Tracking fixed assets is an important concern for every company. By definition, a fixed asset is any “permanent” object that a business uses internally – test equipment, computers, laptops, mobile phones, spare parts, files, legal documents, inventory, medical equipment, and other expensive and difficult to replace items. While many employees utilize and access these fixed assets, they ultimately belong to the company and must be accounted for. The lack of an accurate method of keeping track of these fixed assets costs companies billions of dollars each year.
Top 10 Fixed Asset Tracking Challenges
- Employees spend countless hours tracking down missing equipment
- Missing equipment must be re-purchased causing more expense
- Manufacturing and servicing operations slow down while equipment is located
- Assets are not accounted for after they are initially received
- Assets move from place to place but no change is made in the system
- There is no visibility as to where an asset has been moved
- Need to comply with GASB 34 or Sarbanes-Oxley
- Asset inventories are too difficult and time consuming to justify
- We have several "high-value assets" and we don’t know where they are
- Simply put - "We have no control!"