Time’s Right for Facilities Management to Consider an Audit Fixed Assets Checklist

Why would facilities management professionals need to prioritize an audit fixed assets checklist right now during the COVID-19 pandemic?

The Role of Facilities Management During COVID-19

Infraspeak, a maintenance and facility management software company, recently posted a blog on its website entitled “Dealing With Coronavirus (COVID-19) as a Facility Manager.” The blog defines the role of facility management during this pandemic as one of prevention – specifically regarding the following areas: 

• Reducing the concentration of personnel
• Reducing the physical proximity of staff
• Cleaning and disinfecting
• Avoiding international trips
• Keeping everyone informed 

These tasks are all key to a facility manager’s role during this time. However, the ongoing maintenance of the buildings formerly occupied by facilities managers and their colleagues is also crucial. 

Many organizations have temporarily shut their doors and sent employees home, and therein lies one of the biggest concerns. Newly vacant buildings and offices, as well as the equipment they house, could be vulnerable to theft. Equipment or systems that are left behind that aren’t carefully tracked and maintained could malfunction or break down, causing major disruptions or worse. Facilities managers must have an accurate picture of the fixed assets under their oversight. They must also know the condition those items are in and where those assets are located. Pertinent details attached to each fixed asset, like warranties, insurance policies and lease or purchase information, also must be easily accessible to facilities managers to do their jobs effectively – even at a distance. 

Audits: The First Step Toward Better Asset Management

The first step towards effective, accurate fixed assets management is the commitment to conduct routine audits. An audit fixed asset checklist helps facilities managers better plan for the audit and include all of the vital details. Only when facilities managers have a real-time picture of their respective organizations’ fixed assets and equipment can they begin to implement broader procedural changes, including fixed asset tracking and management, that keep operations running smoothly both during and long after this crisis is behind us. 

This resource provided by iAuditor provides a good overview of the kind of details facilities managers may wish to include on their own audit fixed asset checklist. iAuditor suggests including, for example, a photo of each fixed asset for physical evidence, its barcode number, its year of acquisition, a description of the asset, a general classification, quantity, location, original cost of the asset and the invoice, its current value, and confirmation of its insurance policy, if applicable. All of this information should ideally be stored in one centralized system for ease of access.

Of course, the audit is just the beginning of fixed asset management. A fixed asset tracking platform, used in conjunction with an audit fixed asset checklist, helps facilities managers raise the bar on accuracy and accountability and save significant time and money. Depending upon the platform they choose, they may be able to track the complete lifecycle of their fixed assets and equipment using nothing more than the smartphones they already carry. Within seconds, they could pull up the complete maintenance history of a piece of equipment, for example, and determine whether an issue has been recurring and may signal a need for a more extensive overhaul or even an equipment replacement. 

Asset Panda offers facilities managements a streamlined approach to fixed asset management with an intuitive platform that’s simple to use. Fully customizable features, world-class customer service and the ability to store extensive asset data make Asset Panda the best in its class.