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MINT BIT: Tracking your Assets

5/7/18 2:11 PM
Most companies have assets- not just cash money. Desks and chairs, key-cards, computers and printers, cellphones, a car, tools, office supplies, even employee created documents are among the different types assets companies should be tracking.
 
assets
 
There are several costly downfalls to not tracking your assets:
 
-Lost or Stolen items: Employees may lose or steal items. Without tracking, you don't have an accurate idea of who had access to the item, during what time period and where that item is at any given time. 
 
-Under or over purchasing: Without accurate asset tracking, you may be over purchasing items you don't need or not purchasing enough. You could be wasting money on items not being used or wasting time while employees struggle to perform their position without the required items. 
 
-Records for tax purposes: Without tracking,  you won't have up-to-date records of your assets for the IRSThe purchase of assets can be tax-deductible and save you some money. 
 
Asset tracking can be a rather large undertaking depending on the size of your company, but it doesn't have to be complicated. Here are 3 tips for getting started:
 
1. Know what you got! Make a list of your company assets. This can be all assets (property, investments, etc) or just a list of employee assets, like phones, computers, badges, etc. You may have several lists related to location, position, etc. But you'll want to know what you have and what you may need. 
 

2. Track it! Tracking assets can be as easy as entering them in your HCM system. A one-stop-shop like WorkforceONE offers an asset tracking tool to monitor assets from hire to fire. You can add assets to your new hire process, as well as your exit interview process, ensuring the proper distribution and return of your assets.

3. Take an inventory!  It's important to keep your list of assets up-to-date. This ensures nothing is missing or lost and gives you accurate data for what may need to purchase for growth. 

BONUS tip! You can use your assets as collateral on a business loan.  If you are looking to expand and grow, knowing what you have and how much its worth is a great start to obtaining additional cash flow.  

To learn more about company assets and their value to your company, check out this article by The Balance. To learn more about WorkforceONE and the asset tracking tool, request a live demonstration today!

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