Many businesspeople need help managing all of a company’s processes, especially in relation to asset control. As you know, having control over all the assets of a business is a complex task and demands a lot of focus and responsibility from managers.
A company’s assets, as a whole, represent a very significant value, which is why it is necessary to adopt methods that protect this capital, that are reliable and transparent, in harmony with good market practices and allow the business to develop safely.
Thinking about helping you, we have put together some tips on how to carry out efficient and quick asset control. Are you interested in the subject and want to learn a little more? Continue reading!
What Is Asset Control?
To carry out reasonable asset control, you need to understand this concept and therefore, our first topic is dedicated to it.
In short, whenever you hear about asset control, remember that it is the management of all of a company’s assets. In other words, it measures the company’s assets, which can be:
- tangible, such as buildings, vehicles and computers;
- intangibles, such as patents and franchises.
Knowing your fixed assets is essential within a business context, especially for enterprises that have more than one unit, giving the entrepreneur an exact idea of everything they own.
How Vital Is Well-Executed Asset Control?
Many managers still do not understand the importance that asset control has for their companies and see it as a high cost whose function is to comply with the legal requirements of a business. However, its importance goes far beyond that!
Asset control is a crucial item to improve the structure of your enterprise, as, through it, you can:
- optimize your purchasing process and reduce waste;
- prepare the company to undergo audits, whether internal or external;
- be able to prove the integrity of your financial information easily;
- reduce the rate of deviations within the company.
How Do You Control Your Company’s Assets?
First of all, it is necessary to remember that the assets that make up a company’s assets are called Fixed Assets and that they are part not only of production but also of the administrative sector, such as computers, vehicles, furniture, machines and all other inputs. from the company.
Therefore, through asset control, you will be able to carry out more accurate accounting regarding the depreciation of your fixed assets, observe whether there are any deviations in purchases within the company and even waste that can be reduced.
It should be noted that the use of good software can help — a lot! — this entire process, as automation, brings numerous benefits to business management.
As we know that the challenge is great, we have put together some valuable tips to help you keep your assets organized and controlled and then find the ideal scenario to grow and develop with security and durability. Follow along!
Correctly Classify Accounts
The balance sheet is essential to determine the company’s accurate and current assets. He is responsible for surveying all the liabilities and support of your business and then comparing them.
Remember that, as it is very detailed, this task may take a certain amount of time to complete, requiring a lot of caution and attention from the employees responsible.
Furthermore, it is essential that you classify your accounts correctly, and your balance sheet should include the following in particular:
- current assets: these are all those items that can provide a faster financial return to the company, such as the sale of goods;
- non-current assets: investments, machinery, real estate, equipment, etc.;
- current liabilities: payments made to suppliers, employees, taxes, among others;
- non-current liabilities are all long-term financial obligations that the company has;
- net worth: these are the values that represent the company’s capital, that is, the difference between the values of assets and liabilities.
The use of identification plates serves not only to optimize asset control but also to measure the depreciation of the asset and verify the number of maintenance and internal movements. Furthermore, this technique facilitates the checking of information in audit cases.
Labeling your assets also prevents and simplifies the identification of theft or embezzlement of company assets. Even though this doesn’t happen often, over the years, slight deviations can make a big difference to your help and lead to significant losses.
In general, plates can be accompanied by a barcode or a serial number, depending on the company’s needs. The important thing, however, is that you have strict control over all your assets.
Perform An Annual Control Update
Your asset control must be updated at least once a year, as reviewing and updating the valuable life, depreciation, and residual value of your assets is essential for the company to grow in a well-structured manner.
It is essential to highlight that this update must be carried out together with your balance sheet, as it is a way of knowing the actual situation of the business. Through it, it is possible, for example, to identify the need to make new investments and define items that are stagnant and generating losses, among other factors.
Furthermore, if preferred, the deadline for carrying out this update can be reduced to monthly and quarterly conferences, for example.
Create A Rules And Procedures Manual
To maintain the best development of activities within the company, the ideal is to prepare a manual of standards and procedures, and it should contain all the processes necessary for organizing asset control.
However, this manual must be effectively put into practice. In other words, you must ensure that your employees understand its objective and ensure that everyone is doing their part.
By adopting this strategy, your employees will have routines and procedures to ensure good purchase, approval, identification and responsibility for goods, avoiding unnecessary purchases or untimely maintenance, for example.