Avoid These 3 Problems With An Asset Register Stocktake

Problems occur with asset register stocktakes or audits every day and often this is because there is no efficient system in place or the time to complete the audit in a reasonable timeframe. There are tools and technologies that can be implemented to help avoid some of the most common problems.

Lost Assets

Audits are needed on a regular basis and when there are no definitive ways to take a stocktake, it can lead to lost assets. It may have been awhile since one was taken and therefore assets have moved, been retired into storage, or borrowed by another location. When everything is systematic and there are better processes in place, it can make it easier to identify where the assets are and what condition they are in. Try rolling audits.

Incorrect Counts

There's nothing more frustrating than getting an incorrect count. It may be as a result of not having a barcode or RFID to scan and therefore the counts are going to be off or the assets are misidentified. It's difficult to ensure different people count assets the same way every time and therefore a better system needs to be implemented.

Ineffective Registers

An asset register stocktake or audit needs to be the same regardless of who is conducting it, consistency is key. The problem is that different departments may be at different starting points and this can cause problems with reporting as well as from the operational versus finance standpoint. All of this can be eliminated with a stocktake that spans across the entire organisation in the shortest possible time. You can be sure that everyone is at the same starting point and that everyone receives updates when a total stocktake or audit is taken.

Contact Reduxo now to learn how to improve your asset register stocktake or audit.