How do event professionals track assets?
Event professionals track assets using an inventory management system, like a sheet of paper, an excel spreadsheet or some kind of inventory app. Asset tracking is the process of organizing, storing and accounting for all of your company’s things, even as they change hands, move to other locations, or are checked in and out.
It’s essential that all event professionals track their inventory carefully. After all, many businesses in the industry own irreplaceable, valuable assets whose location, condition and value must be carefully tracked. This information is essential for sending estimates, planning deliveries and installations, fulfilling rental orders and even filing business tax returns.
How can event companies with multiple locations stay organized?
The best way for event companies with multiple locations to stay organized is to use an inventory app to keep track of their assets. For example, Sorty’s ultra-customizable folders feature makes it easy to organize inventory. Simply create a folder for every office, storage facility, warehouse, truck, or other location. Or, create a custom field for a location. Whatever makes sense for you.
Then, when it’s time to view your inventory, you can see everything you’ve got, all in one place. Or filter the results to understand what you’ve got in Brooklyn versus what you’ve got in West Palm Beach.
Why do event professionals need asset management software?
Event professionals need asset management software to keep track of their assets, regardless of value or popularity. By knowing exactly where any item is at any given moment, event professionals are able to save money, time and stress.
When a caterer needs chambray tablecloths that haven’t been used in a decade, he doesn’t want to buy those again. He wants to check his inventory, find out what storage facility they are located in, understand if they’re in good enough condition to use, determine if he has sufficient quantity to fulfill a client’s request, and then check the tablecloths’ rental price to provide an accurate estimate.
Event professionals also need event inventory software to help them keep track of what’s currently rented out or in use. To prevent inventory loss, many business owners want to create an inventory management system which requires employees to check items out as they leave for jobs, then check them back in once they arrive back on site.
Here’s an example. If a DJ sends thousands of dollars worth of equipment to a wedding site on Friday evening, she’ll want to know who checked it out, what condition it left the office in, and when it will be returned. Then, when the equipment is returned, the business owner will want to know who checked it back in and whether the condition has changed.
With the right event management software, this whole process can be completed in seconds. Plus, it’s all traceable, trackable and reportable.
How should event professionals use barcodes and QR codes for inventory?
Event professionals should use barcodes and QR codes for inventory to streamline inventory audits, check assets in and out, quickly search for information about products, and to automate tedious tracking processes.
First, barcodes and QR codes can help cut hours (or even days!) off inventory audits. All employees have to do is scan an item, then update the quantity and any other key details, to keep inventory up to date.
Second, barcodes and QR codes can be used to check equipment and other items in and out of storage. When a disco ball leaves for a party, or three podiums depart for a seminar, simply scan these items to update their location or move them to the “out” folder. Then, when they return, check them back in. Some inventory apps, including Sortly, allow you to do all of this with your smartphone.
Third, your team can use barcodes and QR codes to quickly learn more about a product. Simply scan the label to find out what’s in a box, what it’s worth and where it’s been lately.
Finally, look for an inventory app that allows you to create your own barcodes and QR codes, then print them onto customized labels. For many event professionals, customized assets are commonplace. Whether unique centerpieces, vintage candlesticks or bundles of flatware, every single item in your inventory can be labeled and tracked automatically.
Do businesses in the event industry need to do inventory audits?
Yes, almost all businesses, including event businesses, should conduct inventory audits at least once a year. If your business is disorganized or maintains inventory across many locations, such an audit can be quite overwhelming.
To combat this daunting task, try auditing your inventory a little at a time. Also known as a cycle count, this method of counting inventory allows businesses to audit what they have without biting off more than they can chew. Our recommendation: organize while you cycle count. Then, next year’s audit won’t be so scary.
Another alternative to exhausting, time-consuming and often expensive inventory counts: perpetual inventory! If you switch to an inventory app, you can start tracking items as they come and go, so you’ll always know what you’ve got and where it is. If you do this, and you trust your team, you might be able to skip counting your inventory next year.
What equipment is required to track event inventory and assets?
To track event inventory and assets, you don’t need more than a smartphone or tablet! Modern inventory apps like Sortly allow you to scan barcodes and QR codes right in the app using your phone’s built-in camera. Plus, your whole inventory is available as an iOS or Android download!
Handheld scanners and other inventory equipment can be cumbersome, expensive and easy to break. Why not save money by having your team use equipment they’re already carrying around in their back pocket?
Of course, just because you can use a phone to track assets doesn’t mean you have to. If you have a Bluetooth scanner or other equipment on hand, check to see if it’s compatible with the inventory management software of your choosing.
How do I keep all my party rentals organized?
To keep party rentals and other equipment organized, you’ll want to start by physically organizing your assets. While you do that, it’s a good idea to update your inventory list to include everything you’ve got, where it is, what condition it’s in, and how much it’s worth--plus all the other details that matter to you.
During this organizational time, you might want to consider digitizing your inventory. After all, you’re already doing the hard work of organizing and auditing your inventory. You might as well make a secure, digital record of everything you’ve got.
Look for an inventory app that allows you to add high-resolution pictures, important attachments, and barcodes and QR codes to each item in your inventory. All three of these details will make it easier for you to visualize what you’ve got, retain essential documents, and quickly search for or update your inventory.
Here’s an example. Your party rental company has been asked to install circus-style tents at a no-expense-spared birthday party. Wouldn’t it be easier if the instructions for how to set up those tents were attached right to the item’s inventory page, and not hidden somewhere in your office?
How do pictures of inventory help event professionals stay organized?
Pictures are a great way for event professionals to visualize the assets they’ve got in storage. After all, many people who work in event planning, rentals and production assist with weddings, conferences, parties and other gatherings that need to look and feel a certain way.
Providing high-resolution images of what’s in an event company’s inventory can save tons of time, money and stress. During a design meeting, a florist can simply search for black vases, then show her client all the options she has on hand. Or, a party planner can scroll through her inventory to see if she has any mid-century modern accessories available before ordering new ones.
Finally, pictures allow event professionals to ensure they’re sending the right things to the right place. It allows employees to check that the white folding chairs they’re loading into a truck actually match the picture on file. These little quality assurances are built right into your inventory management system, saving you valuable resources.