RFID Site Survey

An RFID site survey is a physical survey of the premises where the use of RFID equipment is will be installed and implemented. The survey identifies optimal locations for the physical installation of RFID readers and antennae. When considering the use of RFID equipment, it can be difficult to predict the propagation of radio waves […]

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Considerations in Deploying RFID Technology

The first considerations concerning the use of RFID are factors that can impact reliability. A basic RFID system will include am RFID tag and an RFID reader. The tag is comprised of an embedded electronic chip that is used to store information and an antenna that is used to transmit. A reader, which can be […]

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Introduction to RFID Technology

If you are considering an automated means to verify and track your fixed assets, RFID (radio frequency identification) might be the right solution for you. In this blog series, we will identify the benefits as well as the potential drawbacks with this technology. To begin, it is important to understand that the technology utilizes radio […]

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Benchmarks in Asset Management

A common set of benchmarks are used to plot the maturity of an organization’s asset management program. Using benchmarks provides a means to determine the current state of your program based upon the experience of others. Benchmarks also help to set reasonable expectations as to what improvements are required to reach the desired end state. […]

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Asset Management Entry 3 – InformationFlow

Automating asset management activities represents an important control. Typically this relates to the capture and reporting of information. However a better approach is to apply automation at the workflow level and as a means to automatically force compliance with policies and regulations. Doing so would also, by design, include data capture activities. Of particular significance […]

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Management Blog Entry 2- Tracking Non-capital/Expensed Assets

In order to identify the classes of expensed/non-capitalized assets to be tracked and included within an asset management program, you must establish a set of criteria. For example, assets that contain confidential information need to be controlled. Assets susceptible to theft or misplacement warrant inclusion as well. In some cases an asset is constructed from […]

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Asset Management – Entry 1

The term asset management is used to represent a system of internal controls designed to safeguard and track the property of an organization. Most organizations have a policy to capitalize only those assets which cost more than a specified amount and expense all equipment whose value is below the threshold limit. Similarly, fixed assets which […]

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Reconciliation Entry 9 – Conclusion

Generally speaking, a fixed asset register is intended to be used for depreciation reporting – not for tracking physical assets. Consequently, the vast majority of registers either don’t accommodate the detail needed to track assets or the personnel who maintain a register typically do not have enough reliable information in order to include tracking details. […]

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Reconciliation Entry 8 – Establishing Conventions for Bundled FAR Entries

In the last entry, we touched upon register adjustments related to additions. Potential adjustments can also be associated with (but are not limited to): Removal of an asset that could not be verified during the physical count (referred to as a write down or write off) Change of location, which can impact property tax Allocation […]

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Reconciliation Entry 7 – Additions

In order to reconcile capitalized fixed assets, Verasset must first conduct a physical inventory count. Prior to beginning the physical verification task, we compile a list of asset types that will be included in the physical inventory. The results from the physical count are used to verify or adjust the fixed asset register records. During […]

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