Start Management in Practice Tracking your company's asset inventory

Tracking your company's asset inventory

Inventory control

In this article we will talk about:

Patrimonial assets inventory

The inventory of assets or assets inventory is the first step to a true control of the material assets of your company. This type of control has two main objectives:

  • In the case of larger companies, to have concrete data and have a good monitoring of the evolution of assets at the time of publishing their balance sheet and,
  • In the case of smaller companies, to not let assets lose value without the proper provisioning for the purchase of new ones in the future;

Usually some of the assets you can control in your company are:

  • Machines
  • Properties
  • Equipment
  • Furniture
  • Computers
  • Vehicles

Anyway, any product or item that loses value over time needs to be accompanied, after all, there may come a time when it does not work or serves more and needs replenishment. If you simply ignore this fact, you may have very unplanned costs that will hamper your company's cash flow.

How to do inventory control of assets

If you want to start controlling your inventory of assets well, you need to do the general company records, which basically involve:

  • Responsible staff
  • Company Areas
  • Heritage categories

In our inventory control worksheet you can do this registration in a specific field for this:

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Inventory Control - Registration

Then just launch all your assets with a detailed fill of a series of items that will help you periodically monitor your inventory. This is a list that I think is important.

  • Item
  • Category of the item in question
  • Responsible
  • Responsible area
  • Purchase date
  • Age in months
  • Value
  • conservation state
  • Useful life in years
  • Current value
  • Depreciation

Some other items are not required and may be optional on a case-by-case basis, such as:

  • Serial number
  • Profitable
  • Storage location

See how these items would stay in our inventory control worksheet:

Inventory Control - Postings

Note that depending on the age of the item and its useful life, some messages are automatically placed and the current value may even be negative (if the depreciation period has already passed). The most important thing here is to have a sense of the already depreciated items, which are about to depreciate and the state of conservation of them, since it is this type of information that will help you allocate the resources correctly for future purchases.

Most important asset reviews

In practice, a good control of the inventory of assets will allow you some important analyzes such as:

  • Inventory knowledge segmented by categories

Here you will have a look at the quantity of items in that category, their total, average cost and the current value, including making a comparison between the general costs of the company.

Inventory Control - Graphics

  • Inventory knowledge segmented by areas

This type of analysis will help you to know if there is any area that does not take good care of your equity and also understand if any of them are suffering from many items scrapped / with the due date of depreciation.

  • Knowledge of general company information

That range from total cost with assets to the understanding of the percentage of items that are to depreciate, with poor conservation status or in need of immediate replacement.

Asset Inventory Control Sheet

If you need to control your inventory of assets, I strongly recommend that you have a tool for this and our inventory control worksheet you can make all the necessary records and tracking for that control.

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  1. Hello, I need to do a job of going to various sectors of a school, such as classrooms, chemistry labs, physics, computer science, school secretary sector, pedagogical sector, kitchen, cafeteria, library, amphitheater, etc., and write down all the assets of each of these sectors, noting the asset number of the assets that have labels and also those that do not. I ask: should I make this annotation with a pen (or pencil) in your printed spreadsheet and later post it in the spreadsheet or make the annotations directly in the spreadsheet through the notebook, so I wouldn't need to perform two services. Bearing in mind that I will still have to post these data in another patrimonial control program for all public schools. I think that, even if there is this program (the GPM), it is very good to have this heritage recorded in a spreadsheet like yours. What would you recommend regarding the collection of data for the different assets (there are many), writing it down on paper first and then launching it in the spreadsheet or system, or going with a notebook in each sector and already launching it directly in the spreadsheet. Thanks for listening.

  2. I would like to know if they have a contract control sheet and if so, if they could send me a demonstration and inform the price


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