Physical asset auditing

What is asset auditing?

Essentially, asset auditing is a physical verification process. Comparing an organisation’s “official list” of assets to the actual assets physically located. By conducting this examination you are confirming that the assets listed on an organisation’s balance sheet are real (or exist physically).

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

When it comes to 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 data and also houses all the fundamental activity about every asset in your business.

Physically auditing, inventory stock-take or wall-to-wall audit, are just some of the terminology used to describe this physical examination of your assets. The next step is to reconcile this data with your asset register, critical for operational and financial reasons.

A 2017 UK study of “what happens when you don’t adhere to routine audits” estimates that almost one in five instances of business fraud involves assets with an average loss of $70,000 in small businesses.

Why is it important to verify existence of assets?

Tracking mobile and portable assets and ensuring they are available, in good condition and locatable is a critical aspect of the modern Asset Manager. 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 labels and/or RFID tags.

Zoos Victoria engaged Hardcat Services

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 enhanced the accuracy and speed of our audit minimising the impact on our daily operations. Read case study

Leverage 32 years of experience with 1000+ audit operations

Hardcat specialises in the process required to capture asset details and has 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.

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Hardcat solutions that have been proven in thousands of exercises with fast capture rates. Proving the Hardcat Services team can reduce the cost of your audit.

Fast, efficient audit and reconciliation using mobile asset audit tools, asset audit software and our Hardcat 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.

Let us help you!

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 the format that you require without the upfront costs of hardware and software!

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Showing 2 comments
  • Sheetal
    Reply

    So much helpful information. I have added your blog on my favourite page. Thanks for all the great information. Keep writing and sharing.

  • Vivek
    Reply

    Such a great article will help many people with asset auditing. Keep sharing!

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