In order to manage your company's assets effectively, you need to keep abreast of what they are, how they're being used, and how much value they have to the company. As the march of time increases the value of some assets--like land and buildings --it decreases the value of others--like plant and heavy equipment. Designing sound fixed asset verification policies and executing them frequently is the key to making sure you always have accurate information about your company's assets.
One key to a good asset verification policy is an effective labelling system. Barcoding technology has revolutionised the asset management process in recent years; although it has made asset stocktakes or verification easy in many ways, it has also made durable, highly visible labels more important than ever before. All the barcode labels on your assets should be printed on quality materials applicable to the environment, and make sure labels are adhered consistently and in easy sight of auditors .
Another key component of an asset verification policy is a system of streamlining which takes human error out of the equation whenever possible. Even with the best computerised systems in place, fixed asset stocktakes are a labour intensive process. Automating when possible and bringing in specialists to streamline the asset verification process is a great way to give you some much-needed peace of mind and allow your employees to continue to do their core jobs.
A great asset verification procedure is not only accurate and streamlined, but can also be carried out several times a year, we call this rolling fixed asset audits with the ability to capture additions, disposals and transfers. With all the great asset management software available today, there is no reason for a business to put off fixed asset verification until the last second. This process is important to keeping your company's bottom line healthy; the more often it is done, the simpler it is.
Reduxo will be happy to help you streamline and improve your asset verification process. Contact us to find out more about the particular tools and services that work best for your company's asset verification needs.