Small Business Asset Tracking: A Simple System for Tools and Equipment

What is small business asset tracking?

Small business asset tracking means knowing what you own and where each item is. The list of what you own is often a spreadsheet. Where each item is changes every day.

The list is what your accountant asks for. The IRS lists what asset records should show (IRS Publication 583). That includes when and how you acquired each asset, its purchase price, its depreciation and when you disposed of it. The asset tracking templates page sets out the columns.

Location is the part that goes out of date. Tools, kits and machines move between the shop, vans, sites and people. A row that says "Van 2" is right until someone moves the item.

How small business asset tracking works without scanning

Tracking without scanning means a tag on each item is reported by passing phones, so nobody has to scan a label. Most small business software asks someone to scan a barcode or QR label at each check out and return. The location it shows is the last scan. When a scan is missed, the record stays wrong until someone notices.

Any GPS tracker needs two things: power and a data plan. The power comes from wiring into a vehicle, or from a battery someone charges. Each unit sends its own position, so each one carries its own data plan. That is why tracking used to stop at vehicles and the largest machines.

A crowdsourced tag needs no wiring, no charging and no data plan. It broadcasts a Bluetooth signal, and any phone that passes reports where it heard the tag. These networks are large (Apple counts over a billion iPhone, iPad and Mac devices, and Google over a billion Android devices).

So a drill case, a laptop bag or a pressure washer can carry a tag too. The smallest is 26 mm (1 in) across and fits inside a case. The asset tracking tags guide covers how to choose one and mount it.

What should an asset tracking system for small business do?

An asset tracking system for small business should show every item on one map and keep that map current without extra work. Judge small business asset tracking software on six things:

• Every item on one map. Tools, kits and machines sit in one list, each with its last known location and the time of that report.
• Updates without scanning. Passing phones report each tag, so nobody has to scan. A record that depends on a scan is only as current as the last one.
• History. A dated trail answers "where was it last Tuesday?" without asking around.
• Site alerts. You hear when an item reaches or leaves the shop, a yard or a job site. The geofence guide shows how to draw a site boundary.
• A login per colleague. Each person who needs the map signs in with their own login, on a phone or a laptop.
• Export, an API and webhooks. Every location report downloads as a spreadsheet or a report. An API and webhooks send the locations to the other systems you run.

See how the dashboard works →

Which items should you tag first?

Tag the items that move between people and places first, starting with the ones that would stop a job if they went missing. Items that never leave a desk or a shelf can stay on the list without a tag.

What does asset tracking cost for a small business?

Asset tracking for small business costs the software plus whatever each item needs to report where it is. That second part is where systems differ most.

A GPS tracker adds a data plan for every unit, for as long as it runs. It also needs wiring, or a battery someone charges. A crowdsourced tag has no data plan and no charging. Its replaceable battery lasts up to six years, depending on its size.

With scanning, the running cost is time. Someone scans at every check out and return. A tag is reported by passing phones, so nobody spends that time. The low cost asset tracking guide compares what each unit needs in more detail.

What to expect from a tag-based system

Expect a dated location for every tagged item, reported by whichever phones pass it.

• Updates come from passing phones. Any phone that goes by can report a tag. Items in towns, shops and busy sites update often. A remote site updates when someone passes, or when the item moves somewhere busier.
• Building-level position. The position comes from the phone that heard the tag. Expect the right building, van or site, not the right shelf.
• Location, not engine data. A tag reports where an item is and when it moved. Engine hours and fuel come from the machine itself.
• Where, not who. A tag shows where an item is, not who took it. For that, keep a sign-out sheet alongside.