Fixed Asset Management – Getting Started

Over the last 11 years, Verasset clients’ have come to us with a myriad of problems related to tracking and managing their fixed assets. Some come to us with a distinct set of requirements and goals. Others are not quite sure exactly what it is they need or what they should be doing, but they know they have a problem.

In either case, Verasset offers expertise and guidance based on experience and best practices. Below is a high level guide to help you in getting started on the right path:

First and foremost, establish clear goals.

What is driving the need to efficiently track and manage your fixed assets? While there are often various reasons, initially determine the primary issues. Audit? Compliance? Theft? All of the above? This will help determine the best course of action.

What will be tracked in the program and what will not? It does not always make sense to limit your asset management program to capitalized assets only. While these cannot be ignored, it often makes sense to track select expense items, particularly those that are crucial to business operations and potentially hard to keep track of.

How will you manage the information and keep it current and accurate? Do you have a fixed asset tracking application? If you are looking to purchase one, what functionality should you be looking for? Who will have access to the system and at what level can they view or modify data?

Are there other technologies we should be using to help automate asset tracking processes such as bar coding or RFID? If so, which is best suited for our needs?

If you have made it this far, you will likely need to get an updated physical inventory of your fixed assets. How will this get accomplished? Internally or externally? Once an updated inventory is performed, how often should we take cycle inventory counts to maintain the integrity of the system?

Do you need to reconcile the contents of your fixed asset register? If so, how do you go about getting this accomplished?

How can we improve our internal processes effectively track and manage our fixed assets year round, and not just to put out a fire?

These are issues that Verasset routinely addresses with our diverse client base. We can handle any one aspect or redesign your entire approach at fixed asset management.

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