Asset tagging involves attaching tags or labels to assets for individual identification and continuous data tracking, from real-time location to maintenance history. These tags can be allocated to stationary and mobile assets across various sites and warehouses. The primary objective of asset tagging is to monitor the transition of assets between different locations, enabling businesses to attain a comprehensive overview of all their owned assets.
๐๐ฒ๐ป๐ฒ๐ณ๐ถ๐๐ ๐ผ๐ณ ๐๐ถ๐ ๐ฒ๐ฑ ๐๐๐๐ฒ๐ ๐ง๐ฎ๐ด๐ด๐ถ๐ป๐ด:
Monitoring of Fixed Assets
Applying tags to assets serves as a means to monitor and maintain a record of the physical assets owned by the organization. It establishes a robust foundation for physically verifying assets during financial statement audits.
Physical Verification of Assets
Conducting periodic physical counts of all fixed assets is essential to verify the assets on hand and their corresponding values, ensuring the accuracy of associated financial records. The physical verification (PV) of assets plays a crucial role in identifying obsolete, abandoned, and unused assets.
Idle Asset Review
To identify and make idle, excess, and underutilized equipment available to other departments needing them.
Helps in presenting accurate Financial statements
Conducting a physical count of all inventory items involves cross-checking with financial records to ensure accuracy. This process aims to maintain precise physical inventory records and present them correctly in financial statements. It helps identify whether the accounting standards value the inventory reflected in the financial statements.
๐ ๐ผ๐ฑ๐ฒ๐ ๐ผ๐ณ ๐ฎ๐๐๐ฒ๐ ๐๐ฎ๐ด๐ด๐ถ๐ป๐ด
Each organization establishes its unique asset preferences based on specific requirements. The following outlines various types of fixed asset tags:
๐ ๐ฎ๐ป๐๐ฎ๐น ๐ฝ๐ฎ๐ฝ๐ฒ๐ฟ ๐ง๐ฎ๐ด๐
These are the cheapest and least durable options. Itโs a manual, inaccurate, and unverified task;
๐ฆ๐ถ๐บ๐ฝ๐น๐ฒ ๐๐ฎ๐ฟ๐ฐ๐ผ๐ฑ๐ฒ๐
It is a simple and quick option requiring a stand-alone database. This makes access to information more difficult;
๐ฅ๐๐๐ ๐ฏ๐ฎ๐ฟ๐ฐ๐ผ๐ฑ๐ฒ๐
These codes are linked to a radio signal, which makes them work as a โchipโ and can be integrated with GPS technology.
๐ก๐๐ ๐๐ฎ๐ด๐
Like RFID barcodes, they let you register data in real time and access information quickly. They only work in relatively short distances (a few centimeters), and you need to purchase tags with specific features for outdoor use;
๐ค๐ฅ ๐ฐ๐ผ๐ฑ๐ฒ๐
Just like NFC tags, you can read them with a smartphone. They need to be completely visible, which can be a disadvantage with specific assets.