The right asset management system can help you improve asset auditing

Auditing assets is an essential process for any company. During the operation, the assets may have to be moved. Assets like laptops, tool kits, desks, etc. are transferable assets that can easily be misplaced. That is why an asset management system is very important.

An asset management system helps to keep a record of all kinds of assets for a company. Everything can be easily tracked, from the employee who is in charge of the asset to how the asset is doing.

But a general model might not work for all kinds of businesses. For example, a car workshop will be very different from a library. Both needs have assets that can be easily misplaced. Keeping that in mind, CloudApper has developed Assets. With this mobile app, businesses can easily change the app to fit the way they do business.

How annual asset audits can easily become chaotic

Every company calculates its performance at the end of every fiscal year. All the aspects of the company are taken into consideration to understand the actual value of the company. In this process, all documents and information are examined, and assets are physically verified.

Keeping records can become very difficult for many companies, especially if it is a big organization. Things move very fast in such organizations and keeping a record of each move can be less prioritized. This results in losing or storing inaccurate information.

For example, a car rental company, due to busy operations, didn’t keep track of a trip. The driver who damaged the vehicle can keep it in the garage where it sat idle for months. Because there isn’t an asset management system, the vehicle can only be found by physically checking it.

During annual auditing, due to the lack of accurate data, this asset might take days to track down. The possibility of the asset being written off by the company is also high. This effort can easily be simplified with the help of asset management systems.

You may also like to read: How Buying Asset Management Software Can Help You Save Money

How can an asset management system help?

The whole messy and chaotic process can be handled smartly with an asset management system. The benefits that it can bring to the company are as follows:

Data Accuracy

Accurate records help investors invest in the organization by displaying transparency and cleanliness of information. For a business, having accurate data is essential because it influences many decisions and helps develop future strategies. Therefore, precision is essential in the business world.

Tracking the Availability of Assets

Ghost assets pose serious risks to any company, but fortunately they can be identified during the asset auditing process. The term “ghost assets” refers to possessions that cannot be located for various reasons. However, for such assets, you are overestimating the value of your assets and paying taxes on them even though you are not using them.

Automation

There’s no denying that automation boosts productivity and improves your company’s odds of completing the audit on schedule. With an asset management system, a smartphone can be used to assign assets, keep track of them, and evaluate them.

Policy Management

When you conduct an audit of your company’s assets, you gain insight into their quantity, condition, and location. If an organization doesn’t keep track of this kind of data, it may end up breaking policies and incurring fines. To physically check assets, you need to keep track of them, and an asset management system helps a lot with this.

CloudApper Asset makes life easy

We do most of our activities over the phone. Our personal lives are engulfed by their dependency. CloudApper Assets combines the convenience of a smartphone with the demanding tasks of professional life, making it simple and easy. Asset management has never been easier. Try out CloudApper Assets and see for yourself.