An accurate fixed asset management program relies heavily on accurate data and precise reporting. The best way to use this data is by providing valuable insights into asset utilization. Below you’ll find a few examples of fixed asset management reports and how to best utilize them to keep your organization efficient, organized, and in compliance.
Asset location is crucial to verifying assets on the books in your organization. Location reports answer questions about which building and room your assets are located, when located, condition (if applicable), and any specifics around where in the room to find the asset.
Location reports are designed to provide the “what, when and where” for your periodic fixed asset verification.
Recommended Retirements or Disposals reports
Retirement or Disposal reports are helpful with uncovering “ghost assets,” or assets that are still on the books but no longer in possession. Through the completion of a fixed asset inventory, assets are validated and reconciled to the financial records. If an asset is not located, confirmation of its disposal or retirement should be received from the custodial department. Removing “ghost assets” can help with a useful life analysis, taxes, and property insurance premiums.
It is common to find mismatched or incomplete information when reconciling asset data in the field. For example, if you find an asset that matches manufacturer, model and serial, but the tag is incorrect, you will want to update the tag number so your system of record has the correct data. Large amounts of changes could highlight opportunities for better documentation or oversight in your purchasing process.
Useful life analysis reports
With technological advancement happening faster than ever, it’s important to periodically review your fixed assets’ lives for how they are actually being used by staff. If you find that the assets are being replaced faster than expected historically, then you could be missing out on additional depreciation recovery for your institution.
At HCA, we’re here to help ensure you’re getting the most out of your reports. A few of the ways we do that:
- Accounting and asset management systems review
- GASB and Uniform Guidance (UG) fixed asset consulting
- Comprehensive asset inventory development
- RFID and barcode tagging and tracking
- Financial reporting
Ready to see how? Contact us today to get started.