Asset Panda Makes Use of Spreadsheets Obsolete for Tracking Assets
by Terri Eyden on
On September 16, Asset Panda unveiled a revolutionary 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 solves that problem quickly and easily, and 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.
Asset Panda is the most recent company founded by Rex Kurzius, a notable serial entrepreneur who has launched six companies since he was 23. Kurzius has since sold three of those businesses, and two of his prior companies have been selected for the prestigious INC 500 Fastest Growing Companies in America (Resulte 2003 - 2006; and Timberhorn in 2013 ranking 25th in growth rate and number two in IT services in the U.S.). Kurzius has also invested in and advised a number of other start-ups and emerging companies.
"Using spreadsheets to track assets is obsolete, now that Asset Panda is available," said Kurzius. "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.
Simple Solution to a Complex Problem
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, a solution that costs much more than necessary. Now, organizations of all sizes can count on Asset Panda to gain similar asset management capabilities without the excessive expense and effort required by ERP systems. On average, users can save two to five percent on their cost of total assets with Asset Panda.
Big Savings with Easy-to-Use App
Offered over the Web as "software as a service," Asset Panda's intuitive technology lets organizations and individuals catalogue, 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 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.
"Asset Panda gives organizations a simple way to solve their big problem of tracking and managing information about the assets they own," Kurzius added. "Early business customers of Asset Panda cite its integrated Web application, mobile app and bar code scanning capabilities as the most distinctive and beneficial features that help improve their asset management capabilities."
No extra hardware necessary
By turning smart phones, 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.com or eBay.
Asset Panda can be used for 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 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 also supports IFRS 13 fair value measurement, FASB 144 Impairment of Assets Calculation and compliance with ISO 27001 risk assessment process.
A free, test version of Asset Panda can be downloaded at www.assetpanda.com, Apple Inc.'s App Store, or Google Play. Higher levels of service with more robust capabilities are available by subscription.