Keeping track of your organization’s assets is one of the most vital enterprise undertakings that not only greatly enhances excellent hardware and software supervision, but also helps you save time and money and make better business decisions. An operative asset management structure gives you deeper insights into your venture’s property portfolio, therefore improving your understanding of your various assets.
To gain full control of your assets and ensure absolute workforce compliance with your organization’s property policies, a perfect understanding of this essential procedure is paramount. However, managing your venture’s assets may prove challenging, especially if a large number of your employees work remotely.
Does managing your business’s assets always have to be a mind-numbing affair? Actually, it doesn’t! This comprehensive article will help you manage assets effortlessly by providing a concise and informative guide regarding this cryptic business task. This guide covers several key topics, including:
- What is asset management?
- Importance of asset management
- How to manage assets
- Best practices when managing assets
- An excellent asset management sample form
- What Is Asset Management Part 1
- Basics of Asset Management Part 2
- Asset Management Sample Forms Part 3
- Best Practices When Managing Assets Part 4
Part 1
What Is Asset Management?
Asset management is an essential business practice that involves excellent monitoring and precise tracking of a venture’s property. While asset management is a vital accounting tool, this incredibly reliable undertaking also guarantees an impeccable property preventive maintenance mechanism as well as a powerful anti-theft measure.
Asset management covers a large scope of operations, including:
- Documentation of acquired assets
- Perfect distribution of assets across your entire workforce
- Recording of decommissioned machines
- Exceptional oversight of system maintenance procedures
- Asset location monitoring
- Asset access regulations
- Keeping precise inventory tabs
- Insightful asset risk analysis
There are multiple incentives for appreciating asset management techniques. First and foremost, monitoring your venture’s assets greatly improves your future purchase choices and application practices. As you track the performance of a specific machine, you can identify its flaws and strengths , thus helping determine if you will need a similar tool in the future.
Asset management is a vital entrepreneurial task that offers dozens of benefits, including:
- Provides an exquisite avenue for tracking all your company’s assets
- Captures an asset’s operation history, thus validating warranty policies
- Helps establish possible risks associated with a specific machine
- Offers documentation of your venture’s inventory, thus eradicating cases of ghost assets
ProsperForms – asset management software. Get Started Now
Part 2
Basics of Asset Management
Asset management is an indispensable undertaking that offers an intuitive understanding of your venture’s property. But maintaining a precise and reliable asset register that outlines the exact value, quantity, location, and condition of your assets can be overwhelming.
So how exactly do you implement the asset management system in your organization? Customized forms are the ideal tools for asset management procedures. A comprehensive asset management template should provide clear insights regarding your venture’s property. Some of the most essential aspects of asset management include:
-
Asset Acquisition
Asset management predominately involves the regulation of the number of assets in your venture. While purchasing unneeded assets can devastate your finances as well as your storage, a good asset manager should focus on ensuring only the required amount of a particular property is bought.
To achieve this, consider developing a clear asset acquisition policy which an employee must observe before making an order. It is also important to formulate a hierarchical approval system where any purchase made within your venture is sanctioned by the relevant personnel.
Low-quality commodities are a serious setback to any organization. To ensure high-quality assets, consider designing a list of approved suppliers. -
Monitoring the Movement of Your Assets
Theft is one of the main reasons why most business organizations invest in robust asset management systems and personnel. Therefore, frequently counting the number of your assets is vital.
While your records may indicate that a certain inventory is available, verifying the statements by performing periodic counts is an ingenious strategy of avoiding ghost inventory. Counting also provides your bookkeepers with a reliable lead in establishing the movement of goods. -
Ensuring Asset Security
Good asset management, whether physical or non-physical, should protect its venture’s property from any kind of damage or theft. Ensuring asset security involves several measures, including excellent storage procedures, access restrictions, and proper recordings of the available property.
To secure your assets, you need to understand the exact nature of your inventory. With this understanding, you can protect your stock from theft and also reduce corrosion and avoid contagion, ultimately extending the lifespan of your assets.
ProsperForms – asset management software. Get Started Now
Part 3
Asset Management Sample Form
Depending on the size and nature of your venture, there are various means of managing assets. For a typical business organization, the above procedures will suffice. But a perfect asset management strategy necessitates a comprehensive form where departmental heads can record and forward any eventualities and news regarding their property stacks.
ProsperForms – asset management software. Get Started Now
While most managers use basic non-official forms to document their assets, most templates are completely useless and ineffective in the modern business environment. What you need is a comprehensive form that will enhance meticulous and detailed documentation of your assets.
Here is an example of what an ideal asset management record form should look like.
Check more forms in the next chapter.
Part 4
Best Practices When Managing Assets
With this form, your asset management undertakings should be a breeze. However, if you are dealing with a large company comprised of multiple branches, the process may be more complicated. Incorporating the following asset management best practices may help you tackle even the most intricate scenario.
- Consider employing bar code labels to improve accuracy when tracking your assets.
- Rather than manually counting your assets, embrace the use of computer programs. This will automate the whole process, thus helping save time and revenue.
- Before selecting a specific tool, make sure it satisfies all your needs. A good asset management system should be scalable and fully compatible with your unique business environment.
- Lastly, whether using a program or not, it is imperative to eliminate ghost assets.
In summary, an effective asset management system is an invaluable business tool — it enhances accuracy, improves your visibility, and ensures excellent reporting, therefore streamlining your venture’s operations.
ProsperForms – asset management software. Get Started Now
ProsperForms – asset management software. Get Started Now