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.

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.  

Emergency Preparedness Starts And Ends With Asset And Facilities Management Software

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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.

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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.

Does Your Organisation Have A Physical Asset Stocktake On The Horizon?

A Physical Asset Stocktake or Audit is about as fun as a root canal, but there are ways to make it a little less painful. Unfortunately, laughing gas or a beer are not a viable option in this case (although they would probably work). Whether you are preparing for a financial audit or making the switch to a new asset and maintenance management system, having an accurate account of your asset base will help ensure the success of your project. 

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Fortunately, there are safe and legal ways to make a physical asset stocktake less painful and actually enjoyable. Ok, maybe "enjoyable" is a bit of a strong word to use, but if you are in the midst of a physical asset audit or stocktake then being sure you get accurate reporting on asset data for such things as planning routine maintenance, upcoming repairs, and necessary replacements will also ultimately improve clarity in the budgeting process for your finance department too. Knowing you are doing the stocktake correctly the first time will give you peace of mind and make it a little less painful. Two root canals are worse than one. . .making sure you have excellent data input will ensure you only have to do the stocktake one time.

Another way to make a physical asset audit less painful (and optimise the integration and utilisation of your upgraded systems. . .if this is the reason for the audit) is to hire an expert to help with the complete process. An expert can help ensure that your physical asset audit is completed accurately and in a timely manner the first time because they have a great deal of experience conducting these audits. You are an expert at running your business and the physical asset audit expert is an expert at running their business.

Thirdly, you can save yourself some time and money by detailing the scope of your audit before the physical asset audit expert arrives at your facilities. You can begin by deciding what types of assets you want to audit, what data fields you wish to capture, and other basics. If your records and documentation are out of date or inadequately organised then even spending a little time working to improve this situation will help the expert immensely. Your expertise and knowledge of your facilities and assets will be extremely valuable during the process.

Finally, if you are conducting the physical asset stocktake for a financial audit then you can help your organisation by migrating this data you have collected to your asset and maintenance management system. This will give you the opportunity to ensure your operations and finance departments are properly aligned. Think of it as a teeth cleaning while you're getting that root canal. . .a little extra time and it will feel so good. Your boss or someone in the other department might even buy you a beer for the extra effort (after work of course).

Physical asset audits are a necessary part of business. Eliminating them just is not going to happen. However, improving your experience is possible with the right approach and expert assistance. Once you have found someone you like working with it makes the process better and better each time. Partnering with someone you like working with. . .now that can be enjoyable. If you are looking for a physical asset audit expert that you like working with then please contact us to see if we might be a great fit.