asset tracking.

You can track any kind of fixed asset, especially with the right software. Some examples of things you might keep track of are phones and computers, office furniture, leases, tools and equipment, art and collectibles, business stock inventory, or simply personal possessions.

You might already keep track of all your inventory, but asset tracking is much more than that. Asset tracking includes inventory, but it's not limited to just goods for sale.

Asset tracking allows you to check up on everything of value you have. This entails everything necessary to keep your business, school, or office running.

Most modern asset tracking software allows you to print barcodes or QR codes unique to the item you want to keep track of. Simply use a smartphone to scan the barcodes, then organize the information digitally in whatever way makes sense to you.

Asset tracking lets you see the value of what you have quickly, and keep track of it so that lost or stolen assets can be tracked down immediately.

When it comes time to pay taxes, asset tracking ensures you never overpay for property or get charged for so-called ghost assets: Property lost, stolen, or destroyed, but which is still listed as a fixed asset.

Whether you need to keep up with compliance, get a handle on lost or stolen inventory, or just fill out a better tax return, it’s crucial to know everything you have, and what it’s really worth. Asset tracking does just that.