Practical Fixed Asset Management using Asset Tags

The Government Accounting Standards Board requires statement of net assets in reporting the infrastructure assets for some government body. Bar codes and asset labels are used for tracking fixed assets in an organization. For meeting GASB standards in compliance with public property management accounting standards, use of certain asset tags is mandatory. They help in tracking acquisition, sale and disposal of fixed assets. Asset Tags are attached to two types of property – movable and stationary assets. Movable or portable assets are the ones which are not the part of the premises such as materials, books and others. Stationary or fixed properties are the ones that are obtained and utilized for a long period of time. The list can include equipment, stationery and many more. Barcodes and asset tags with unique numbers are fixed to both of these forms of assets. rnAsset tags generally talk about identification tags which are made in such a way that they can easily be employed in commercial and private requirements. An asset tag appears equipped with a metal overpaid plate with a reference number printed above. They have identification numbers which are used to identify an item or equipment among a large number of products and devices. Asset tags are vital as they give error free and readable information in order to avoid human record mistakes. They are indispensable part to track and keep large inventories or property. Generally tamper-evident asset tags are used for security purposes. Color coding of asset tags is also used for fast identification of department within the organization and ownership. Color codes are useful as they allow the staff to visually identify which items to be scanned. With the help of applicable serial numbers on the asset tags and bar codes, asset tags can retain the information of valuable equipment. Barcode readers or scanners are used in companies to decode the codes and exercise the numbers stored in their data source to handle and update all of its property. Several medium to large companies use asset tags to manage their valuable property for identification and controlling purposes. Apart from identification, asset tags are useful in accounting, management systems, quality management, supply control and maintenance functions. They allow the reader to study about the maintenance and handling instructions printed on the asset tags. Asset tags are expert tools in improving the accuracy and speed in data collection of property. An asset serialization can be combination of letters, numbers and characters that are written in a barcode font and printed on an asset tag. They are easy to read and provide accurate asset data collection. Fixed asset tagging is a good exercise to be followed in the quest of better fixed assets physical control. While undertaking practical use of fixed asset tags, following benefits can be contemplated: • Asset tags ensure compliance with accounting standards on equipment, plant and property. • They show the present status of fixed assets. • Asset tags deter theft and swapping of assets. • They work as a stamp of ownership on the fixed assets. • Asset tags helps in improving brand awareness.