Which Assets Need Tags?

Not every asset needs a tag. Usually, assets need to be tracked if they are critical to the operation of the business, present a significant liability risk if they fail, or if they represent a significant cost if damaged, lost, stolen, or misused.

This can include the following assets:

Computers and peripherals:

Laptops, desktops, monitors, external hard drives, and more are listed in this category. In the long run, tagging and tracking these items helps you see the big picture and make purchasing decisions based on how assets are used.

Office equipment:

Capital items such as phones, printers, TVs, and conference equipment should be tagged to help track expenses for accounting and tax purposes.

Appliances:

Common appliance assets include refrigerators, microwaves, water heaters, dishwashers, air conditioners, and so on. The larger of these appliances have a significant cost and have specific maintenance requirements. Tracking these items will help account for costs, depreciation, and ensure that maintenance is performed when needed.

Machines, equipment, and tools:

Turbines, transformers, hydraulic power units (HPUs), medical devices, power tools, jacks, and much more fall under this category of assets. From the largest machine to the smallest tool, these assets are often essential for day-to-day operation.

Furniture:

Depending on your needs, tagging your furniture may be beneficial as well. This can include marking bookshelves, chairs, cabinets, and tables. Tracking these items improves efficiency as items move from storage to the work area as your business grows, hires new workers, rearranges the office, or transfers items from one building to another.

Vehicles:

Many companies maintain vehicles for use when employees from other offices visit. Others have fleets of vans, trucks, and mobile cranes as critical components of their business. Tagging and tracking these items is essential for ensuring they are properly maintained and are available when needed.

Overall, tracking these asset types will enable your business to better assess how each is used, understand the costs, plan maintenance, standardize equipment, and reduce overhead and taxes.

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