Every business needs good asset management. It is the process where all assets whether fixed or liquid are tracked. The assets need to be tracked from their aquisition throughout their lifecycle to the final disposal. Part of the tracking process involves tracking all finances like the inital purchase and any costs for repairs or maintenance. You can install asset tracking software to do this for you but it’s essential that all your staff are using it and also that they’re using it correctly.

Tracking the cash that runs through your business is the most common factor you need to track. This will determine whether you’re business is ultimately profitable. The effectivness of the business and the data derived from this tracking can be used in the business intelligence. The more physical assets within the business will also need to be tracked. These are call the fixed assets and are just as important to the overall running of the business. Even your businesses building needs to be considered in your asset management strategy. If your business building has any basic maintenance or money spend on it this needs to be accounted for. However it doesn’t necessarily make you any money directly unless you rent it out. When it comes to asset accounting there are plenty of things that need to be thought through.

If you chose to implement a software solution there are several things you need to think about. The overriding point of the software needs to be that it reduces the current spend on assets within the organisation. The whole lifecycle of your assets needs to be tracked by this software. You need to ensure that the data you’re getting from it is simple and easy to read. Afterall it would be a waste of resources if you need to employ someone with an advanced degree in engineering just to understand what the software is tellling you.