Why Do I need to do an Asset Audit


Benefits and Reasons for Doing an Asset Audit 

Ok, if you need reasons, here are a few to help you:

1.       Take Control of your Assets. By performing an initial and regular rolling Asset Audits you’ll gain control over one of the most important components of your organisation - your Assets. You will:

a.       Identify missing Assets due to misplacement or theft

b.      Identify misuse of Assets due to them being in the wrong physical locations

c.       Identify deterioration in Assets

d.      Identify new Assets that have been acquired but that were not brought to your attention because they may have been acquired through incorrect procurement channels

2.       Improve the life-cycle of your Assets and gain better value from them. This will equate to significantly improved life-cycle planning, allowing you to monitor your assets and prepare for their maintenance and possible replacement as required.

3.       Reduce Risk and ensure you monitor and adhere to regulatory and compliance regulations. Knowing what your organisation owns and where they are located is essential for both compliance and corporate regulatory adherence, as well as for the safety of your other most important component - your staff. By conducting an initial Asset audit and then maintaining the register regularly, you’ll always be prepared when compliance or regulatory issues crop up.

4.       Know what you've got for insurance purposes and reduce your premiums. Those insurance claims are so much easier to process when you can produce an accurate, comprehensive and up-to-date list of Assets.

5.       Maximise Tax Advantages. If you’re a tax paying entity, keeping an up-to-date register will facilitate writing off Assets that are no longer in existence or have been lost / stolen. 

6.       Increase reliability of your Assets. By knowing exactly what Assets you have and maintaining them, you will provide production and reduce downtime; this equates to savings!

7.       Ensure availability of your Assets. Don't know where your Assets are? An Asset Audit ensures you not only know where your critical Assets are located, but also their condition.

8.       Maximise your Assets Utilisation. Stop buying new Assets unnecessarily. An accurate Asset register ensures you obtain maximum utilisation from your existing Assets, saving you unnecessary expense.

9.      Implementing a new solution.  Why import old asset data into a new solution, isn't this the opportunity to upload an accurate representation of your asset base.  "rubbish in / rubbish out"  A new solution won't fix the issue if the underlying asset register is inaccurate.

10.      Disposal Management.  Replacing or disposing of assets is just as important as acquiring them.  This applies especially to leased assets.  It is also relevant and assists with recycling say IT equipment and disposing of appropriately.

 

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