Want to Manage Business Assets? Read Ahead!

Posted by David Thomas on July 5th, 2020

Regardless of the size of your company, managing the assets of the business is a time-consuming activity. But it doesn’t have to be. With the help of the right asset management system in place, you can easily take care of them. Here are some ways to handle them.

Prepare an Asset Register

It must be an intensive part of the process. An accurate inventory of all the business assets has to be maintained. It should include the location and type of asset. With such a catalog or asset register, there will be challenges later on.

Ghost asset elimination is critical and is done during the creation of the asset register. These are the lost, stolen, or unusable assets which are still considered to be active. Their presence can increase the tax burden and increase the premium for the insurance too. As most of the assets are part of the balance sheet, they can be written off and either depreciated or expensed. It is why the value of the assets has to be recorded.

Ascertain the Responsibility

The asset register should also include the details of the person who will be handling the asset. The fleet manager controls the fleet, and the facilities manager manages certain equipment. The name of the person responsible for the asset should be mentioned in the catalog.

While it may be tempting to skip some part of the process, it helps as the time passes. It can help in finding the location.  The first step is to ask the person responsible for the asset. If you don’t know who is the owner of the asset, how will you begin the search for it?

Using Software

The best way to streamline the handling of business assets is to use the right asset management system. It’s a mistake to use the spreadsheets to manage the assets. A spreadsheet is prone to error. And once the errors are made, it can be challenging to find them. It often results in incorrect inventory and the valuation of the assets. It is crucial to select software that can fully integrate with the company’s accounting system. It means the asset-related data can be easily updated and shared.

Use of ID Tags

Another way to streamline business asset management is to use some form of barcodes and ID tags.

Finally,

With the use of asset management system and ID tags, the asset can be managed well.

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David Thomas

About the Author

David Thomas
Joined: October 23rd, 2019
Articles Posted: 28

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