10 Ways to Ensure the Success of your Next Inventory Project
From generating up-to-date, compliant fixed asset records to saving time for your team, there are many advantages to working with a third party for professional inventory services. So, whether you already have a fixed asset inventory scheduled or are looking to have one completed in the near future, here are 10 ways to ensure your next professional inventory services project is a success.
Communication, communication, communication! We believe communication is key to a successful company-client relationship. From the initial proposal to the delivery of final reports, be sure the lines of communication are open between you and your inventory service provider. One helpful tip is to take advantage of the project kick-off meeting to gain a deeper understanding of the process, ensure everyone is on the same page, and set up a foundation for success.
Grant access to asset locations Whether you provide your professional inventory services partner with a master key for the day or a personal escort, greater access to building locations can mean greater inventory results.
Notify everyone in the building about the inventory project Letting your entire staff know a company will be onsite conducting a physical inventory of your fixed assets can help with access to asset locations and put your staff at ease. Don’t hesitate to request your professional inventory services partner wear some sort of identification (e.g. a badge provided by their employer) so your staff can easily identify them when they’re onsite.
Provide current asset data From spreadsheets to a robust database, any data provided to your inventory partner can be used to streamline the inventory process. Some helpful lists to provide include current inventory data, licensed vehicles, movable assets (e.g. laptops) and inventory exceptions.
Provide a map or a blueprint of the building(s) Having a map or blueprint of a building allows the inventory staff to more easily navigate the property, and, most importantly, not overlook any areas that may house fixed assets.
Ask questions throughout the process If at any point in time you’re unsure or curious about something being done in the inventory process, don’t hesitate to ask a question. Questions can help ensure everyone is on the same page throughout the execution of the project.
Keep your hands off that keyboard Okay, not completely off the keyboard, but understand that updating an asset management software system during an inventory project can create confusion. If updates need to be made during the process, just be sure to keep the company you’re working with in the loop.
Keep your pen handy Continue to take inventory of incoming and new assets while the inventory is underway. To keep everyone on the same page, work with your inventory partner to schedule the best times to update your database or spreadsheet.
Throughout the year, use software if you have it Keeping track of your asset data throughout the year will not only help you comply with GASB 34 and other regulations, but it can also save time on your next inventory project.
Review preliminary reports Make it a priority to review the preliminary reports when you receive them. It allows the company you’re working with to stick to the schedule you initially outlined, make any necessary changes and get you the final reports as soon as possible.
Working with a professional inventory services partner can help ensure your inventory records are compliant and up-to-date without you having to pull your team away from other responsibilities. Whether it’s getting you started with scanner software and barcode tags or conducting a full blown inventory or reconciliation, it’s important that everyone is on the same page throughout the process. Communication from the kick-off meeting through the delivery of final reports in conjunction with supporting the team with data, maps, and access can help ensure your inventory experience is a positive one.
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