Knowledge of Assets That Need to Be Tracked
An automated asset tracking software captures the detailed information of all the assets. From movable to non-movable assets, their location history, condition, owner information, and maintenance history of each particular asset along with other information can be found in Asset Infinity’s centralized reports, that are required for the auditing purposes. The application acts as a complete register that provides access to all the relevant data in real-time.
Bar-Coding and Scanning
Unique barcodes are assigned to all the assets acquired in the organization and afterward, they are scanned through scanning devices to check the relevant information which allows making informed decisions. Also, helps to track the assets about their particular location, frequency in which they are used, and their usage ability.
Accurate Asset Record
Assets distributed across the locations can easily be audited without going to each location. It can be done using cloud-based asset management software, where mobile devices can be used for asset verification. Then data will synchronize and reflect in the records as well. It will reduce the chances of wrong data inputs, improving accuracy, and assisting organization to conduct asset audits as per the requirement.
Internal Audit Report
Once the audit team verifies the asset register with their actual presence across locations, an accurate audit report will get generated in the system automatically. This report can be exported in various file format if needed. Hence with the help of Asset Infinity software, it is easy to streamline the process and execute the plan according to the strategy, to ensure that all the financial data is correct and up-to-date.
Benefits of Audit Through Asset Management Software
The asset audit software assists a lot in making the audit procedure easy and simplified. It also helps to carry out the audit procedures in a streamlined manner. Following are the benefits of conducting audits:
Calculate Actual Growth Vs Expected Growth
To set the business goals it requires a lot of hard work and resources. With the loss of resources, a business would not be able to meet the target as decided. For this, internal audit provides an easy way, after generating reports of your business progress, it is easier to compare as well as set trends for the future business strategies.
Reduced Risk of Fraud
Inventory audit software includes a cautious planning and execution of inventory management. Your inventory, counts in your capital investment to make sure of your desired outcomes or returns. Audits help to figure out the assets that drag your rate of return so that you can cut down on costs, optimize its usage, and manage your finances.
Compliance with Government Regulations
There is a tough competition in the market so you need to keep up with the rules and regulations designed for the organization. If not done, things will get out of hands then you will face some non-compliance lawsuits. To prevent this, it’s important to hold internal audits to ensure the meet of legal standards at all times.
Asset Audits Ensure Streamlined Business Activities
Asset audit software helps to streamline your business activities in many ways, such as:
Evaluation of Performance
All the business activities and performances are evaluated with asset audits and helps in taking wise decisions that would not repeat the previously made mistakes. To keep the performance intact and avoid the repetition of the same mistakes, it is necessary to keep a record of past occurrences. The audits will help to identify the wrong and how they can be fixed for the future, doing this you can save the overhead costs and assure to use the assets in the best possible way.
While conducting asset audits, it is important to have past information related to your organization’s assets. Asset tracking management software helps you keep track of all the history of inventory items. This enables you to keep yourself updated with the historical records of asset usage and the latest trends on asset’s utilization. Previous records make the audit session easier and convenient.
Cost-effective Strategies
To maximize the returns on capital investment it is important to generate the entire list of expenses that are related to the inventory. Without any proper record of transactions, it is difficult to pose a challenge as without the proof of investment. Also it’s hard to justify the credibility and transparency of business operations.
Nobody wishes to deal with such a situation during audits. So, to make things easier asset management software ensures to prepare a list of all expenses related to the assets.
Utilization through Life-cycle Management
As the useful life of the asset changes over the time, its depreciation is also necessary as a valuable concept. You also need to update your assets audit records regularly to maintain the accuracy of the financial records.
Deprecation also helps in tax reduction, if considered because a single asset won’t be used for the whole year and the overhead cost can spread over the useful life of the asset. Hence, depreciation is necessary when it comes to audit sessions.