In financial accounting, an asset is any resource owned by the business. For an asset to be present, a company must possess a right to it as of the date of the financial statements. An asset tracking system can record the location and usage of the assets and generate various reports.
Fixed assets undergo depreciation over the years and lose their value due to wear and tear, excessive use. Valuing fixed assets is important for cost savings. Accounting teams must revalue these assets on a regular basis to ensure that the accurate costs are included on the books when it comes to audit in the ongoing year or budgeting for the next year.
Companies need to evaluate whether the assets need to be completely replaced or discontinue its use. Depreciation helps the company determine the cost of its daily operations and business profit. The best way a company can track their fixed assets and accurately evaluate the depreciating cost of the assets is by using a fixed asset tracking solution.
SOLUTION:
A Fixed Asset tracking solution helps companies gain operational efficiency by maintaining the information about the business property.
Barcode Gulf provides a reliable fixed asset tracking solution for tracking physical assets either by scanning barcode labels attached to the assets and calculate the depreciating value of assets. However, this method will require a significant amount of manual labor. Additionally asset management can be improved by using radio frequency identification (RFID) technology to automatically track the assets.
RFID based asset tracking requires an infrastructure to be built in place. The system can provide real time information of fixed and mobile assets by using electromagnetic fields to transmit data from an RFID tag to a reader.
RFID Tags are generally classified as Active and Passive Tags. These tags can be identified for use based on the purpose to accomplish.
‘Passive’ RFID tags broadcast their location but have a few meters transmission range whereas in longer range ‘Active’ tags a radio transmitter is powered by a battery and can transmit up to 2000 meters in optimum condition. RFID tags are quite expensive compared to traditional barcodes.
‘Passive’ RFID tags are cost effective than ‘Active’ RFID Tags. ‘Active’ tags have a limited lifespan than ‘Passive’ tags. ‘Active’ RFID tags are divided into two types namely beacons and transponders. Transponders help conserve battery life by being alert when they receive a radio signal from a RFID reader on the other hand the beacons emit a signal at a pre-set interval.
By using this solution, the company gets a complete understanding on the location, quantity and the condition of a company’s physical property without costly and time consuming efforts involved in manually managing equipment. There are multiple advantages of using this solution which are as follows:

• No line-of-sight is required between tags and scanner. Multiple tags can be read in very few minutes.
• Assets can be located remotely by integrating solution with Wireless LAN.
• Asset Inventory can be reduced from many days to few hours.
• Real time alerts and alarms are activated if the assets are moved into unauthorized locations, which provide security of these assets.

For any enquires contact our barcode gulf team on sales@barcodegulf.net