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

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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.

Make Sure Your Fixed Asset Stocktake or Verification Process is Effective

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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.