Asset Panda unveiled a new system that automates and simplifies the job of tracking and managing fixed assets—notably industrial equipment, information technology and office equipment. Many organizations simply do not know what fixed assets they own, what shape those assets are in or where they’re located. Asset Panda gives an organization control over its assets with its integrated asset management system that combines the use of apps, the cloud and scanning using mobile devices that employees already have with them.
“Using spreadsheets to track assets is obsolete now that Asset Panda is available,” said Rex Kurzius, founder of Asset Panda and serial entrepreneur who has launched six companies. “Anyone with a smartphone, tablet or other enabled device can use Asset Panda to update and audit fixed assets, and reduce asset losses due to misplacement, theft and misallocation, bringing savings straight to the bottom line.”
“Users can take pictures or scan bar codes of items, and instantly update their organization’s data in the Asset Panda management system, which is then accessible via the Web on any PC or enabled mobile device,” Kurzius noted. He added that this new tool is ready to provide significant help to government agencies, businesses and private individuals in keeping track of the assets they own.
In a mid-2013 survey, nearly half of the CFOs polled reported having to periodically write down the value of assets simply because they couldn’t find them. And 80 percent said the ability to better manage fixed assets would offer significant benefits, such as increased cash flow and earnings, audits that were more efficient and accurate, and the elimination of unnecessary write-offs.
Managing fixed assets is a big and costly problem for organizations of all sizes with many relying on complex enterprise software to help them track assets. Now, organizations of all sizes can count on Asset Panda to gain similar asset management capabilities without the expense and effort required by ERP systems. On average, according to the company, users can save 2 to 5 percent on their cost of total assets with Asset Panda.
Offered over the Web as “software as a service,” Asset Panda’s technology lets organizations and individuals catalog, track, organize, audit and manage information about fixed assets including information technology assets, as well as industrial and office equipment.
Starting with an app downloaded to a mobile device, tablet or other enabled device, Asset Panda’s system allows for the storage, sharing, aggregation and manipulation of data, and protection of information about fixed assets. Asset Panda can store data in many forms, such as bar codes, videos, photos, receipts, and lease and warranty information. This data is stored and managed in the cloud, where it is safe and accessible via any Web browser no matter where users are.
By turning smartphones, tablets and other enabled devices into bar code scanners, Asset Panda eliminates the need to buy separate hardware. The technology works with most bar codes and tagging items is easy. Customers can buy bar codes directly from Asset Panda or use their own. And if a given label has a UPC bar code or asset tag, Asset Panda enables searches for relevant information about the product from either the internal Asset Panda database created by the user or from online sources, such as Amazon or eBay.
Asset Panda can be used for generally accepted accounting principles (GAAP) reporting and compliance, ranging from IRS/proper tax treatment of depreciation to Sarbanes-Oxley corporate governance law for larger or publicly held companies. The technology also works with most accounting packages, including QuickBooks, by importing or exporting most CSV files, and allowing companies to quickly and accurately report on the value of their fixed assets. Asset Panda can generate and report data by location, category or any number of custom fields. Asset Panda additionally supports the IFRS 13 fair value measurement, the FASB 144 Impairment of Assets Calculation and compliance with the ISO 27001 risk assessment process.