Asset Management Best Practices

 

 

 

Managing assets can be a challenge when your company grows. 

Managing assets can be a challenge when your company grows. If you are in charge of managing and tracking of the assets in your company, then you will need to be very conscientious and dedicated. As you know, any problems faced in asset tracking can and would lead to significant financial losses for your company and increased administrative work for you.

1. Use the right tools

Using software to track can make a difference in the accuracy of your tracking of your assets and how long it takes for you to manage the assets. Using manual tracking of assets could be a waste of time as it will be difficult to maintain and track accurate asset records. Using the right tools would save both time and money.

Also, using the right tool, it has to be scalable because it has to be able to grow with the company as well. If not you would find yourself having to keep having the source other tools to integrate with other systems in your company.

2. Maintain proper depreciation records

Without maintaining proper depreciation records of your assets, your company would not be able to have an accurate calculation of depreciation for the assets. Not maintaining proper depreciation records could be costly for the company.

3. Track asset records properly

When starting out tracking your asset records, it good to have a accurate baseline of your assets. If you start with wrong numbers, then whenever you do a wall to wall audit, you will face issues with having your counts incorrect.

Having wrong numbers usually is due to have “ghost” assets – which are assets that still exist in your records however are no longer physically in your company. This could be assets which are lost, stolen, broken. This is usually due to improper tracking of assets.

4. Proper tagging of assets

Hardware and Software inventory should be tracked correctly and properly as well. All hardware that can be tagged with barcode labels are to be labeled properly and then stored in the system. Software which cannot be tagged with barcode labels, will then have to be tracked via license count e.g. how many licenses purchased and how many licenses are installed.

5. Setup asset reports

Reports help you to be able to see your asset status at a glance. It should be tailored based on your company needs instead of using a generic report provided. Using a generic report may not provide relevant information as well.

 

 

 

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