Asset inventory services or fixed assets and small inventory items – All asset based organizations have different types of fixed assets that allow them to manage their business more efficiently and be more competitive. A correct accounting mirroring of the actual asset base is essential for any organization, having both accounting, fiscal and financial reporting requirements implications.

The outsourcing of the inventory services of fixed assets and small inventory items is a service addressed to all asset based organizations with many assets and locations which allows them to obtain in a very short time a correct factual and accounting image of the asset base.

The IDTotal team has experience in carrying out fixed asset inventory projects / small inventory items at the national level for asset-based organizations in various industries - retail, utilities, manufacturing, distribution, financial services, other fields. We use proprietary software solutions that ensure a high degree of process compliance and accuracy. From the point of view of inventory identification solutions, we can use barcode labels or RFID tags. For each inventoried item we can save one or more pictures and we will retrieve quantitative and qualitative information.

An outsourced inventory project can last from a few days to a few months, depending on the number of assets and the agreed procedure.

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Asset inventory services, fixed assets

All asset-based organizations manage different types of assets that enable them to operate more efficiently and be more competitive. A correct accounting reflection of assets (consisting of fixed assets and small inventory items) is essential for any organization, having implications for both accounting, taxation and financial reporting requirements.

Asset inventory services, fixed assets and small inventory

The outsourcing of the inventory of fixed assets and small inventory objects is a service targeted to all asset based organizations with many assets and locations and which allows them to obtain in a very short time a correct view of the asset base both from factual and accounting point of view.

When do you need to outsource asset inventory services?

Inventory is a mandatory activity, both from a legal point of view and from the point of view of the administrator's business responsibilities, being necessary to ensure the normal functioning of organizations. There are several signs that you can tell when you need to outsource inventory services for fixed assets:

  • You have reached a large number of your own locations (more than 10), distributed over large distances, and mobilizing staff for inventory has become a problem (you have difficulty attracting staff to inventory committees)
  • The register of fixed assets and inventory objects has reached a large size, over a thousand positions. In this situation, it becomes increasingly difficult to manage the complete inventory using the classic method, based on printed lists, the identification of assets being very difficult in the absence of barcode labels
  • The current inventory method does not ensure a certainty of results, considering the large number of positions in the lists and the complexity of the heritage.

How do these services work?

Based on an experience built up from hundreds of projects, the IDTotal team has perfected over time a reliable inventory procedure, which ensures a maximum level of accuracy in the special conditions of each project. The stages of each asset inventory project are as follows:

At each stage, IDTotal consultants will build a customized activity plan, which takes into account the specifics of the heritage, locations and procedures applicable by each beneficiary. All these activities will constitute an inventory procedure that will be uniformly applied by all inventory teams.

Asset identification is based on barcode labels already applied or being applied by the IDTotal team, which are scanned using the IDAssets+ application installed on mobile scanner terminals. After the scan of all assets in the field is completed, the data is synchronized in the IDAssets+ Back Office application, where comparisons are made with the script situation and inventory lists are completed.

How are assets identified by vendor teams?

The identification of assets by the inventory teams is carried out, depending on the specific case, according to one of the following methods:

  • By scanning a barcode label already applied to organizational assets, these labels being recognized based on a nomenclature of items loaded into mobile terminals
  • If such a label does not exist, it is necessary to use another unique identification criterion, such as serial number (for IT objects) or inventory number coded numerically and marked on the asset. This information can be entered from the mobile terminal keyboard into the IDAssets+ application
  • If there is no information associated with the individual objects that can be used to identify the assets, an identification procedure will be carried out, which takes into account the specifics of the heritage
  • For each heritage object, the IDAssets+ software application collects from the field, in addition to the simple existence of the respective object, additional descriptive information, such as: serial number, brand, model, manufacturer, gauge, but also of context: the precise location of the object (at room/office/floor level), the user of the object. Through the procedure, the agents will also enter information about the object's operating status in the terminal, to allow proposals for scrapping to be made.

How do you ensure you inventory all assets?

The inventory procedure used by IDTotal allows the detection and correction of any possible human errors involved in the inventory process. Each inventory location uses tags with unique codes to determine a scan area, and the IDStock+ IT application automatically identifies any instances where a scan area is not scanned or if it is scanned multiple times, at the level of product.

Any additions identified by the field inventory team will also be validated, this initial validation stage being part of the reconciliation stage at the location level. After the centralization of all locations, a stage of refining the checks will be carried out, at the level of the entire database, based on algorithms developed by IDTotal, which allow a very high level of efficiency and accuracy.

Is business interruption required during inventory?

By outsourcing the inventory activity, there is no need to interrupt the current activity, regardless of the departments involved. Our agents have extensive experience in both running the operational procedure and dealing with customer personnel to reduce the discomfort created by specific inventory activities.

How much do inventory services cost?

The rate for the inventory services is determined according to the size of the stock, the geographical distribution of the stores, the number of unique codes in the article nomenclature, the period of operation and the frequency of the inventory. From a financial point of view, inventory outsourcing is justified from the first location, given the lower costs, saved sales, business continuity and the higher level of accuracy and independence achieved.

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