Fixed asset tracking is important for organizations of all sizes. By implementing a sophisticated fixed asset tracking system, your organization can simplify asset accounting and reporting processes, lower costs, improve accountability, streamline operations, and more.
With so many asset characteristics, it may be difficult to determine which data elements are most important to capture and maintain. Here, we’ve outlined 20 of the most important data elements to track on your organization’s fixed assets, categorized by the benefit they provide.
FIXED ASSET TRACKING AND PROPERTY ACCOUNTING
Government regulations like GASB 34 and OMB A-133 have made it mandatory to accurately account for and report on all of your organization’s capitalized fixed assets.
Fixed assets should be recorded beginning at the date of acquisition. Maintaining accurate records on relevant asset characteristics throughout the year will simplify your organization’s property accounting processes as you prepare your annual property accounting reports. As an added bonus, it can also make your auditor’s job a little easier.
Below are 15 fixed asset data elements that can help ensure your organization’s success come audit time:
Tag number/asset number
Purchase order number
FIXED ASSET TRACKING AND ACCOUNTABILITY
For most organizations, fixed assets are a hefty investment, and most can’t afford to retire them prematurely due to unfortunate occurrences like theft and misuse. Fixed asset tracking can help facilitate the security of your assets, as well as ensure accountability throughout your organization.
By keeping up-to-date records on fixed asset data elements, you can sleep a little easier knowing that your precious resources are being monitored.
Here are 3 data elements that, when tracked, will safeguard your fixed assets:
FIXED ASSET TRACKING AND EFFICIENCY
Keeping a current record of specific asset characteristics can lead to increased organization and efficiency, as well as improved internal communication. It can also streamline inventory and/or future purchasing processes.
By maintaining all of your asset’s data elements in one place, you can conveniently access information at any time, and trust that the information is up-to-date. Below are 3 asset characteristics that should be consistently tracked to boost your organization’s efficiency:
If your organization is already utilizing a fixed asset tracking system to record all 20 of the fixed asset data elements listed here, give yourself a pat on the back!
However, if your organization is not maintaining details on all (or any) of these important asset data elements, AssetWorks can help. Message us at email@example.com to learn more about our inventory services and software, or for more information on how proper fixed asset tracking can benefit your organization.
You can find an infographic version of this blog post here.
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