September 3, 2020
How Audit of Fixed Assets Checklist Promotes Better Project Management
Project management may be particularly challenging in our current work-at-home environment. An audit of fixed assets checklist is useful for project management. Knowing what you have and where it’s located, as well as the condition those items are in, promotes more efficient project management. Those efforts include routine audits and an audit of fixed assets checklist.
Is This Your First Exposure to Remote Work?
The task of juggling the details for any project can be especially daunting if your organization has had limited or no exposure to remote work before now. According to Sciforma, a provider of Project Portfolio Management (PPM) software, project management “may also look insurmountable if your company deals with big projects, portfolios or programs that involve hundreds of people. However, with the right tools, methodology and organization, it is not that formidable an obstacle.”
Asset Audit: The Foundation of Project Management
Before and throughout the duration of any project, knowing the fixed assets you have at your disposal is vital information for planning and budget purposes. Routine audits don’t simply confirm the presence of fixed assets, though that’s certainly important information. An audit of fixed asset checklist contains details that serve to reconcile records with a physical inspection of those assets. The checklist might include such items as:
- Comparing the book value of each fixed asset to fixed asset records
- Verifying physical count of fixed assets
- Reviewing maintenance and repair costs to ensure they’re correctly classified. According to WikiAccounting.com, if the cost was intended “to extend the capacity of assets, then those costs should not be included in the repair and maintenance. Those costs should be capitalized.”
- Ensuring that fixed assets that have been retired have been disposed of and taken off the fixed asset records/financial statements accordingly
- Calculating depreciation accurately, based on the useful life of each fixed assets
- Identifying any ghost assets in your inventory
How a Fixed Asset Tracking Platform Helps
Many organizations – and rightfully so – are apprehensive about the current state of our economy and wonder how much longer they will need to rely on remote work. In addition to knowing the fixed assets you have, their respective conditions and locations, ongoing communication is vital for project management success. If a fixed asset isn’t working properly or is otherwise hindering an employee’s ability to get the job done, there must be a means of reporting that information so the asset can be repaired or replaced as soon as possible. This is where a fixed asset tracking platform can be a tremendously valuable resource for virtual teams. A fixed asset tracking system promotes the inclusion of every stakeholder involved in the lifecycle of those assets. Through greater transparency, stakeholders know where assets should be and the identity of the employees who have them at any given time. If a fixed asset requires repair or maintenance, they can create a work request using the platform. Further, organizations can use some fixed asset tracking platforms as an enterprise service desk to minimize support calls.
Asset Panda’s tracking platform, powered through a free app, enables users to conduct mobile audits quickly and easily, without extensive training. With our flexible and customizable platform, you can track assets any way you want, and from anywhere. There’s no limit on the number of users, so you can get everyone on board and establish greater transparency and accountability throughout your organization. You’ll save time and money while you raise the bar on your project management efficiency and performance – all through the smartphones you and your employees already carry.