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More than Tracking Supplies: 4 Reasons Schools Should Use Asset Tracking

Asset tracking in schools is much more encompassing than simply keeping track of school supplies. Today’s educational environment utilizes everything from textbooks to computers and more. In order to keep track of these often-expensive assets, many educators are turning to asset tracking as a solution. Here are four purposes asset tracking can serve at your school:

1. Protect Educational Assets

With educators taking advantage of more technology than ever, schools oftentimes find themselves responsible for high value fixed assets, like laptops and smartphones, as well as the corresponding risk of theft. Too many schools use spreadsheets that are not updated regularly and others use fixed asset tracking systems only to record budget requests or purchase orders. As a result, it can be challenging for schools to identify not only when items are broken, lost, or stolen, but also when they need to be replaced.

Implementing an asset tracking system allows schools to control who “checks-out” equipment

Implementing an asset tracking system allows schools to control who “checks-out” equipment; track when and where the equipment is used and also record maintenance information. The applications are not  limited to technology assets; schools that implement asset management systems can also track athletic gear, books, and even school vehicles.

2. Manage Federal Grant Money

With budgets tight, schools oftentimes turn to grants for additional funds to purchase technology and other equipment. Because the federal government requires any item purchased with grant money to be tracked, maintained and disposed of appropriately, an asset management solution can prove a powerful tool for managing grant money. An asset management solution gives schools the necessary tools for recording each step of the tracking process and ensures detailed documentation for compliance auditing, including tracking the amount of the grant spent to date, and how much funding remains to be used.

3. Allocate Resources Effectively

Always knowing what assets you have on hand allows you to better understand when new equipment needs to be ordered. However, equipment isn’t the only resource that can be better managed as a result of asset tracking; it can also help educators better allocate their time. Consider Miami Public Schools in northeastern Oklahoma: By implementing Wasp’s MobileAsset asset tracking solution, the district reduced its audit time by 93%, meaning teachers and staff could focus less time on equipment and more time on students.

4. Manage Depreciation and Disposal

Finally, systems like Wasp’s MobileAsset can assist your school in tracking maintenance completed on your assets, as well as the depreciation of assets over a specific time period. Both of these can prove to be valuable resources for companies who must work on a fixed, and limited, budget. By tracking the cost of your asset maintenance over time, you will distinguish when it is best to dispose of an asset, rather than continuously spending valuable funds on too many, possibly unnecessary, repairs. Further, many schools need to track the value of their fixed assets over a specific amount of time for accounting purposes. Fixed assets can lose their residual value over time due to many factors, including “wear and tear, depletion, passage of time, obsolescence, or accidents”. This means you cannot determine the actual value of an asset if you only record the purchase amount of that asset in the accounting books each year. Using an asset tracking system to assist with calculating depreciation of your fixed assets can save you valuable time and money!

Related Article: Why Your Business Should Invest in an Asset Tracking System

When it comes to asset tracking, there isn’t one good reason for schools to implement a solution, there are many. Is your school considering implementing asset tracking? Consider trying Wasp's MobileAsset asset tracking system now online and for free!