Partnering with Asset Services will make the inventory process seamless and simple. We will work with you from the beginning to ensure that all of your questions are answered. Here are a few of the common questions we receive from our clients.
Q. How does the fixed asset inventory process work?
Prior to the inventory teams arriving at your facility, our project managers will work with you to develop a project scope ensuring that all of your project goals and objectives are met.
Once the inventory teams arrive, they will methodically progress through the buildings, and apply property tags to each fixed asset included in the project scope.
Information such as asset number, asset description, facility, department, room, manufacturer model number and serial number will be recorded using state-of-the-art personal data collection terminals (PDT).
The information recorded during the physical inventory is then uploaded to the Asset Services server and scrubbed by our data department. The clean inventory report is then provided to you in a flat file for easy integration into your current asset management system.
Q. How long will an equipment inventory take?
A. The amount of time for an inventory depends on the size of your building and number of assets. Once we talk to you and determine your inventory needs, we can give you an estimated timeline on when you should expect a completed inventory. Our inventory specialists have an average of eight years of inventory experience and are extremely accurate and efficient when performing inventories. Physical inventories performed by trained and experienced professionals are completed in a fraction of the time it would take an untrained person to complete. Not only does the use of barcode technology dramatically reduces inventory time, but it also increases the accuracy of the inventory results when compared to the "pen and paper" method.
Q. How much will an inventory of fixed assets and equipment cost?
A. The price of services varies with the size of the facility, and your specific needs. Typically, the cost of a physical fixed asset inventory for each facility is less than the price of a few laptops. Contact us for a hassle free estimate.
Q. What information will be collected?
A. Through nearly 25 years of inventory experience, we’ve developed a standard inventory process. However, we understand that no two clients are alike; therefore, we know that each client will have varying project goals and inventory needs. From day one, we will work with you to get a firm understanding of your organization and what you are looking to accomplish. We will work with you to make sure all information is collected to meet your project needs. The standard data collected for each asset inventoried includes:
Q. What format will I receive the completed inventory results?
A. Once the inventory is complete, the data will be uploaded to the Asset Services database. Once the data is scrubbed and normalized by our data department, it will be delivered in a flat (typically a .CSV or other delimited format) file that can easily integrate into your current asset management system.
Q. Will it be compatible with my current inventory software?
A. We will work with you to determine what file type will work best to integrate with your current inventory system. We find that most clients are able to utilize a .CSV or other delimited file without any issues.
Q. Why should I have a fixed asset inventory performed?
A. Having an accurate account of fixed assets provides a variety of benefits from complying with industry standards, locating missing equipment, disaster preparedness to reducing insurance premiums. One of our inventory experts would be happy to discuss with you all the benefits that your organization could see once a fixed asset inventory is complete.
Q. How often should we perform a fixed asset inventory?
A. We recommend performing fixed asset and capital equipment inventories on an annual basis. After performing inventories for clients that do not regularly inventoried their facilities, we have seen fixed asset ledgers that are less than 60% accurate. Meaning 40% or more of the items on the asset ledger cannot be located, or there are items identified during the inventory that are not on the asset ledger to begin with. Once an organization decides not to validate their asset ledger on an annual basis, the inaccuracy of the ledger multiplies each year.