With the rapidly evolving world of education, schools face various challenges to ensure and maintain their inventory and fixed assets. From textbooks and technology devices to school facilities and transportation, managing the comprehensive range of assets in an education setting requires careful planning, action, and maintenance.
With the introduction of asset management, schools seeking to enhance productivity, minimize costs, and create an optimal learning environment can now do just that! In this article, we’ll discuss asset management for schools: what it is, why it is important, and how to improve and efficiently use it to manage your school assets.
In a world filled with boring spreadsheets and monotonous budgeting tools, BlueTally emerges as a breath of fresh air. With the help of BlueTally, setting budget goals have never been easier.
What is Asset Management For Schools?
Asset Management for schools allows you to keep track of and record every piece of equipment in your school through a software program. This helps school administrators understand and track the lifecycle of their education assets – from purchasing to its disposal.
By logging support issues and repairs in an asset management app, schools can proactively plan a maintenance schedule to avoid losing school assets without being able to try to fix them. In addition, school administrators can also evaluate service history and downtime of any school equipment to make informed decisions about future maintenance.
The Importance of Asset Management For Schools
By using asset management software, schools can reduce the cost of replacing lost or stolen equipment while tracking spending across all departments at the same time. With the $79.6 billion funding for schools given by the US Department of Education, it is important for schools to track their spending and avoid unnecessary costs.
Here are five reasons that shows the importance and benefits of using asset management for schools:
- Accurate maintenance records: Assets in schools break all the time, so it’s important you have an accurate record of asset maintenance. This will help you keep maintenance costs down and will help you depreciate fixed assets effectively.
- Enhanced budget reporting: By implementing effective asset management for schools, administrators will have a greater understanding of their budgets and where funds are being funneled, in terms of asset maintenance and replacement, and asset depreciation.
- Reduce the likelihood of theft: In crowded environments such as schools, it’s easy for things to go missing in a blink of an eye, which is why you need to start tracking your equipment. With an effective asset management system implemented, the amount of stolen or lost assets decreases.
Tips For Efficient and Enhanced Asset Management For Schools
In this section, we will explore the different tips and tricks designed to help schools achieve enhanced and up-to-date asset management. Check out the tips below:
1. Transform your asset into a digital format
Manual asset tracking and record-keeping can be time-consuming and prone to errors. To streamline your asset management processes and gain greater control over your school's valuable resources, it's essential to embrace the power of digital transformation. With the right asset management tools, you can easily transition from traditional paper-based methods to a digital format, enhancing the way you manage and track your assets.
As one of the best asset audit software for every use, BlueTally can help transform your data into a digital format. You can easily scan all of your assets onto our digital dashboard, allowing you to track asset locations, conditions, and any scheduled maintenance conveniently on one platform.
2. Automate your check-in/check-out process
Manually managing the check-in and check-out of school assets can be time-consuming. The key to saving time, and effort, and avoiding errors is by automating your check-in/check-out system to track and monitor your assets as they move in and out of the school premises. By replacing manual processes with digital automation, you can increase the visibility of your assets, making them easy to track.
3. Utilize asset labels and barcode scanners
Asset labels typically contain important information such as asset name, serial number, purchase date, and other relevant details. By labeling your assets, you create a visual and standardized identification system that facilitates quick and accurate asset identification.
On the other hand, barcode scanners play a crucial role in asset management by enabling efficient and precise data capture. When an asset label with a barcode is scanned using a barcode scanner, the associated information is instantly retrieved and recorded in a centralized asset management system.
4. Incorporate location tracking
One key aspect of effective asset management for schools is the ability to track the location of your assets. By incorporating location tracking into your asset management system, you can gain valuable insights into the whereabouts of each asset through RFID asset tracking, ensuring better visibility and control.
Incorporating location tracking also enhances security measures within the school environment. It acts as a deterrent against theft or unauthorized removal of assets. In the event of any suspicious activity, location tracking data can assist in identifying the responsible parties and recovering stolen assets.
With BlueTally, you can effortlessly track the whereabouts of your assets in real time. By using features such as GPS tracking and scanning capabilities, administrators can easily monitor asset movements for better visibility and enhanced security measures within the school environment.
5. Set a regular schedule for asset audits
Asset audits involve thoroughly examining and verifying the physical existence, condition, and location of each asset in your school's inventory. Regular asset audits also provide an opportunity to assess the condition of your assets and identify any maintenance or repair needs. By conducting visual inspections and conducting necessary tests, you can ensure that assets are in proper working order, maximizing their lifespan and minimizing downtime.
6. Improve asset categorization
Enhancing the way you categorize your assets is a crucial step in optimizing your asset management practices for schools. Effective asset categorization allows for better organization, tracking, and management of your school's diverse range of assets.
Once you have defined your asset categories, establish consistent naming conventions and labeling protocols. Utilize clear and descriptive labels or tags that can be easily affixed to each asset. This ensures that assets are properly identified and assigned to the correct category, simplifying asset tracking and retrieval processes.
7. Track school equipment expenses
Regularly analyzing your equipment expense reports can help identify any areas where costs can be optimized. Look for patterns or trends in spending, such as recurring repairs or high maintenance costs, which may indicate the need for equipment replacement or alternative solutions. This can help you make informed decisions about equipment investments and identify opportunities to reduce expenses over time.
To track school equipment expenses efficiently, start by implementing a robust financial tracking system. This system should enable you to record and categorize expenses related to equipment purchases, repairs, maintenance, and replacements. It's important to capture all relevant information, such as the date of purchase, vendor details, item descriptions, and associated costs.
8. Determine asset depreciation
One essential aspect of effective asset management for schools is accurately determining asset depreciation. Asset depreciation refers to the decrease in the value of an asset over time. By calculating depreciation, schools can make informed decisions regarding asset replacement, budgeting, and financial planning.
To determine asset depreciation, follow these steps:
- Identify the initial cost: Start by determining the original cost of the asset, including any associated expenses such as acquisition, installation, or setup costs.
- Determine the useful life: Estimate the expected useful life of the asset, which is the period during which it is expected to provide value and be actively used in school operations.
- Assess the value: Evaluate the projected salvage value, which represents the estimated residual value of the asset at the end of its useful life or when it is disposed of.
9. Track contract lifecycle management
Tracking the lifecycle of contracts is a vital component of enhancing asset management in schools. Effective contract lifecycle management ensures that contracts are properly monitored, tracked, and optimized throughout their duration. By determining the contract lifecycle of an asset, schools maintain compliance, manage risks, and maximize the value derived from contractual agreements.
With BlueTally, schools can easily monitor and manage all stages of the contract lifecycle – from initial drafting to expiration or renewal. You can store and access contract details, track important dates and milestones, set automated reminders, and generate comprehensive reports.
10. Enhance process improvement continuously
In order to continually improve asset management in schools, it is crucial to regularly review and refine processes based on valuable feedback, performance evaluation outcomes, and the adoption of emerging technologies and practices. By staying informed about industry trends and best practices, schools can identify opportunities for enhancement and optimization.
Get Asset Management for School Today!
Having efficient and enhanced asset management in schools can create an ideal learning environment and maximize resource utilization. By implementing effective asset management practices, schools can reap numerous benefits, including accurate maintenance records, enhanced budget reporting, reduced theft, avoidance of duplicate asset spending, and streamlined asset audits. Work with BlueTally to create or improve your asset management for schools. Start for free today!
