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Maintaining control over fixed assets is important for business success, yet fixed asset management is an underappreciated and often overlooked process. Knowing what equipment, tools and other trackable items you have on hand is essential for maintaining the right level of insurance, calculating earnings statements and securing financing for capital investments or growth. As such, theft and fraud can have increasingly expensive consequences.
Most accounting departments excel at tagging fixed assets as they come into the business. The purchase order is easy to find and verification that the item was received isn’t difficult. Reconciling purchase orders with the paid vendor invoice is a common, standard accounting process. Tracking fixed assets at the beginning of their life is the easy part, especially with Microsoft Dynamics GP. However, as discussed in “Mitigate Risk In Fixed Assets By Adding Data Capture to Microsoft Dynamics GP,” keeping tabs on fixed assets after purchase is where things get a little tricky.
Most organizations tag a fixed asset and maintain information including a physical description and location, such as whether it’s assigned to an individual or specific department. After that, fixed assets can easily disappear. In the manufacturing industry, where most theft and fraud takes place, tools and equipment often move between employees and job sites or could be rented by customers. When these items are eventually tracked down by accounting staff or another employee, mistakes can be made during manual data entry, which makes it difficult to accept the validity of the recorded information.
Protect Fixed Assets With PanatrackerGP
Protect fixed assets from theft and fraud by establishing a fixed asset strategy and extending Microsoft Dynamics GP functionality with PanatrackerGP for Fixed Asset Tracking. Barcoding and asset ID tags add time-saving automation from the very start. You can manage fixed assets as a group and individually to streamline depreciation and keep tabs on the location for each item. Barcode scanning enables quick tracking of movements as items move between locations or change custodians. Employees, customers or vendors are less likely to steal an item if they see that items are closely monitored.
Keeping track of fixed assets is necessary, yet time-consuming and inaccurate when using manual means. Gain control and insight over fixed assets and protect your investment in your assets and your business by deploying PanatrackerGP for Fixed Asset Tracking. Contact Panatrack for additional guidance with avoiding shrinkage by locking down fixed assets.
By Panatrack, Inventory and Asset Management for Microsoft Dynamics GP
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