Strategies For Ensuring Asset Register Accuracy And Completeness

Ensuring that your asset register is accurate and complete is not as easy as it sounds. If you have many assets things can be even harder. Throw in multiple assets used in multiple locations and having an accurate and complete register can seem impossible. However, when you use strategies that are known to work well, having accuracy and completeness is possible. 

Let’s take a look at some of the ideal strategies to use.

Some managers upload the details of their assets to a spreadsheet. Other people have everything listed somewhere on their computers. However, this type of asset register is not very secure and it’s likely to be quite inaccurate and incomplete.

We humans can make mistakes without intending two. That mistake was intentional, but it’s so easy to make unintentional ones. As a result, an asset register can show that you have a lot less or a lot more assets than you have. In addition to this, the register may not be as complete as it could be. 

A complete register contains many details about each asset. For example, if you were to add a laptop to your register you may also wish to add details such as: 

The laptop’s:

• Make and model 
• Colour (if relevant) 
• Serial number 
• Date of purchase 
• Price at purchase 
• Estimated life span
• Warranty and insurance information 
• Software licence renewal date
• Maintenance schedule 
• Photograph for quick identification 
• PDF of the user manual or link to an online user manual 
• Where the laptop is typically located 
• And much more 

When you have all of this information added to an asset’s profile it will be complete. The above information can prove to be very useful at some point in the future. For example, if you want to know when the insurance runs out simply log into your asset register app and locate the details. 

As assets tend to be used in many different locations, having access to the above information can be helpful. All you need to do is select a specific vehicle, for example, from the list in your asset register app. Opening the vehicle’s digital profile will result in you seeing any information that has previously been added to it. You can have the details you need within moments.

One of the best ways to ensure that your asset register is complete is by tracking each asset’s location. This can be hard if you don’t use an asset register app. For example, tracking an asset by looking at a spreadsheet and seeing who is using the asset isn’t clear enough. There may be times when you need to know that one of your trucks, for example, has reached its intended location. 

Using an asset register app can help with this. These days, many asset tracking companies offer customers QR codes that they can attach to their assets. The QR codes are manufactured in such a way that they can be attached to just about anything. 

Want to attach a QR code to a truck? Wish to affix the QR code to a tablet or a log book? It’s easy. If you have previously scanned the QR code and created a digital profile for the asset you can see where it’s located. 

Having real-time updates can help you to keep your asset register accurate and complete. You know where your assets are at all times.

Some managers assume that once they have added sufficient details about each asset they need to do no more. The fact of the matter is that an asset register app will need to be updated from time to time. Perhaps a computer’s software licence has been renewed. Maybe multiple people use one of your vehicles so you need to add a check-in/check-out feature. 

Keeping an asset register up to date means it’s as accurate as possible. When your register is updated regularly your business can benefit from it. For example, you can see how many assets you have and even how many times they are used. You can see which assets are in one location and which are still in the storeroom at head office. You can even benefit from added security as you’ll know where all of your assets are 24-hours a day, 7 days a week.

Finally, if you have a maintenance schedule added, you can keep everything in the best possible condition. As a result, you may not need to purchase replacement laptops, for example, any time soon. 

When your asset register is accurate and complete you could save money, increase security, and help your business to become more productive.

Would you like to speak with an expert about an asset register app that keeps your register accurate and complete? Email us now at: team@itemit.com.

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