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.

Make Sure Your Fixed Asset Stocktake or Verification Process is Effective

Tablet Man.jpg

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.