A robust Asset Management Policy gives you maximum control – know what assets you own, where they are located, what they are worth and who is responsible for them.
Assign an Asset Manager to control, build and maintain your process. Formalise your Asset Management Policy so it can easily picked up by others where appropriate. Communicate your Asset Management Policy to all employees who may need to use equipment belonging to the organisation. Set out expectations for both the employee and the organisation. Learn more about top 5 uses for Asset Tags.
Create a comprehensive inventory of equipment you wish to track. Consider the right recording method for your business needs – from simple written recording to more contemporary software products. What to track - consider both physical items such as IT equipment, tools, vehicles and also non-physical items such as software licenses.
Your Asset Manager may not familiar with the equipment you use, therefore store adequate information to provide clarity. Categorise your Asset by type (e.g. ‘Laptops’) to assist easy management/auditing. Consider taking a photograph of the Asset and assign against the Asset record.
Define whether the Asset is mobile or at a fixed point of use. Do you wish to link the item to a particular department or cost centre? This type of allocation can help both financial functions, and assist during auditing. Learn more about where you can apply Asset Tags.
In smaller organisations this may be a simple record of the name of the Asset holder, larger organisations may wish to include an employee number or departmental area. Consider any contractual implications – does the equipment require formalised usage agreements to be in place between your organisation and the employee?
Security of loaned Assets is significantly increased with an Asset tracking policy. Use an appropriate Asset Tag/Label, you may wish to include a barcode as well as Asset number. Depending on how the Asset is used, you may wish to consider a high durability or tamper evident Asset Tag.
Financial auditing needs to be easy, so make sure you accurately value your inventory. Think about applying an Asset lifespan or depreciation framework to automate the valuation process. You may wish to keep a copy of purchase receipts and hold against the Asset record. Linking Assets to cost/centres departments assists management and future decision making.
Maintain Assets according to an appropriate schedule to ensure continued efficient functionality. Consider both the organisation’s standards of maintenance, but also any legal requirements. The Asset may be owned and/or maintained by a third party. Build any scheduled third party maintenance into your Asset Management Policy.
The most effective organisations will regularly assess:
Review your Asset Management Policy regularly to check it is working for your organisation. As your organisation grows and changes, your Asset Management Policy should be dynamic. During process review, involve finance functions, users and business leaders to make sure your Asset Management Policy is working for you.
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