Every company has its inventory of assets and needs to keep track of them. Some companies have huge inventories of assets, both current and long-term, and for them that need is especially great. Such businesses may also have warehouses in which their inventory are regularly stored. These warehouses may be scattered in various locations across the state or the nation and keeping track of them all can be quite a burden.
1) Software for tracking inventory
Fortunately—as with all human endeavors—there are computer programs and even mobile apps to help make the task much easier than it would otherwise be. One such software system is EXO Business by the Australian-based business Ebiz Solutions. It consists of five modules of which Asset Management helps to track large inventories. This module gives you everything you will need for the purpose. With it you can group assets into different categories and even form a hierarchy of them. Camcode asset tag management enables you to locate and track items and delegate the maintenance of them to various staff members, recognize the purchase and disposal processes, and arrange a maintenance schedule for each.
Depreciation is another important factor that must be figured in. Every company maintains an accumulated depreciation or depletion account in the books for each of its plant assets except land. Asset Management is useful for working with that too. The user can figure the depreciation amounts for both books and tax purposes for up to seven years on each asset. He can also report by depreciation or by other factors, including revaluation, maintenance and the group into which it has been placed.
EXO Fixed Assets is designed especially for accounting for machines, vehicles, office equipment and other fixed assets. The software is integrated into the company’s general ledger and the following information on each item can be stored:
- asset number (This is the number by which it is designated in the books)
- asset code
- parent asset (if any; checkboxes appear just above this space—see below)
- asset group
- serial number
- invoice number
- branch number
- current location
- servicing company
- GL account
- corresponding depreciation account
- accumulated depreciation account
- scheduled date of next service
- the date on which the asset was purchased
- its commission date
- the price for which it was originally purchased
- its present status (choices are active, sold and disposed of)
- depreciation rates—A percentage figure can be given for the book and tax rates. Next to each is a choice of “straight” or “diminished value.”
- Just beneath is a table of book and tax depreciation values, giving the opening value, the current year, and the depreciation value.
- Finally, the last depreciation date appears on the bottom.
Just above the parent asset space are three boxes that can be checked—“Has parent,” “Is parent” and “Purchased this year.” This feature makes it possible to track items that form component parts of larger assets—for instance, the tires and gears of a truck.
The current location space allows the manager to relocate assets. The ledger is automatically updated each time that something is revalued or sold so the company has an exact picture of its history.
2) Tracking warehouses
The tracking of warehouses is a relatively easy job insofar as they remained fixed in one place. The main component of this task is recording what items are stored there and when they are scheduled to be delivered or picked up. One of the best solutions for warehouse tracking is Autobahn, from Whale Technologies. Here you can store the following information:
- warehouse ID number
- the name of the warehouse
- business hours
- shipping time
- receiving time
- the names and numbers of any customers associated with this warehouse
The user can also keep driving directions and personal notes in this section. Hanging signs in a warehouse and aisle signs for warehouse racks are great resources to keep your warehouse organized. The progress of each load can be monitored with Autobahn.