Understanding the basic financial aspects of a veterinary clinic is necessary to know all asset details for the implementation of software for the veterinary clinic and monitor or manage the assets and equipment.
What is Asset Management?
Asset Management is important for veterinary clinics. It helps to manage and monitor assets and equipment using a systematic methodology. It is the process in which operating, maintaining and disposing of assets is done in a most cost-effective way.
Asset Management is a systematic approach to govern and realize value from things that an organization is responsible for over their whole life cycles (Wikipedia).
How is Asset Management Done?
Asset Management covers the integral life cycle of an asset - from its procurement and operations until its final disposal and renewal.
The main objective of Asset Management is achieving the least overall life cycle cost of assets that are likely to be affected by other parameters such as business continuity or risk during the decision-making process.
It also comprises opportunities, balancing costs, and negotiating threats against the performance level of assets. This evidently demands the maximum ROI and realizing the organizational objectives.
Why is Asset Management an Important Software Tool for Veterinary Clinics?
A proper Asset Management Software is needed for veterinary clinics to monitor their assets and equipment using a systemized solution.
It is also required to get maximum benefits from solution features including improvements in productivity and efficiency, which lead to improvement and increased return on investment.
As such, it is quite risky to work without any software solution as every item of equipment is important for the business.
Some of the general assets and equipment required in a veterinary clinic are:
- Examination and procurement tables
- Veterinary stethoscope
- Veterinary ultrasounds
- Digital x-ray imaging machines
- Anesthesia machines
- IV pumps
- Autoclaves and sterilizers
All the assets and equipment present in the veterinary clinic need maintenance at a certain point of time. Also, the software licenses used will go out of date someday. You need to have advance information to renew their license or expiry.
All assets have to be tracked to know the exact situation of what you have and what you need at any given time.
Here are a few things that organizations can do to manage their assets in a better way:
- Extend Life Cycle
- Minimizing Asset/Equipment Loss
- Precise Asset Information
- Save Time & Money
- Scheduled Maintenance
- Maximize Asset Efficiency
- Establish Compliance
Important Asset Management Features of Software for Veterinary Clinics
The software for the veterinary clinics for asset management provides exact information on a real-time basis. It assists in scheduling asset maintenance and plays an important role in extending the lifespan of an asset. It can also let you manage multi-quantity items with one asset number or ID.
Asset tagging is important for veterinary clinics to get all their assets and equipment tracked and maintained regularly. It improves the quality and shelf-life of the asset and helps in recovery at the time of the audit.
Check-in/ Check-out Process
Check-in/ Check-out is an important feature to look for in Asset Management Tracking software as it improves accuracy and reduces the time spent on transferring assets and receiving them.
The software for the veterinary clinic affords ease of view of hardware and software components of the clinic. Visibility across all the assets provides the organization with better administration control and accountability.
Asset Life-cycle Management
For hardware and software assets, there are limitations with their disposal or renewal date. The software for the veterinary clinic helps keep track of hardware asset purchases, their useful period, etc.
Such information is used for decision-making for replacement of old or faulty assets, the uninstallation of unsafe equipment or updating of any system, or knowing when to extend or renew a contract with the vendor or service provider.
Strategic Inventory Planning
When the assets or equipment of a clinic are tracked, it becomes easier to plan future investments on assets. A centralized and streamlined software system for veterinary clinics enables to scan of the entire assets and equipment and view inventory data with storage capacity for storage utilization analysis and budgetary planning.
Allowance to system administrators to quickly isolate unsafe/outdated equipment makes it easier for the organization to check for potential risks to be prevented before a major problem arises.
Regular maintenance of the assets is mandatory to keep the clinic going and growing. The word maintenance does not always mean repair. What it really means is to follow up with regular or planned processes to keep the equipment and assets up to date and in a healthy working condition. It does not mean to only repair a piece of equipment only when it is broken down.
The equipment should be lined and labeled, its wearing surfaces should be examined and replaced, oil schedules should be implemented at regular intervals.
It goes without saying equipment with good working conditions requires regular inspection and adjustment in order to produce good quality products for a long time.
Asset Audits and Physical Verification
It's necessary to verify the ownership and other assets and where they are located. Asset management software enables in scheduling the audit timeframe and status updates on the process and making changes for missing and unrecorded assets.
Physical asset verification is done by auditors to check and verify the number of assets that actually exist in an organization. The process involves the verification of each asset's presence, location, and condition.
At the end of the financial year, it is a business requirement to know how many assets the organization has, where their locations are, when they were purchased, whether they are currently in use or not and so forth.
Benefits of Audit and Physical Verification are:
- Ensure the existence of all the assets
- Manage internal compliance
- Automated verification of asset tags and serial numbers
- Verification of information like description, location, etc.
- Notifications and Alerts
A good software solution for veterinary clinics should be able to communicate with its users. It should send automated e-mails or app notifications for specific events to the designated personnel.
It becomes very beneficial if the designated people get notified on matters like past actions, asset use violations, fund limitations, audit checklists and so much more.
The Asset Management system has become an important part of any business regardless of its industry.
Understanding the life-cycle of an asset is very important. It is useful from its procuring stage until its end of life and final disposal stage. This is important because maintenance and repairing can potentially increase the life and operational efficiency of assets.
Therefore, the asset management system helps in tracking and monitoring the business assets. Asset Infinity is an asset management and tracking system provider that gives you a 14-days free trial.