How much confidence do you have in your enterprise asset management? Do you worry that you may not have an accurate asset register, and wonder how that could affect your organisation? Here are five ways an accurate Asset Register Stocktake can help your business.
1. Planning and budgeting: Having an accurate asset register can help you plan ahead for future purchases because you will know what you own, where they are and what condition those assets are in. This gives you the ability to budget for upcoming maintenance needs or replacement of assets.
2. Compliance and risk management: An accurate asset register will give you the ability to monitor your company’s assets and comply with your industry’s rules and regulations. It can also help you maintain appropriate policies to protect your staff from potential issues with unsafe equipment.
3. Improve the quality of financial reporting with better information about your company’s assets. You can gain confidence in your ability to report to the board accurately.
4. Achieve cost savings by identifying potential areas of misplacement, shrinkage, or theft. High quality information about what the company owns, and especially about how the types and value of assets change over time, can help you pinpoint areas of concern.
5. Increase efficiency and productivity by knowing where assets are located and how much of each you own. This will allow you to utilise these assets.
These are just a few of the many ways having an asset register can make your business stronger and healthier. To learn more about how we can help your business complete a fixed or loose asset audit, please contact us.