Fixed Asset Audit Benefits

Fixed Asset Audit Benefits

Establishing the existence and location of an organisation’s fixed assets, and evaluating their value and condition is a crucial business task for small and large organisations.

When it comes to fixed asset management, certainty depends on a single source of truth. The reliability of your data lives or dies on the quality and integrity of your asset register and also houses all the fundamental activity about every asset in your business.

Physically auditing (i.e. inventory stock-take/wall-to-wall audit/cost centre audit) fixed assets, reconciling and updating the asset register data, is critical for operational and financial reasons.  A 2016 UK study of “what happens when you don’t adhere to routine audits” estimates that almost one in five instances of business fraud involves fixed assets with an average loss of $70,000 in small businesses.

Tracking mobile and portable assets and ensuring they are available, in good condition and locatable is a critical aspect of the modern Asset Manager. And that means the annual physical audit of assets is no longer sufficient to keep control.  Authorising individuals in your organisation to perform quick and easy audits via mobile apps is a fast and accurate way to keep visibility and control, as portable assets move around the organisation and beyond.

Full physical audits that include all your locations (wall-to-wall) can typically be completed 90% quicker  (and definitely more accurate) than a manual paper and pen approach when using barcode/RFID. Read how Zoos Victoria engaged Hardcat.

Hardcat have taken the pain out of conducting audits and reconciliation by automating portions of the process and adhering to a proven methodology. This significantly enhances the accuracy and speed of an audit minimising the impact on your daily operations.

Leverage 32 years of experience with over 1000 audit operations

Hardcat specialises in the process required to capture asset details and have a complete understanding of both barcoding as well as RFID possibilities. We have performed thousands of data capture exercises around the world and have written application programs for both PDAs as well as Smartphones to capture data.

Hardcat uses tools that have been proven in thousands of similar exercises with fast capture rates have been proven to reduce the cost of an audit.

Fast, efficient audit and reconciliation using mobile asset audit tools, asset audit software and our Professional Services team.

  • Asset Discovery – discover assets you never knew you had! These newly discovered assets will be added to your asset register for you to claim immediate tax rebates.
  • Asset Search and Find – find assets that you have not been able to locate before! This allows for write-offs thereby actioning immediate taxation rebates.
  • Highlight Assets – catalogue for disposal any assets that are nonstandard or in poor condition, past expiry, redundant or no longer in use.

Don’t have Hardcat software but still need our audit and reconciliation services?

No problem, we can utilise our software and technologies to deliver an accurate asset register in a format that you require.

Click here to get started

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