QUICK GUIDE. Fixed Asset Inventory Management. Copyright 2014 AssetWorks Inc. All Rights Reserved. For more information visit,
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1 QUICK GUIDE Fixed Asset Inventory Management
2 For many companies, fixed assets represent a significant investment and include everything from desks and tools to computers, printers, and other equipment. Some organizations must adhere to government regulations for tracking and reporting on fixed assets. However, aside from regulatory compliance, there are also many benefits to having comprehensive fixed asset management practices in place. In this Quick Guide, we will explore the fundamentals of fixed asset management with a focus on the inventory process. Throughout the guide you will find several tips for helping your organization establish and execute an inventory plan. For easy reference, the Quick Guide has been divided into multiple sections as listed below SECTION 1 Overview of Fixed Asset Inventory Management SECTION 2 Types of Inventory SECTION 3 Establishing an Inventory Plan SECTION 4 Automating the Inventory Process 2
3 SECTION 1 Overview: Fixed Asset Inventory Management
4 Fixed Asset Inventory Management: An Overview What is a fixed asset? A fixed asset is a tangible asset, it is not consumed or sold during the course of business. Fixed assets include tools, machinery, equipment, vehicles, and office furniture as well as technology assets like computers, printers, projectors, etc. Why do some people call them capital assets? Capital assets and fixed assets are two terms that are often used interchangeably. However, one point of differentiation is that a capital asset often refers to a fixed asset that can produce new property for a company. On another note, a capitalized fixed asset is an asset that meets a certain capitalization threshold (more on that later). 4
5 Fixed Asset Inventory Management: An Overview What is a capitalization threshold? A capitalization threshold is the minimum cost at which an asset must be reflected in your organizations accounting records and financial statements. Note: many companies also require an asset to have a useful life of at least one year. Your capitalization threshold can be determined by government regulation (e.g. GASB 34, OMB A 133) or by an internal standard. Do I only have to worry about inventorying items above the threshold? This is up to you and should be clearly outlined in your inventory policies and procedures. We wouldn t recommend inventorying every pair of scissors in your office but we would recommend you consider high theft items or items that might have value outside of their purchase cost (e.g. tablet computers containing sensitive information). 5
6 Fixed Asset Inventory Management: An Overview What are the benefits of having comprehensive asset / inventory management practices in place? Like we said, for many public entities, conducting an annual inventory isn t an option but rather a requirement. However, believe us, the benefits of having comprehensive asset / inventory management practices in place go far beyond government compliance. Consider the following: You can save $: by knowing what assets you have and where they are, your organization has the potential to realize cost savings but not having to purchase a new projector when you already have one tucked in the back of a closet. You can save time: next time someone is looking for the projector, your asset records will indicate where it can be found. Consider the case of the State of Louisiana during Hurricane Katrina. By referring to asset records, the State was able to respond more quickly with the equipment needed in the aftermath of the event. You ve got authority: having written policies and procedures will not only make it easier for you to carry out your inventory plan but will give you authority and a leg to stand on if you or your team are confronted with questions before, during, or after an inventory. 6
7 SECTION 2 Types of Inventory
8 Types of Inventory Wall to Wall Inventory A wall to wall inventory is an inventory of all items in a given location. It is a very systematic approach that essentially involves having a blueprint of the facility and methodically going through the building from one room to the next. While somewhat time consuming, a wall to wall inventory can be more accurate than other methods. Note: regardless of which type of inventory you choose to conduct or if you apply a combination of multiple types of inventory, always make sure it is in compliance with your auditor s needs. 8
9 Types of Inventory Inventory by Exception Unlike a wall to wall inventory, an inventory by exception counts items that have been touched recently as already inventoried. When implementing this type of inventory, it is extremely important to define what constitutes a touch. Is it maintenance or calibration? Does an asset transfer count? One example where this type of inventory might be useful is if you are looking to inventory a subset of assets that were purchased as part of a particular grant. You could exclude assets that have been touched and simply go out in the field to identify the assets that are still missing at that point. 9
10 Types of Inventory Inventory by Random Sample An inventory by random sample is simply an inventory of a small subset of assets. This subset is identified by a statistically valid and random sample meaning it is representative of all of the items in your inventory. Upon completion of this type of inventory, you can conclude that if you found 95% of the items in your random sample, you would likely find about 95% of the items in your entire inventory. For this to be true, however, the sample must be statistically valid and random. One example where this type of inventory might be useful is during a self audit process. All Assets Sample 10
11 SECTION 3 Establishing an Inventory Plan
12 Establishing an Inventory Plan Abraham Lincoln once said, If I had nine hours to chop down a tree, I d spend the first six sharpening my axe. Putting effort in up front can save you time in the long run. We recommend every company/organization establish an inventory plan. This includes written policies and procedures that can help guide you through the inventory process and communicate with other employees or auditors. We don t have a plan in place, where do I begin? Getting the beginning stages of an inventory plan together may be as simple as stepping back and asking yourself some standard questions who? what? when? where? why? and how? And don t forget, imitation is the sincerest form of flattery. Don t be afraid to reach out to others in your field for advice or to take a look at their plan. 12
13 Establishing an Inventory Plan Some Questions to Help You Get Started Who? Who is going to conduct the inventory? An individual? A team of people? A vendor? Does this differ by type of asset, building, grant/fund or capitalization threshold? To maintain the integrity of the process, we recommend that the person who conducts the inventory is not the property custodian. What? What are you inventorying? Assets above a certain capitalization threshold? Belonging to a certain grant? High theft items? Assets with secure information? Regardless, it is probably important to identify both new and missing assets. When? When is the inventory taking place? What is the time frame for completing the inventory? Are there milestones, phases, or check points? Do I need to conduct an inventory every year? Every two years? How does reconciliation fit into the time frame? 13
14 Establishing an Inventory Plan Some Questions to Help You Get Started Where? Where is the inventory going to take place? Are any of the locations highly secure? Clean rooms? Dangerous? Why? Why are we conducting inventory? For an external audit? For a self audit? For grant compliance? For property control? How? Which inventory method will be used to conduct the inventory? Will multiple methods be used? Are we planning to automate the inventory and reconciliation process? 14
15 Establishing an Inventory Plan In Pre Inventory Planning, Communication is the key! Don t forget to include communications as part of your inventory plan. Maintain a record of who your main contact is at each facility. Plan to notify them in advance of when the inventory is going to be taking place. Be sure to explain what your goals are, why they are important and how they can help. This simple action can help your inventory process run more smoothly. 15
16 SECTION 4 Automating the Inventory Process
17 Automating the Inventory Process Regardless of which type of inventory you implement, technology can help automate and streamline the process. Scanners & Tablets: Scanners and tablets are both effective ways to automate inventory. Using one or the other can increase accuracy and accountability and when synced with a database, can provide real time results. Barcodes & RFID: During the inventory process, scanners or tablets can be used to read both barcodes & RFID tags. Most people are familiar with how a barcode tag works however, there are often several misconceptions associated with RFID. The truth is it s often a marriage of these two solutions that will provide the best results. 17
18 Automating the Inventory Process Scanners & Tablets When making decisions about scanners and tablets, there are several points we suggest you consider. Be sure to consider your answers to these questions before talking to a vendor and making your final purchase. (1) Does the device need to work offline? (2) Will there be sufficient lighting in all areas? (3) How much battery life will I need? (4) What is the read range for the device? (5) What accessories are available? (e.g. cases, Bluetooth scanners, etc.) (6) Does the device need to scan barcodes, RFID or both? 18
19 Automating the Inventory Process Barcodes & RFID Use Both for Exceptional Results You may already know, that implementing a complete RFID solution can be very costly even more costly if you are talking about active RFID. We recommend using both RFID and barcode tagging for a cost effective and efficient way of conducting inventory. Use RFID tags on: Difficult to reach assets Difficult to reach asset tags (hidden, high) Assets that should not be handled Assets that are highly mobile Use Barcode tags on most other types of fixed assets. 19
20 Automating the Inventory Process Some Benefits of Automating the Inventory Process Save Time and $$ Increase Accuracy Improve Accountability Simplify Reconciliation 20
21 AssetWorks Can Help Maintaining proper stewardship of assets is no easy task. If it was, we wouldn t have a successful business. For decades, we ve been helping organizations large and small implement strategies and technology to streamline the fixed asset inventory process. If you have questions about maintaining proper stewardship of assets as well as preparing for and automating the inventory process, one of our experts would be happy to help. To get the conversation started, simply contact AssetWorks today at or info@assetworks.com. 21 Copyright 2013 AssetWorks Inc. All Rights Reserved.
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