3 Tips for Completing an Asset Verification

Many companies struggle with fixed asset verifications or physical asset audits because they make it more difficult than it needs to be. There are still companies that use printed pieces of paper on clipboards in order to conduct asset verifications on an annual or semiannual basis. There are a few tips that you can implement immediately in order to simplify the process and ensure that you are gaining a true understanding of your asset base.

Implementing barcodes ensures ongoing auditing is simple and accurate

Implementing barcodes ensures ongoing auditing is simple and accurate

Implement Barcodes

Barcodes can be placed on all fixed assets. This way, when it is time to conduct an inventory or stocktake, it is simple to scan the barcodes. This will ensure that each asset is identified individually and accurately.

Use a Tablet and Audit Software

A tablet with appropriate audit or verification software has the ability to simplify the entire process. It mobilises the person to be able to walk freely throughout the facility and locate all assets. The information can be recorded on the tablet, running online or offline and updating your asset register. It eliminates all handwritten documents, reducing human error and duplication of data management.

Feed Content into your ERP or CMMS

All of the content collected with the use of barcodes and a tablet can feed into an ERP or CMMS system. This helps to maintain the financial and maintenance aspect of fixed assets allowing you to plan and budget based on an accurate asset base elimating any kind of redundancy with the data.

Learn more about fixed asset verifications by contacting Reduxo today.

3 Reasons to Schedule An Asset Register Stocktake or Audit

Stocktake Checklist.jpg

An asset register stocktake is critical to ensure you have an accurate base, it is the foundation of any asset or facilities management system as well providing the information for both operational and financial decisions. Understanding the reasons will ensure you have a comprehensive up to date asset register as needed.

Planning

It's easier to plan operationally and for expansion when knowing what assets are on site. The condition of each asset can also be explored to determine if it needs to be maintained or replaced. Knowing the quantity and location of each asset can also help to plan based upon whether it is available currently and/or you have enough for ongoing business and expansion.

Compliance

There may be a variety of compliance issues that you need to sort through and adhere to such as essential services, air conditioning to name a couple.  The only way to truly know what has been maintained is to have maintenance records per asset based on a true and accurate register of what is on hand with a stocktake. To ensure you remain compliant, the stocktake should take place on a regular basis.

Budgeting

It's hard to budget if you don't have an accurate asset register as a starting point.  Without having a complete asset register stocktake or audit you cannot plan or create a precise budget.  Furthermore, there is a balance sheet that needs to be maintained and reported as correct.  

Learn more about asset register stocktakes by contacting Reduxo.

Avoid These 3 Problems With An Asset Register Stocktake

Problems occur with asset register stocktakes or audits every day and often this is because there is no efficient system in place or the time to complete the audit in a reasonable timeframe. There are tools and technologies that can be implemented to help avoid some of the most common problems.

Lost Assets

Audits are needed on a regular basis and when there are no definitive ways to take a stocktake, it can lead to lost assets. It may have been awhile since one was taken and therefore assets have moved, been retired into storage, or borrowed by another location. When everything is systematic and there are better processes in place, it can make it easier to identify where the assets are and what condition they are in. Try rolling audits.

Incorrect Counts

There's nothing more frustrating than getting an incorrect count. It may be as a result of not having a barcode or RFID to scan and therefore the counts are going to be off or the assets are misidentified. It's difficult to ensure different people count assets the same way every time and therefore a better system needs to be implemented.

 

Time is $$

Time is $$

Ineffective Registers

An asset register stocktake or audit needs to be the same regardless of who is conducting it, consistency is key. The problem is that different departments may be at different starting points and this can cause problems with reporting as well as from the operational versus finance standpoint. All of this can be eliminated with a stocktake that spans across the entire organisation in the shortest possible time. You can be sure that everyone is at the same starting point and that everyone receives updates when a a total stocktake or audit is taken.

Contact Reduxo now to learn how to improve your asset register stocktake or audit.

Think About the Strategic Value of Asset Stocktakes on Enterprise Asset Management

The marketplace is a constantly shifting environment, where survival requires the ability to adapt quickly and adapt well. 2013 saw more and more companies using tools like big data analytics or business intelligence to measure where they stood in their marketplace and how their customers went about making purchase decisions. The reason for collecting and analysing huge amounts of customer data is simple--the more one knows about the demands of one's marketplace, the better one can adapt their business to suit those demands.

While measuring data generated by customers is certainly important to a company's strategy, it's also essential to keep track of data regarding internal processes.  This is especially true of companies in capital-intensive industries like utilities, mining, IT and manufacturing, where a company's assets are a large part of what makes it function. For these companies, enterprise asset management is not just a way to minimise the overall cost of owning an asset: it's a way to collect important data that shows how a company is standing up to market demands.

Like the reams of data generated by customers, collecting and analysing the data involved with a strategically sound enterprise asset management policy comes with its challenges. Effective enterprise asset management requires frequent and accurate stocktaking, which is both laborious and nearly impossible to accomplish with paper records systems. Like the companies that require giant data warehouse systems to analyse customer data, companies that benefit from enterprise asset management require well-designed software and electronic asset tracking systems to minimise errors and speed the process of stocktaking.

Investing in an effective enterprise asset management policy is one step a company needs to take in order to adapt to the demanding environment of the marketplace. Strategically sound enterprise asset management can be a challenge, and your company may well find it most economical to bring in a team of experts from time to time when asset data must be collected efficiently.  Reduxo specialises in efficient, effective enterprise asset management; contact us to find out more about how we can help your business adapt.

Ongoing Rolling Fixed Asset Audits - The Answer

NY2014.jpg

We are almost into the new year and business owners are thinking about physical inventory and how to prepare for the next six months. There are so many time consuming business related duties to eat up the work day and to exhaust the mind on and off the clock. Being alleviated from just a few of these duties and worry would be worth how much to you as a business owner?

With all that will be going on in the new year, is there also an asset audit in your near future? Do you know what you have? Did you receive the big tick from your auditors last year for your asset register?  It has been years since the last audit and you are not really sure how it will stack-up to your actual financial statement. Is there a possibility of invalid asset transactions, non-compliant asset valuation, and incorrect asset classification? Your businesses' assets are your bread and butter, wouldn't it be nice to have control and complete knowledge of your fixed assets?

Many questions have been introduced and the answer for the future of your business assets is ongoing rolling fixed asset audits. One huge expensive project every 2-3 years may not be the best way to go in today's fast paced, ever-changing business environment. Ongoing rolling fixed asset audits would be much more efficient and less expensive. It will provide you with much needed answers and take some of the worry out of business ownership allowing you to concentrate on core business.

There are many other benefits of ongoing fixed asset audits:

  • Additions and disposals are captured periodically.
  • Asset movement and transfers are recorded as they happen.
  • Always be able to pull up needed information that is up-to-date.
  • Plan and budget based on accurate data.
  • Clear your books of assets you no longer have, an advantage to tax paying entities.
  • Minimise Insurance premiums.
  • Utilise existing assets, reduce costs on new purchases.
  • Implement asset management plan.
  • Manage spares and reduce down time with an accurate inventory.

If you would like to find out more about ongoing fixed asset audits and take control of your fixed assets, we have the answer contact us.

And by the way, Happy New Year from the team at Reduxo, wishing everyone a successful and prosperous 2014.  We are certainly looking forward to a great year!

Emergency Preparedness Starts And Ends With Asset And Facilities Management Software

Emergency Image.jpg

If you are looking to improve your emergency preparedness then a great place to start is with utilising asset and facilities management software or computerised maintenance management software (CMMS) that complements your ERP environment. Most emergency situations are unpredictable, but many can be prevented with adequate preparation. Some are caused by variables that are outside your control and the only thing that can be done is ensuring the emergency situation is controlled quickly with the least amount of damage and fewest number of injuries as possible. When the emergency situation is resolved and you are able to once again think about the future, your asset and facilities management software or CMMS will will be a tremendous help in the rebuilding process.  

Prevention is key. The time you take to conduct a thorough facility and asset audit will help you establish an accurate register of the state of your assets and facilities. This will help you catch assets or sections of your facility that may be in need of maintenance or repair. Implementing an ongoing maintenance program and routine rolling audits with the help of an expert will ensure that nothing falls through the cracks.   

In the unfortunate event that you have an emergency situation, asset and facilities management software will enable emergency personnel to respond in a more timely and efficient manner. With accurate data in your asset and facilities management software, emergency personnel will be able to use your program to better evaluate the circumstances and best way to respond. A more responsive crisis management solution will reduce the number of injuries, severity of injuries, and damage to your assets and facilities. 

Finally, dealing with the catastrophic after effects of crises and recovering from them is not easy emotionally or physically, but there will come a day when it is the right time to think about rebuilding the lives, assets, and facilities affected. Having a complete and accurate stocktake of your assets and facilities input into your asset and facilities management software solution will help you rebuild in several ways. First, your insurance claim will be processed in an expedited fashion because of the excellent organisational structure of your register and you can be certain that all of your losses are accounted for since you have an accurate register. Second, once you rebuild your facilities and purchase replacement assets you will be able to input their data into the solution. Third, there will come a day when your business grows beyond where it once was and your asset and facilities management software is scalable so you can add in your new facilities and assets with ease.

Thinking about emergency preparedness is disheartening, but not thinking about it is dangerous. There is some point to being aprehensive about crisis management; it helps us attempt to prevent what we can potentially prevent, prepare for the best possible emergency response humanly possible, and have a plan to rebuild the business and our lives after the fact. If you are considering improving your emergency preparedness and would like to speak with an asset and facilities management software expert about how to get started, please contact us so we can find a time to discuss your unique needs.  

Improving Your Business Intelligence (BI) With Facilities Management Software

Many companies are exploring ways to increase their productivity and efficiency in this economic environment. A popular strategy being employed (along with handing out free Red Bulls and caffeine pills) is enhancing Business Intelligence (BI) through improving corporate data insight. Facilities Management Software helps you gather facility data, analyse that data, and glean valuable insight about your facility from the analysis which empowers you with all the tools you need to transform your processes and optimise the utilisation of your facilities. 

Gathering data through a physical asset stocktake and establishing an asset register are time consuming but once a system is implemented it will be easy to build on as you add new facilities or assets. During this phase it is imperative to focus on the accuracy and detail of your audit otherwise the old adage "rubbish in, rubbish out" will apply. The better the input is during the stocktake then the easier and higher quality the analysis will be.

With a high quality stocktake you will have a lot of accurate facilities asset data at your fingertips to analyse. If you utilise a best-of-breed facilities management solution you will be able to run a multitude of reports based on numerous relevant data fields. Hiring a stocktake and facilities management software expert will ensure that you are able to maximise the functionality of your software and thereby run all of the analysis you are hoping to run.

Compliant3.png

Equipped with superior data and a higher quality analysis of that data you will be able to glean valuable corporate insight regarding your business processes and facility utilisation. You can spot trends as they develop in real time instead of after they have already come and gone. This enhanced transparency and clarity will lead to more-informed decision making. It will also be extremely valuable from an asset compliance perspective by ensuring your operations department is tracking their compliance efforts to the fullest extent possible with accurate and up-to-the-minute data reports; this will also keep all interested parties well informed regarding the operation department's compliance with all of the pertinent regulations they need to adhere to.   

Finally, you will be able to use the insights you uncover to transform your processes and optimise your facility utilisation. You can modify inefficient processes and eliminate unnecessary ones. Optimising your facility utilisation and asset performance will cut costs and increase productivity.

Business Intelligence is all about improving your business to increase your competitive market advantage and best-of-breed facilities management software is one of the key components of superior Business Intelligence. If you've already tried the free Red Bulls and caffeine pills and the Law of Diminishing Returns is starting to kick in, then it may be time to try something new. If you would like to speak with a facilities management software expert about your specific situation please contact us to see how we can put our experience and expertise to work for you.