This month, Tony’s Tip addresses fixed asset inventories – and how reviewing just three things will put you on track for success.
May 15, 2019
PLANNING FOR A FIXED ASSET INVENTORY
While considering completing an inventory can be a daunting tasks, by considering three simple things, you can easily get started on the right foot:
- Do you really need one done? If you are asking this question, you do!
- Assign only one individual to lead the entire project, and be sure that all instructions and expectations are in writing. You need to define what you want to accomplish and how you want it done before you even start.
- Plan on paying overtime or whatever it takes to get the project done in a week or less. The longer the inventory takes, the greater chance your data will be inaccurate, and you increase your chances of not missing assets due to disposal, displacement or disinterest!
If you can’t accomplish all of these things in-house, hire a professional to do it. Completing inventory projects successfully is just like removing a Band-Aid – focus your efforts to get it done quickly, which will minimize the immediate pain so you can get back to normal.
Let ‘er rip!