Fixed Assets Inventories: Should you go in or out?
Conducting a physical inventory internally can be time consuming and frustrating so when is it worth outsourcing it and what are the options?
Conducting a fixed assets inventory is often the first step in setting up an effective fixed asset management programme, but it can be time-consuming and expensive if not managed efficiently. Organisations have three broad options open to them when planning an inventory and selecting the right option for you will save time and reduce costs.
Each organisation has it’s own approach to managing fixed assets but at some point that is going to involve conducting a physical inventory of those assets. Often a physical inventory is carried out to correct an inaccurate asset register or prior to implementing fixed asset management software. For asset-intensive organisations with high-value equipment, an inventory may be more frequent.
Whatever the reason, organisations will need to decide who is going to manage the inventory and how it is going to be carried out. There are three main option to choose from:
Each option will involve different costs and benefits for an organisation and the best option will ultimately depend on the individual circumstances.
DIY may appear cheap and quick, but as anyone who has ever attempted a DIY project at home will tell you, things can quickly get out of hand. This approach is likely to work best if you have relatively few assets or have a reliable tracking system in place already.
Outsourcing will often be the most sensible option. Inventory services firms will usually quote for an audit based on a set rate per item and the cost will often work out cheaper than DIY when you factor in all the costs.
A third option may be investing in a specialist Fixed Asset Management System from the outset. This approach has several benefits:
If you would like to find out more about getting the right tools to help you with carrying out your inventory or to manage your fixed assets more effectively once you have completed one, then please contact us here or email email@example.com,uk
|cookielawinfo-checkbox-advertisement||1 year||Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .|
|cookielawinfo-checkbox-analytics||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".|
|cookielawinfo-checkbox-functional||11 months||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
|cookielawinfo-checkbox-necessary||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-others||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.|
|cookielawinfo-checkbox-performance||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".|
|CookieLawInfoConsent||1 year||Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.|
|PHPSESSID||session||This cookie is native to PHP applications. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. The cookie is a session cookies and is deleted when all the browser windows are closed.|
|CONSENT||2 years||YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.|
|_ga||2 years||The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.|
|_gat_UA-48954022-1||1 minute||A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.|
|_gid||1 day||Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.|
|VISITOR_INFO1_LIVE||5 months 27 days||A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.|
|YSC||session||YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.|
|yt-remote-connected-devices||never||YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.|
|yt-remote-device-id||never||YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.|