3 Reasons To Schedule An Asset Register Stocktake Or Audit

An asset register stocktake is critical to ensure you have an accurate base, it is the foundation of any asset or facilities management system as well providing the information for both operational and financial decisions. Understanding the reasons will ensure you have a comprehensive up to date asset register as needed.

Planning

It's easier to plan operationally and for expansion when knowing what assets are on site. The condition of each asset can also be explored to determine if it needs to be maintained or replaced. Knowing the quantity and location of each asset can also help to plan based upon whether it is available currently and/or you have enough for ongoing business and expansion.

Compliance

There may be a variety of compliance issues that you need to sort through and adhere to such as essential services, air conditioning to name a couple.  The only way to truly know what has been maintained is to have maintenance records per asset based on a true and accurate register of what is on hand with a stocktake. To ensure you remain compliant, the stocktake should take place on a regular basis.

Budgeting

It's hard to budget if you don't have an accurate asset register as a starting point.  Without having a complete asset register stocktake or audit you cannot plan or create a precise budget.  Furthermore, there is a balance sheet that needs to be maintained and reported as correct.  

Learn more about asset register stocktakes by contacting Reduxo.