An accurate asset register can facilitate better asset accountability while ensuring that an organisation’s good governance and regulatory compliance objectives are met.
Australian asset tracking software and services vendor Hardcat offers direct bottom line benefits to large and small organisations with a complete view and location of their existing physical assets.
Hardcat’s audits can identify assets that have been lost, stolen or are no longer useable but still appear on the company’s asset register and others that do not appear but are active within the organisation. A typical asset audit by Hardcat uncovers at least 15-30 percent discrepancy within an organisation’s established fixed asset register.
The service can also discover assets that the organisation is incorrectly managing either operationally or financially as well as other assets that are not being utilised by the organisation yet still are being depreciated on the books.
Hardcat’s asset audit services use proprietary asset management software, which is platform agnostic so it can easily import existing data from any financial, enterprise resource planning (ERP) or asset management tools that are already in use and then export the accurate, updated data for reconciliation after the audit is complete.
The benefits of the service include: reduced carrying costs of assets, reduced taxes, lower and accurate insurance premiums, no unnecessary purchases, improved tracking of leased assets and better utilisation of existing assets.
The service not only results in an immediate write off thereby reducing income taxes, property taxes, and insurance premiums, as well as increased valuation of the organisation. It also secures data against the risk of future database degradation through the establishment of efficient asset audit processes.
An example of Hardcat’s asset audit service application: Victoria Police used Hardcat asset audit services to locate, tag and register over 80,000 armoury items facilitating improvements that reduced the amount of time for issue and return processes by upto 90 percent through the introduction of barcode scanners. Moreover, time to produce equipment usage reports and conduct future audits were both reduced by 80 percent.