Calm, Collected, Accounted for: Integrate Inventory Data & Accounting
Imagine it is inventory time again. You already know why conducting a thorough inventory of all assets is important. So what comes next? Simply collecting data on your assets is not enough; taking action based on that data is what gives an inventory or audit effort real value to your business.
Integrating asset inventory data into your business’s already-established accounting software is a helpful next step in the process of getting organized and maximizing the benefits and utilization of those physical assets.
The process is fairly straightforward, but important to get the most out of your recent inventory:
In the world of telecommunications, items are often identified by HECI codes, which stands for host embedded controller interface, but any barcoded designation will work for any industry. In addition to providing valuable information about a particular asset, these numbers identify assets based on specific functions and uses helping inventory managers to a set specific min/max or safety levels based on the availability of the individual item. By simply scanning an item’s barcode, technicians can learn all kinds of information about it, including how many are accounted for in its set—all with the pull of the scanner’s trigger. Compared to manual inventory, scanned data capture is highly accurate, as it removes human error in viewing and transcribing numbers.
Integrate data collection with inventory management
Most data collection scanners are programmable, and in the case of min/max levels, can alert the user when a specific number of assets in a set has been reached. Scan an item and the handheld device can notify the technician that the asset is in excess—on the spot. The equipment can then immediately be pulled and recovered, saving a business both capital and expense dollars by utilizing existing inventory in lieu of new purchases and allowing for the sale or repurposing of a valuable asset.
Capture great data you can use - Take action
Once scanning is complete, inventory data should be captured in a robust data collection software system with the ability to personalize collection information fields based on company operating and financial needs and goals. Software like this serves as a user-friendly bridge between the potential chaos of assets resting in warehouses, on trucks and in the field, and the organized quantification and allocation of items based on need and how critical an asset is or is not.
Coordinate with an accounting platform
When all data has been uploaded, integrating the data with your company’s enterprise accounting system gives you the opportunity to share and analyze cost and asset inventory information as-needed, in an platform already familiar to your staff. This is where data comes to life and assets become financial benefits.
Inventory management is more than counting items. With the right tools, inventories are great opportunities to analyze your company’s physical assets as data. You will likely find excesses for repurpose hiding in stock levels, among many other potentially beneficial discoveries. All it takes is integration: turning the process of inventory from a "scan and deliver" to a "scan, collect and integrate" process that links physical assets with accounting software.