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What are Asset Inventory Services?

Christine Hudson
Christine Hudson

Asset inventory services are services which will gather, compile and report information on a company’s physical and virtual assets. Offered by third-party vendors and software alike, these inventory services allow a business to know what items it has and where they are. This is especially useful when filing quarterly taxes, preparing reports for investors or reviewing company growth accurately.

When it comes to virtual assets, it can be difficult to track all of them for a business. Using asset inventory services can help a company review all virtual assets such as software installments throughout the organization. This is helpful in determining which employees are using the software, where there has been growth because of software deployment and which departments need upgraded software to continue growth. Inventory services also help the company management know that all software is in compliance with license and usage laws. Virtual assets can also include online applications, and keeping them all straight and accounted for is very important to understanding the company's standing and growth pattern.

Businessman with a briefcase
Businessman with a briefcase

Physical assets may sometimes require physical inventory procedures like counting all undocumented items. Most times, however, a company has all inventory up to date within its software, so creating reports is simply a matter of gathering all the data from separate departments and then compiling it. This can be done by the company with the help of asset inventory services software, or it can be contracted out to third-party inventory services.

Asset inventory services can be helpful for more than simply filing taxes or investor reports. When it comes to accurate budgeting and forecasting, having all assets accounted for is crucial. Asset reports can show growth, declines and other trends which will help a financial forecast be more targeted. This is necessary to sustain or improve growth for any size of company and should not be taken lightly.

Taking asset inventory reports into account can also help individual department managers improve the workflow of the team. Watching trends in asset inventory services reports will help a manager pinpoint areas in which the department needs improvement as well as areas it is excelling in. This makes for a better management and working experience, as clear expectations can then be agreed upon and new ways of measuring improvements can be developed. Each department improving its area of operation will generally improve the company as a whole, and regular asset inventories will help the whole organization stay on track.

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