According to the Australian Bureau of Statistics, more than 60 percent of small business close their doors for good within their first three years, scary but true. Small to medium businesses need to leverage everything within their power in order to succeed in today’s competitive market which has led many SMEs to implement cloud-based solutions to manage functions like accounting, payroll processing, customer relationship management, and more. Digitization is taking over but the asset tracking space has remained relatively untouched until recently.
If you are striving to get more time in your day, work smarter and automate you asset management, then we’ve summarised the top 5 benefits of tracking your assets like a pro:
1. Create a more efficient organisation
Automation is no longer reserved for huge companies with massive teams, complex structures and thousands of assets, the arrival of affordable, cloud-based technology has seen an increasing number of small and medium-sized businesses harnessing the power of tech to improve accuracy, efficiency, and compliance when tracking and managing assets.
2. Get rid of that spreadsheet
There’s no need to reinvent the wheel and then service that wheel monthly! Using a spreadsheet to manage processes can easily introduce human error, as sophisticated as spreadsheets have become, they can still be prone to some serious problems. Spreadsheets are not ideal for long-term data storage. They don’t guard data integrity and offer little to no protection from data corruption.
3. Empower your workforce
Whether it’s computers, laptops, trucks, books or camera equipment, staff depend on having the right tools in the right place in order to create sales and profits for the business. When something’s broken and hasn’t been fixed, goes missing or isn’t in the correct location when needed, it slows down productivity. Having the right stuff in the right place is an easy way to increase productivity and empower your people.
4. Create scale – find solutions that grow as you grow
Small to medium-sized businesses require solutions that can accommodate growth. Finding a solution that fits your needs today but can grow as you grow has never been more important. In a recent Forbes article on how to succeed in the SME space, contributor Kathy Caprino highlights the importance of automation and utilising the correct tools for your business in order to grow.
5. Know the worth of your assets
To know the value of your business you also need to accurately calculate the value of your fixed assets which depreciate from use and with the passing of time. Knowing what your assets are worth can help you understand the true worth of your business, which is a great indicator of business health. In addition, tax depreciation is a powerful accounting practice that can help your business to save money over time as your assets age.