Asset Panda Alternative for Asset Management
While Asset Panda is a popular asset management software, several alternatives provide similar functionalities tailored to diverse organizational needs.
Read the article »Inventory is an important task that every company must perform at least once a year in order to verify the quantity of its inventory. Its realization has a direct impact on the company’s future financial decisions.
The inventory consists of identifying and counting a company’s inventory in addition to drawing up a financial picture of its situation. It allows you to have a global visibility of the material that your company owns and to identify if there are any discrepancies between the theoretical quantities and the actual quantities.
Depending on the company, the inventory can be done according to different frequencies. Some prefer a more regular frequency while others are satisfied with once a year. Also, it is important to choose between a permanent or periodic inventory, depending on what suits your company’s needs best.
For example, in Canada, businesses are required to take an annual inventory before the end of the fiscal year. This involves “held for sale. If you are a manufacturer, this includes raw materials as well as packaging material and supplies, work-in-progress (goods and services that you have not yet completed at the end of your fiscal period), and finished goods that you have on hand”. We advise you to find out about the regulations in your country.
This then allows the cost of goods sold to be calculated as well as the company’s net income to be able to file the tax return. A good inventory management is essential to reduce the complexity of the year-end return.
Doing an inventory on a regular basis can help you discover if there are any discrepancies between the theoretical quantity and the physical quantity. If there is a difference between the two quantities, questions should be asked to find out if there is a possibility of theft or loss.
This will also allow you to have some control over your equipment and avoid wasting money on unnecessary purchases. For example, you buy a computer for your new employee. If you had looked in your inventory management software you could have known that you had one free and thus avoid spending unnecessarily. An asset inventory management software is essential to ensure a good management of the company’s inventory.
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Hector allows you to track your inventory in real time, reduce your expenses and manage your equipment renewal.
Inventory allows you to have a global view of your equipment. This way, you can follow the life cycle of your equipment in order to plan preventive maintenance to ensure its durability.
Inventory management software is able to see if equipment is idle / unused. This allows you to rotate equipment so that the physical wear and tear from their use is equal for depreciation.
The implementation of an inventory requires good organization. The establishment of certain rules may be necessary to manage inventory effectively and to avoid making mistakes.
An Excel document is not sufficient to efficiently keep an inventory, since it does not keep an accurate history of the stock.
Hector allows you to conduct your inventory properly and to quickly access the characteristics and history of your assets at any time. The software is simple to use and can have a real impact on your company’s results.
While Asset Panda is a popular asset management software, several alternatives provide similar functionalities tailored to diverse organizational needs.
Read the article »Fixed asset management software allows an organization to track all of its assets while taking into account accounting and tax regulations.
This allows a company to run simulations with its fixed assets in order to better plan the impact of depreciation and amortization to consequently forecast its expenses.
Read the article »The management of tools for companies that hold several types of tools is paramount. Moving from one construction site to another, equipment is numerous, and often displaced. It can therefore be very easy to quickly lose control of your inventory.
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