Asset auditing is usually a long procedure especially when an organization has lots of assets. It becomes more hectic when you know some assets such as vehicles are in different locations and some vehicles are out making deliveries to clients. That is why it is important to plan asset audits in a way so that you have assets available at the time of audit. However, it is not simple as it seems that is why auditing is a complicated procedure! In this blog, we will know how you can conduct asset audits easily with mobile applications. So, without wasting any time let us begin!
What is asset auditing?
asset auditing is a process that is conducted every year so that asset physical verification can be done. This process is helpful in calculating the worth value of the organization. In this procedure, all the documents and information are checked along with asset physical verification.
Any organization ought to keep a sharp eye on all assets and the accuracy of their records. Data accuracy must not be compromised, if data is not accurate then it will affect business capabilities as well. Most importantly staff time will be wasted as they will be looking for assets & trying to track assets rather than doing some competitive work. It might turn out assets are not physically available and are missing. It will lead to unnecessary increased expenses and the bottom line will be impacted. According to Globe News Wire, “The global accounting & auditing market is projected to expand at 5.7% CAGR and be valued at US$ 379.05 billion by 2032.”
How can asset auditing be done quickly and efficiently with a mobile application?
The mobile application enables you to access data from anywhere and you can scan asset labels with a mobile application. It makes you more efficient as you can perform audits anywhere. Most importantly the process is automated, and the manual process is eliminated. It increases the accuracy of the data, and it helps in planning and scheduling when asset audits can be performed.
A mobile application allows you to perform audits much faster as you have the device in your hand, and you can verify assets on the go! Furthermore, all the information you can retrieve on your mobile device easily and as a result, you do not have to worry about missing assets.
What are the advantages of asset auditing with a mobile application?
The advantages of asset auditing with mobile applications are given below:
Every year the value of an asset gets depreciated, that is why it is important to keep track of depreciation so that you know what the current worth value of an asset is. With the help of a mobile application, you can know worth value right away.
Ghost Asset Elimination
Ghost assets are dangerous for any business and with the asset audit process, you can know if there are any ghost assets that exist in the business. Ghost assets are those assets that are physically not available either they are missing misplaced or stolen. However, you are paying taxes for those assets which you are not even using and overestimating your asset value as well.
It is very important to automate the process of asset auditing as it keeps you organized and enables you to keep track of every asset on your mobile. There is no doubt that it makes you more efficient and increases the capability of your organization to finish the audit process on time
Keeping accurate records is important not just for the organization's sake but it is also helpful for investors to invest as if they found records are transparent and clean. Accurate data is crucial for business as several decisions are made on this data and future strategy is created on the behalf of accurate data. That is why accuracy is important for business!
With asset auditing you can know exactly how many assets your organization has, what their current condition is, and where they are located. These types of information are helpful in maintaining compliance and it is very important for an organization to maintain compliance otherwise it can lead to violation of rules and regulations resulting in a penalty. Keeping track of assets is important in order to verify them physically is a crucial part of compliance management and an asset audit is helpful in maintaining that.
How does Asset Infinity’s asset audit mobile application help an organization?
Asset Infinity’s asset audit mobile application enables you to track the movements of assets and is helpful in keeping track of assets. With this application, you can keep a trail of movement through which you can identify specifically where a particular asset is located. With our system, a proper approval hierarchy is created so that asset transfer, asset discard, and asset addition can take place in a proper way.
In the audit procedure, you can assign each employee to perform an audit so that assets they have can be verified easily as they can mark those assets present or not present with them. It is timesaving and simplifies the audit procedure.
Since our software is based on cloud technology, data security and accessibility are always there. It gives you the flexibility to work whenever and wherever you want all you need is a good internet connection.
With this application, you can keep track of each asset condition, asset procurement, and disposal information. This system will alert you when an asset productive life is about to finish. Apart from this, you can also keep track of asset depreciation which helps an organization in knowing the actual worth value of assets.
These days when technology is so advanced, we use mobile or sentence activities in our daily life then why not utilize it in our professional life? A mobile application makes you more efficient as you are not bound to your workstation, and you can keep track of assets in the field and check them in real-time and update records in real-time as well. It saves time as you do not have to return to your back station and update the records manually.
With the help of asset auditing, you can know the exact location of your asset and make a workflow approval so that whenever any asset is moved from one place management is notified. With Asset Infinity mobile app, you can easily schedule and perform audits based on categories, departments, or locations.
Frequently Asked Questions (FAQs)
What are the IIT assets available in an organization?
Computers, laptops, scanners, printers, smartphones, tablets, etc., are a few of the IT asset devices available in an organization.
What is mobile asset management?
Mobile asset management provides a strategic approach to manage assets digitally. You can know each asset's information and track them with your smartphone. You can schedule asset audits and assign your employees to verify each asset with them.