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Effective Asset Management: Best Practices for Tracking and Protecting Your Investments

Proper asset management is vital for any organization. This guide explores what constitutes an asset, from office supplies and computers to artwork and furniture, emphasizing the importance of tracking these items for insurance, financial, and inventory purposes. Delve into best practices for maintaining accurate records and utilizing software solutions like Excel, Access, and specialized fixed asset software. Discover strategies for overcoming common challenges in asset tracking, and learn how to implement systems that enhance efficiency and accountability.

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Effective Asset Management: Best Practices for Tracking and Protecting Your Investments

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  1. Cover Your Assets Kaye Boone, PMP Moore & Van Allen, PLLC Steve Odum Bricker & Eckler, LLP LawNet, Inc.

  2. What is an Asset? • Per Webster’s Dictionary: “…the entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.”

  3. Examples Office Supplies Computers Furniture Dictation Equipment Copiers Servers Scanners PDA’s Printers Cell Phones Artwork

  4. Reasons to Track Assets • Insurance Purposes • Financial Purposes • Inventory • Tax

  5. Reasons to Track Assets • Find it when you need it • Maintenance records • Stock Items (things not in use) • Insurance Purposes • Financial Purposes

  6. Who is doing the tracking? Scanners IT PDA’s ACCOUNTING Furniture Cell Phones Computers FACILITIES Printers Copiers Office Supplies Artwork Dictation Equip

  7. Financial Applications: BNA/Tax Management Best Software Comprehensive Microsystems Creative Solutions (CSI) Franklen Computer Sys Intuit MoneySoft PRO-WARE WorthIT Software HelpDesk Applications: Track-IT HEAT Other: Microsoft Access Microsoft Excel VisionFM Various Software Programs

  8. Problems…… - Duplication of effort - Inconsistencies - Inefficient!

  9. Good, Better, Best

  10. A GOOD System Bricker & Eckler

  11. Bricker & Eckler • Cost guideline • Two people are authorized to make capital purchases • Purchases are coordinated with finance • Best Software (FAS), Excel, Access

  12. Bricker & Eckler • Tag number • Item Description • Serial # • Location • Date Acquired • Vendor Name • Cost

  13. Bricker & Eckler • Fixed Asset Software • Computes depreciation • Computes the gain or loss when an asset is sold or disposed of • Tracks the location of the asset for inventory and insurance purposes

  14. Best Practices • Records all assets immediately • Tag all assets upon arrival • Communicate changes

  15. So you’ve decided to implement • a BETTER system

  16. Implementing a BETTER Solution • Evaluate your current system. • Establish your goals / requirements. • Establish a system for new purchases going forward. • Populate your database with existing inventory information.

  17. Challenges • Assets move – often! • Without RFID, tracking assets will ALWAYS require manual updates • More than one department and / or office is involved and each has their own agenda

  18. Cover Your Assets • ……. we all know what CYA really means!

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