Implementing a fixed asset inventory solution is vital for businesses for many reasons. A proper accounting of assets can save time and money, reduce theft, improve planning and budgeting, eliminate “ghost assets” and help an organization recover after a disaster. Many times, however, the importance of tracking and managing fixed assets is overlooked in an organization.
Yet assets such as land, buildings, transportation and manufacturing equipment represent the largest investment most companies make.
Many companies are unsure of how or where to start in this process, and the challenge can be daunting. Establishing the highest standards of inventory accuracy and best practice in fixed asset management will pay off in savings and efficiency whether you are a:-
- Corporate accountant managing fixed assets
- CFO striving to optimize business efficiencies and plan capital budgets
- Government asset manager complying with Regulatory standards
- Nonprofit executives seeking to gain maximum leverage from already-strained resources
Our goal is to help our client learn about best practice for fixed assets management and suggest tips for implementing a successful inventory process.
The suggestions will guide you on how to:-
- Create the asset inventory process
- Implement a label and scanning solution for tracking of assets
- Get trained on the system you employ
- Establish an accurate baseline of fixed assets
- Design a “go forward” strategy for maintaining your asset inventory