Asset Identification, Reconciliation and Tagging

An accurate asset register improves an organization’s knowledge of their physical assets and the performance of the business operations. Asset identification is an important process for organizations that manage a variety of fixed or movable assets, and it’s an essential component of an overall asset tracking system.

Many companies do not have an accurate and updated asset register. Frequently it is not possible to link inventory asset registers to physical assets.

Sometimes asset registers are not existent or poor. Reconstructing the asset register is the best method giving accurate information of the assets while retaining the required financial information. Sometimes assets bought in a bulk deal must be split into individual items and valued as such.

Knowing which equipment, you have is essential to being able to track it. If your assets are labeled incorrectly, or if you have duplicate labels, you risk facing compliance issues, falling behind with preventive maintenance, and putting your assets at risk of being stolen or lost.

Proper asset identification methods give your company full visibility into your assets when paired with an asset tracking solution.

Assets can be labeled to include serial numbers or asset numbers. Another option is bar code or QR-code labels, which can be scanned into asset tracking software, which may be linked to your asset database and ERP-system. A third option is Radio Frequency Identification (RFID).

If you do not have a fixed asset inventory, Maskinvurdering ApS can create or update it for you with the latest technology.

If the inventory also has information about ownership, it is easier and quicker to produce special report for the owner of the asset.

Combined with a valuation report Maskinvurdering ApS can assist the company, lender, insurance company and auditors in producing a “Replacement Cost Valuation”. This may be helpful when talking to insurance companies and tax authorities.

If you have bought equipment in bulks, Maskinvurdering ApS can help you cost segregate your assets.

In case of liquidation a proper tagging combined with an asset management system is helpful in resolving disputes of ownership.

In case of liquidation a proper tagging combined with an asset management system is helpful in resolving disputes of ownership.

This service may pay for itself many times in cost savings.