Working from the beginning on the control and inventory of the assets is a fundamental step to develop a correct valuation of the assets and, in this way, to comply with the requirements of all national and international regulations.
Correct recording of assets allows companies to make correct financial and tax decisions; on the one hand, it makes it possible to reflect in their accounts both the depreciation and the expenses and income that these assets generate. On the other hand, it allows them to optimise their taxes in accordance with current laws, as well as achieving cost savings and a decisive improvement in the control of assets.
The importance of asset inventory
Inventories are the first step in a company’s strategic asset management. Inventory work allows the development of the following tasks:
- Data collection of assets from a new customer location or to perform physical inventory updates.
- Cataloguing and physical inventory of assets with labelling. This consists of organising and sectoring the assets according to type, location or any other necessary typology, applying to label, for example with QR coding, to quickly identify them.
- Valuation. In addition to carrying out a catalogue, it is possible to carry out a valuation of the assets to calculate their partial and total value. The valuation report is delivered in digital or paper format, providing a detailed explanation of all the steps taken in the valuation process.
- Analysis of the records and reconciliation. Reconciliation of accounts is one of the most important tasks for any organisation, which can be fundamental for correct decision making. Through this process, the information generated in the physical inventory survey is crossed with the data available in the company’s accounting base.
- Digital integration. It is often requested to be able to have the information collected at all times. In this way, in addition to the inventory and labelling work, all the information collected is subjected to a digital integration process in an online database.
With a correct registration and identification of all the physical assets, we can have complete information of data such as technical and commercial specifications, QR code, images, plans, photographs, multiple personalised fields, financial data, spare parts, third party services, document management under ISO standards, guarantees, contracts, task history, consumption and locations.
Registration and labelling of inventory in an EAM
The correct management of the asset register requires a correct inventory of the assets, a physical-accounting reconciliation and the updating and maintenance of the data entered. The use of enterprise asset management (EAM) software reduces the costs of the process, avoiding unnecessary inventory transfers or experiencing downtime due to inadequate inventory, as its integrated modules help the company to proactively manage its assets.
During data collection or the entry of new equipment, each asset is tagged with QR and/or RFID codes according to the customer’s real needs. A single coding of the inventory turns out to be an efficient and standard tool for all the departments of the company, being able to channel everything from maintenance operations to the standardisation of purchasing procedures on the same device.
The main advantages of labelling are:
- Assets identified and linked to maintenance operation.
- Improvement of equipment traceability.
- Identification of incidents on an inventory device.
- Reduction of action times in incidents on inventoried assets.
During inventory activities, all the information necessary for proper management is noted, such as
- General technical data.
- Geographical location.
- Alphanumeric position.
- Depreciation category.
- Attached documentation.
- Any other relevant information about the asset.
During the analysis and design process for implementing the MA, it is critical to define what information we need to incorporate into the inventory to manage each asset effectively and efficiently. Too much information can increase the cost and time of taking inventory, especially in companies with a large number of assets. Clearly defining the data to be incorporated and how to obtain it can avoid later problems and having to review the entire inventory.
On the other hand, a very poor inventory that does not include all the necessary information will undermine the MEA and may require a complete review of the inventory in the future, with the cost that this entails.
Inventory management at Retain
At Retain, we offer personalised services for the constant updating and maintenance of the inventory and asset register. A complete and updated inventory is the basis for any energy action aimed at seeking savings. When carried out correctly and well organised, it allows the areas of energy action to be grouped according to the most critical parameters measured.
Contact us without obligation and a specialist will resolve all your doubts and help you find the best solution for your case.