Inventory and Asset Tags: Knowing the Difference Between Assets and Inventory

Barcoded Inventory and Asset TagsSome people may confuse assets from inventory and vice versa. This is because these two are usually marked and tracked periodically by companies to help them ascertain whether or not they need to do something about each type. The key to identifying which items are considered assets and which ones are considered inventory (and tagging each accordingly) is in whether or not the item in question is considered “consumable” or is to be distributed and/or sold to others.

Assets are essentially items that a company uses for its operations. This can mean anything from computers to machinery to books to tables. These are items that are not consumable and are not to be sold or distribute to other entities. These are often used by the people who help run the company and those who work within the confines of the business.

When you have inventory and asset tags made, you will have to create a system where each tag is different from the other in order to avoid confusion. If you want to have barcodes for each type of tag for ease of use and to enable easy checking out of each kind of business material, you can have these added in. You simply need to make sure that when these codes are scanned that your tracking system accurately marks down what kind of an item is being checked out.

One way you can easily differentiate one from the other is with the use of color coding. For example, in order to know off-the-bat that the item being given or assigned to a person is either an asset or inventory, the tag color can easily give you a clue. You can use these tags to not only know whether an item is an asset or inventory, but to also help with tracking the number that has been issued to employees, and even to which individual the item was issued to.

The benefit of having an effective asset and inventory tracking system is that you know which items need to be replenished, which assets need to be repaired or replaced, and who is using these. With a scan of the barcodes on each type of asset tag and the scanning of the barcode of an employee’s ID when they take out or use any of these company owned items, you will then know not only how many of each has been used or consumed, but how many of these are also being used or assigned to each individual.

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