Physical Inventory = theft deterrent.
Common Question – How can stop getting our assets stolen, or even better, track our assets so we know if they are stolen? The answer is always the same, and the answer is easy… CONDUCT A PHYSICAL ASSET INVENTORY of your fixed assets! For cryin’ out loud.
Recently (March 2010) Paragon Systems conducted a physical inventory of all fixed assets at a large hotel because the hotel client wanted to account for all assets because they were afraid people might steal them when they moved, demolished or had to close down. Smart. Just a week after Paragon’s team left, this hotel now (finally) has a complete listing of EVERYTHING in their hotel: furniture, fixtures, computer equipment, office equipment, ART (see my other entry about hotels & resorts and their art), gym, pool area, kitchen equipment, and much more.
Most companies don’t take the time and effort in implementing a full-blown physical inventory of their fixed assets (capitalized or expensed), but I tell ya what… do it once and then you can maintain it going forward. Like anything else a company implements: CRM systems, Accounting systems, etc. The heavy lifting is getting it up and running with extremely great (or we strive to make it) work flow. After it’s implemented, moving forward is a breeze.
My final note: make sure you are keeping all your assets out of the hands of someone else!