Do you truly love your fixed assets? How about giving them a Valentine today and get serious about conducting a physical inventory! Sounds romantic doesn’t it.
Ask yourself this question, has your business or organization ever conducted a fixed asset inventory audit? Is your answer no? This is all too common. What everyone doesn’t understand is that knowing what you have and what you don’t have is a really big deal and greatly impacts your budget amongst other benefits.
Not only does conducting an inventory audit ensure your accuracy of asset information on your books, it also sets a best practice of managing your assets. Before you even think about starting your inventory, you need to make sure you have everything planned out and ready to be executed BEFORE you (or anyone off the accounting street) hit the floors with a clip board and some inventory tags. This will turn out to be a disaster! A few things to think about prior to auditing:
- Company-wide Participation — Make sure everyone and all departments are on board with this project. If not, this project will fail before it even gets started.
- Asset Tagging — What are you going to tag? Where will you place the tag? How many tags will you need, will they be customized? What about the starting sequence? The best one… what TYPE of tag are we going to implement?
- Data Collection — What information will be obtained when we are out there? Where in the heck will all this information go both in the field and out of the field?
- Reconciliation — Now that you’ve collected your asset data, make sure you match to your original records and CLEAN THEM UP.
- On-going Management — Now what’s your plan for the future? Don’t take all that time to clean just so you can get dirty again.
Now that you have shown some love to your fixed assets — nothing says you really care like an automated full circle fixed asset management solution! No, spreadsheets don’t count here – nor do clipboards. What should you choose? Hahahaaaa… well, Sage FAS Track Pack with industry leading bar code readers of course! Email me a valentines asking how you can get started showing the love.
From my assets to yours, Happy Valentine’s Day!