The importance of IT asset tracking software

IT asset tracking software is hugely important for companies that have a substantial amount of IT equipment across multiple locations. Of course, most businesses fall under this category today, as the use of laptops, printers, projectors, and different business hardware and software set-ups is extremely common. The main issue that companies run into when trying to manage these assets is ensuring that everyone has access to the equipment they need, whether it is for use right now, or for a reservation in the future. In addition to this, the assets need to be in good shape and must be able to perform well for their custodians. This would ensure maximum productivity, not just by helping employees speed up their tasks, but also by simultaneously lowering administrative burdens on your team.

Therefore, IT asset tracking software can help your business track, manage, and maintain assets with ease. However, what would make a solution like this really worth investing in is its ability to log and work around requirements specific to IT assets. Different types of equipment have different aspects requiring attention, whether it’s a special component that needs to be tracked or a regulation that needs to be met. The IT asset space is no different. Below, we’ll take you through some major concerns that business technology users have to keep in mind when browsing for an asset management solution.

Tax compliance

Everyone from regulators to stakeholders require tax transparency these days. Businesses need to pay special attention to this, especially considering that the IRS assessed $2.1 billion in civil penalties against business income tax filers in 2014. Making sure your company is tax compliant might sound scary to the uninitiated, but it is actually a breeze if you use business software to do all the complex work for you!

While an IT asset tracking software helps you record tax and depreciation on all your equipment, it can also integrate with accounting software such as Xero or Quickbooks for more in-depth tax calculations. By automating this process, therefore, you not only eliminate the risk of human error, but also ensure that you have a formal procedure in place that will encourage you to be more regular with your compliance needs.

Software licenses and hardware requirements

IT asset management can be fairly complicated, depending on the number of items you wish to manage, the dozens of custom fields associated to each item, and linkages created between different assets to try to make the process of borrowing them a whole lot quicker. For example, managing software can sometimes be quite a task, what with all the different software licenses your company needs to keep track of! Whether it’s an End User License Agreement or a Proprietary License, administrators need not only be aware of how to handle different licenses, but also need to be on their toes in order to renew licenses as necessary. A great way to overcome this is by having the IT asset tracking software automatically trigger an alert when a renewal is due.

IT management software can trigger alerts when a license needs renewal

In addition to this, the solution you end up buying also needs to be able to create associations between items, such as hardware and its associated software elements, or a laptop with additional components such as hard-drives or external keyboards. This is where a system that enables you to bundle up items quickly for efficient checkouts is a must-have!

Lease vs. buy

Outside of heavy machinery and consumer products, computer hardware can often be some of the most leased items in a corporate context. This is because while a cash purchase grants you ownership of items, it also comes with a few risks:

The technology could become obsolete soon
The capital required for purchase might be better use elsewhere
The purchase agreement might have fixed terms with little room for flexibility
The deal ties up credit lines for potential emergencies in the future

Whatever your business decides, it is important that your IT asset tracking software is flexible enough to allow for procurement of both the buying and leasing kind. This will enable you to keep more accurate records, and view data that actually provides actionable insights for your team. You could even run a report to see which option is better for your company, and reap the benefits of an integrated IT management solution!

Services and maintenance

When was the last time you remember a company laptop being too slow to work with, or a printer malfunctioning and leaving everyone hanging? Company assets can often become faulty if they are poorly or rarely maintained. This is not always the IT department’s fault, however, as this poor maintenance can also be due to inadequately drawn up servicing schedules, or the inability of asset custodians to properly inform the IT crew that an asset requires maintenance.

Maintenance schedules for IT assets need to be regular and standardized

This is where an IT tracking software would come in very handy. Not only can individuals electronically ‘flag’ items up for maintenance, but they can also keep track of equipment downtimes to see when the equipment they need will become available. For the maintenance crew, on the other hand, the system’s regulated alerts and reminders will help them stick to fixed maintenance schedules, and enable everyone to have access to well-maintained and ready-to-use equipment, every time!

Conclusion

Business expenditure on IT assets has been increasing steadily over the last few years. This is why it is all the more important now to have a system in place that lets you manage and track your company’s IT equipment with ease. However, owing to the specific needs and requirements of this kind of equipment, you need to pick an IT asset tracking software that is able to handle different procurement options and license renewals, as well as complex tax calculations and maintenance schedules. With these four considerations in mind, you’ll be using a great IT Asset Management solution in no time!