Why a Fixed Asset Physical Audit is Important?

To succeed in any kind of business, you need to know what you have. In tracking, shipping, and warehousing especially, what passes through your business is just as important as the fixed assets you own that let you operate with efficiency and accuracy. To make the most of everything you own, you need to take stock of all of your assets. This is where a fixed asset physical audit with RFID and asset registers can help.

Today, we walk you through what a fixed asset physical audit is, why it’s important, and how FieldMetrix’s mobile asset identification and verification solution can help your business be more efficient and profitable.

What is a Fixed Asset Physical Audit?

While the world may seem more digital than ever, almost every business still has a collection of physical assets that are required for daily operations and profit generation. These assets are long-term entities that can be anything from land holdings and offices to equipment and vehicles. All of these are integral to efficient functioning and profits, which means they need to be properly counted and tracked.

A fixed asset physical audit is the process of accounting for and registering all of these assets. Most commonly, these audits are performed either by or for businesses and whomever have a vested interest in their operations and success, like lenders and investors.

Why are these Audits Important?

Fixed asset physical audits are important for a number of reasons. Most immediately, they are often required for loans and grants. They are also integral for maintaining and tracking the long-term assets that make your company a success. Everything from forklifts to shelving can be tracked and recorded during an audit, where they can be laid out for better organization and efficiency.

One of the interesting advantages of using RFID and asset registers for your audits is that you can register the asset and its GPS location with a simple scan. This is especially useful in warehousing and shipping, where you can precisely locate equipment and important resources and create a system to ensure they are all easy to find when required.

How Do RFID and Asset Registers Improve Audits?

Back in the day, fixed audits were recorded in physical ledgers, which were then shared to the relevant people, including clients, banks, and business partners. As time went on, these ended up in complicated spreadsheets, which still required manual input. Today, however, thanks to FieldMetrix’s RFID and asset registers, this process can be more accurate and efficient.

FieldMetrix’s RFID tagging system lets you quickly and easily mark any physical asset with a custom ID signature. That signature is then uploaded to your central asset database for fast and accurate tagging and auditing. What’s more, our mobile technology means you can do this wirelessly. Your employees can even perform the audit with their smartphone, and the data will be uploaded once they can connect with the central database.

FieldMetrix’s mobile asset identification and verification solutions have made audits fast, easy and accurate. Our RFID and asset registers can help you locate, track, and easily log everything important to your business. It’s the easiest way to organize everything you have so that you can ensure more success and efficiency in the future. Contact us for more details.

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