Fixed Asset Inventories
Concerned you don’t understand your assets or their history, and that you may be out of compliance with how you are accounting for and managing your assets?
Where are my keys? How often have you not been able to find your keys when you’re already late? We’ve all been there, some of us more than others. When it comes to managing physical assets, it can easily become a hassle and frustration that is difficult to understand why we can’t remember where we left such an important part of our lives. It then stands to reason that you would want to know not only where your assets are located, but also what you have, when we purchased it, and its value. Once you have established this understanding, you can implement the processes for tracking the entire life cycle of the asset and account for it properly on the books. Improper asset management tracking of your assets for non-profits can create compliance issues that could put your non-profit status in jeopardy. In long term health care, improper tracking of maintenance programs for your assets can create regulatory compliance issue that could put your operation at risk.
We're Here to Help with Asset Inventories
When it comes to tracking assets, Monarch developed a set of tools that can be very useful to your plan. These tools were tested in a trial among 5 inventory companies from across the United States. These companies were hand selected as representing the best in the industry. In the end Monarch was selected as best in class for this particular trial. The organization involved in leading the trial, cited “flexibility” as the overarching theme that led to this award. With each new asset inventory job, we refine our tools and software to make it more robust and flexible with each passing week. Our tools are also modular, so you can review and establish what makes the most sense for your vision. Whether building a new database, or just simply verifying what you have, give us a call to see what we have to offer.
The Asset Inventory Process
- SET LOCATIONS – We will communicate with your team to develop different and relatable locations (i.e., room numbers, racking, drawers, a-frames, etc.). We want your team to be able to look at the location name and know exactly where to go to find this piece.
- CAPTURE IMAGES – When looking at the data we want you to be able to see the whole picture … literally. You will have a picture of the entire asset.
- COLLECT ALL DATA – If available, other relevant information such as manufacturer tags and serial numbers can be captured. This comes in handy when you need to have repairs done or need warranty information.
Fixed asset inventories can help you:
- Maximize tax benefits by knowing where your assets are and how many you have.
- Plan for Asset retirement by tracking the age and location of items.
- Track Asset maintenance so you know when an asset needs to be replaced.
- Record assets for insurance purposes so you can accurately report as needed.
- Assign an Asset valuation for a merger or acquisition, saving you time during the process.
Monarch has assisted Senior Living Communities, School Districts, and Manufacturing Facilities gain better insights into the status of their fixed assets through these types of inventories.
The benefits of fixed asset inventories
Maximize tax
benefits
Asset retirement
planning
Asset maintenance
tracking
Record assets for
insurance purposes
Asset valuation for
merger or acquisition
Your Questions About Asset Inventories Answered
Get answers to your most common questions from Monarch
The amount of information we capture is dependent on the needs of the customer. We have developed a specialized software that can be customized to accommodate nearly all data requests. Also, your database will contain a note section for any relevant information you want to keep track of as time passes. When you have maintenance done on the product, shipped it to a different facility, moved it to a different room, etc. This information will then always be at your fingertips.
Finalized data will be provided in an excel or csv format unless otherwise requested. These files can be integrated into an inventory management system or used independently as a database reference going forward. If you have a special request, contact us!
These are your assets. If you need them captured, we can include them in the process.
