If you’re responsible for your organization’s accounting, you know how stressful the new year can be for your accounting team. Inventory and asset valuations, year-end reports, W-2’s, all on top of the usual day-to-day tasks – it’s a lot to deal with in a very compressed time frame.
And because you’re good at your job, your CFO has high expectations for speedy and accurate reporting. But when staffers are over-stressed and overworked, they make mistakes. Those errors can be time-consuming to find and costly to fix, especially when financial reports and tax filings are involved.
Much accounting work is automated: Pull up a spreadsheet, press a few buttons, get an answer. But when it comes to the items a business uses internally (furnishings, equipment, etc.), producing a report can be far more labor intensive and far more error-prone. The quantity, condition, and location of assets can’t easily be determined by the click of a button.
Or can it be that easy?
RFID brings speed and accuracy to your asset accounting. RFID tags can be attached to fixtures, furnishings, equipment, even intellectual-property documents. Using a combination of handheld RFID readers and doorway RFID readers, assets’ locations are tracked automatically:
- Computers and peripherals
More than just location and quantity, the RFID tag can carry information about:
- An asset’s age and its acquisition cost, for depreciation
- Its maintenance calendar, for replacement cost analysis
- Its frequency of use, for redundancy reports
Dozens of other data points can be included, all of them relating to an asset’s value.
And this wealth of information is available in real time, for ad hoc reports, quarterly reports, or annual reports, with the click of an RFID reader button. Accurate, reliable data on the contents of a box or a room goes instantly to the RFID software, where it can be compiled into a report or integrated into your accounting software.
Here’s how fast and easy it is:
Manual tasks like hand counts and document filing aren’t just time-consuming; they are especially susceptible to errors. Implement an RFID system, lose the mistakes, and gain time for your other accounting assignments. Your CFO will love you for it!