How Inventory and Asset Tags Can Help Keep You on Budget

inventory and asset tagsOne of the things that most companies aim for is to stay within their projected annual budget, and more often than not, businesses tend to overshoot such set projections for a number of reasons. One of the reasons why companies sometimes find themselves spending more than they are supposed to is when they need to replenish certain office stocks and to replace missing essential office items more frequently than projected. Another reason is because of the need to repair and replace equipment that fallen into disrepair.

These reasons can be easily avoided with the use of inventory and asset tags, and can help you stay within or as close to your projected budget as possible. How can these tags help? Here are some explanations:

Inventory and asset tags can help prevent theft – whether you like it or not, items that your company loses can be attributed to your employees. They may or may not do so knowingly, but they can bring home equipment and items that belong to your company, and over time, this can add to quite a huge sum of money.

A few calculators here and there, a stapler or two, even headphones and laptops can go missing from your workplace. If you have asset tags on these things, particularly tags that either have a magnetic strip that can sound an alarm when it is taken out of the premises, or a telltale tamper-evident tag that shows it belongs to the office, can help prevent such things from happening.

Inventory tags can prevent over-stocking – while you can argue that over-stocking is not that big a deal since you can still use this stock the coming year, you have to remember yearly budgets are for that year only. This means that overbuying for that year will put you over the budget for that particular timeframe. When you have asset and inventory tags, and you do regular inventories of your stocks, you will be able to determine whether it is time to buy more of a specific item for your office or not.

Asset tags can help you create a maintenance program – one thing that can also make your business overshoot its budget is when equipment need to be repaired or replaced. Equipment need to have what is called preventive maintenance, and this should be done semi-annually to help prevent massive breakdowns and the need for replacements instead of just minor repairs.

Having a maintenance program will help keep you from overshooting your company’s budget for the rest of the year. Just make sure that these are scheduled with the help of asset tags that carry barcodes on them, which also alert your staff to when these checks should be made.

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