Companies face significant challenges in tracking the location, quantity, condition, maintenance, and depreciation statuses of their assets.
Iron Mountain’s fixed asset management service provides you with a systematic process for maintaining, upgrading, and managing your physical assets. This service enables you to conduct comprehensive and cost effective physical audits and ensure efficient inventory management.
How does Fixed Asset Management work?
- Study– Iron Mountain team will visit your offices to study your current fixed assets scheme, conduct gap analysis versus business best practices and design accordingly a new operating procedure for your fixed assets function.
- Design – Iron Mountain team will generate a hierarchical asset classification structure for both financial and physical asset tracking requirements as well as an asset catalogue detailing the different types of assets, resulting in mapping the existing physical assets.
- Implement – Iron Mountain team will implement a fixed asset solution that fulfills the business requirement in counting, maintaining, tagging and keeping track of the depreciation of fixed assets.
- Barcode and Asset Tag– Iron Mountain team will tag all involved assets and ensure key fields are covered:
- User location
- Asset type scanned from the catalogue
- Barcode tag id is assigned
- Asset condition is specified
- Reconciliation of fixed asset data – Based on the above process, your Physical Assets Register will be cross matched with your Financial Database, resulting in one clean asset list.
Benefits of Fixed Asset Management
- Efficient –Fixed asset management service is an efficient and accurate solution which enables business owners to track and control their assets electronically.
- Risk & Compliance – Helps mitigate risks of loss or theft of assets by ensuring all items received and withdrawn from the inventory are consistently monitored. The implementation of such service will significantly reduce the threat of human error by using barcoded and labelled techniques, providing a full audit trail of your existing assets.