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August 2, 2012
Do you know everything there is to know about your assets? Do you know what you have, where it is, and what it’s worth? Not every company does. In fact, a Shenandoah Partners study showed that the average company has an asset register that is only 65% accurate. If you don’t know what assets you have and where they are, you’re at risk of purchasing them again. If you don’t know what your assets are worth, you’re at risk of unintentionally selling them at a deep discount. Both mistakes could cost your company thousands of dollars. EquipNet has uncovered three major mistakes that lead to poor asset data. Read on to see if your company is guilty of any of them.
Relying on inconsistent data systems and formats
Some companies have finance and engineering departments that use different asset tracking systems, record different levels of asset detail, and use different terms when they record data. These inconsistencies can lead to confusion between departments and can cause inaccuracies in the asset register.
Not tracking asset moves
When companies redeploy, relocate, remove for repair, or retire assets, they don’t always let the accounting department know. If the accounting department has inaccurate data, the company may continue paying taxes and maintenance contracts on assets that are not in its possession.
Failing to reconcile legacy systems
During a merger, acquisition, or restructuring, or even during an enterprise software upgrade, companies sometimes put off reconciling discrepancies between the old and new systems. Eventually, this creates a backlog of inconsistencies, the result of which is substantial inaccuracies.
If your company is making one of these mistakes in its asset tracking practices, contact EquipNet today and we’ll help your company work toward accurate asset tracking and get back on track with our proprietary Asset Redeployment Management System (ARMSTM).
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