profound focus devised the following 10 questions to help you recognize if your current Asset Register and asset-tags (labels / markings) are satisfactory or in need of improving. Each question requires only a simple YES or NO for an answer. If you answer NO to more than two of the below questions your Asset Register is most probably not of satisfactory standard, or your physical assets are not properly tagged:
1 – Do the descriptions of all assets within your asset register immediately tell you what it is? In other words, are your assets properly described and classified according to a specific standard? This is CRUCIAL in order to establish accurate reporting and KPI management of your assets!
2 – Are your tangible assets tagged with unique codes that are identical to their coding in your Asset Register? For example, can you instantly search and find the correct asset record for a unique physical asset within the Asset Register?
3 – Are the asset-tags of the best quality and long-lasting for their operating environments?
4 – Do the tags include bar-codes, QR (Quick Response Codes) or RFID (Radio Frequency Identification) for easy and automatic identification by mobile scanning devices? This technology hugely simplifies inventory checks of physical assets and makes it possible to carry out such checks / inspections more frequently.
5 – If you answered yes to question 4 above, can the software on these mobile devices easily integrate with the accounting system that contains your Asset Register?
6 – Are you able to trace any asset within your Asset Register to its exact (or most probable) physical location?
7 – Do you have an accurate Item Catalogue that contains an image of every type of asset in your Asset Register? ….and can every asset within the register be easily mapped to it’s classified item within the Catalogue ?
8 – Does your Asset Register indicate the true and current condition / state of your physical assets?
9 – Do you have a process to quickly and accurately do inventory checks / inspections of your physical assets on a scheduled basis in terms of its current condition and physical location?
10 – If you answered yes to question 9 above, is the audit conducted frequently enough in order to make your Asset Register reliable and satisfactory for external auditors….and yourself?
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