Asset Audit Solutions

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What is an asset audit?

An asset audit is a process where a company physically accounts for all its assets. These assets can include equipment, machinery, technology, or any other tangible investments owned by the organisation. The goal of an asset audit is to verify the accuracy of the organisation’s asset database, which is crucial for financial reporting and regulatory compliance. It is a comprehensive procedure to verify the existence, condition, and location of assets and can be carried out internally by company employees using a mobile app solution.

 

Asset auditing is crucial for organisations aiming to maximise revenue while cutting unnecessary costs. Conducting audits following an effective asset management plan, including asset-related protocols, ensures a comprehensive overview of assets, their movement, and depreciation. This approach results in more successful audits and detailed asset management insights. Hardcat’s application suite design is the product of years of real-world experience, delivering the right tools to allow you to conduct consistent, accurate and efficient audits that collect and verify asset data across your enterprise.

 

Benefits of Asset Auditing

Asset auditing is essential for strategic asset management and achieving high operational efficiency. Regular internal audits, following proper procedures and protocols, offer several benefits for a business, including:

 

Improved Financial Reporting
Asset audits facilitate better performance evaluation by managers. They help analyse and reflect on resource utilisation, improving the allocation of finances and reporting. Audits enhance future planning, decision-making, and budgeting. They enable better resource allocation based on business needs, aiding strategic asset management. The ability to formulate and compare necessary reports from audits results in smarter decisions for the future.

 

Many businesses realise the need to replace critical assets only after their lifespan ends, which can hinder growth. Audit reports help make informed decisions about asset replacement and retirement, ensuring better financial management.

 

Compliance with Regulations
Optimising operational costs by eliminating unnecessary expenses is crucial for profitability. Asset auditing provides a monitoring mechanism to maximise asset utility and optimise spending.

 

Regular comparative analysis of audits helps keep asset spending in check and ensures spending within the allocated budget. Organisations, especially in the government sector, must maintain assets in excellent condition due to annual external audits. Adhering to regulatory standards ensures compliance and reduces the risk of penalties. Audits motivate businesses to manage their assets well and maintain good working order, achieving asset management compliance.

 

Enhanced Risk Management
Audits help identify missing, stolen, or ghost assets not currently in use. Conducting physical audits uncovers anomalies, allowing businesses to address issues promptly and avoid operational risks.

 

Audits increase awareness of internal processes, enabling businesses to analyse the feasibility of different asset management techniques. Understanding areas needing improvement helps optimise inventory organisation, keep updated on inventory counts, and forecast future needs.

 

Filtering Out Ghost Assets
Ghost assets, which do not exist but are accounted for in official statements, can mislead businesses by overestimating net assets and increasing tax rates. Asset auditing provides an accurate count of assets, eliminating ghost assets from evaluations and saving businesses significant amounts in taxes.

 

Empower your team to easily maintain asset information on the go whether in network range or off-line with Hardcat’s powerful mobile auditing tools. Leverage technologies such as Barcoding, Direct Part Marking (DPM), RFID (UHF or other frequency ranges) for ease of asset identification and tracking.

Key Features

Certainty Matters

We’re proud to have worked with clients across the globe. Hear from our clients across industries who’ve used Hardcat solutions and benefited greatly.

We’re proud to be trusted by over 2,000 organisations in over 121 countries for the integrity and reliability of our asset management software and services. How can we help you?