Just imagine how you will look, digging files for hours and scrambling for missing or lost bunch of papers, on the day of an audit, in front of the auditor. It must be like the scariest dream. How to get out of this scary mess then?
The solution is a well-designed Computerized Maintenance and Management System (CMMS) software. CMMS software enables you with an easy and quick way of organizing, storing and accessing the relevant documents whenever you need and be calm and coordinated during your audits. CMMS software empowers you to manage every paper and record at a single place and generate paperless reports anytime to show you comply.
What is Fixed Asset Audit?
Fixed asset within an organization represents all Tangible assets that are acquired for a long term use. These Fixed assets are used to produce and deliver the final product directly or indirectly and also helps to keep the operations ongoing to meet the production goals.
Fixed asset audit is the audit of all such long-term assets and verification of all relevant documents to such kinds of assets purchased and handled by the organization during the given financial year.
Fixed asset management and its audit may throw a bunch of hurdles in a team doing asset management and preparing for an audit, especially when performing it manually. Such challenges could be,
Huge Database
When you are dealing with Fixed asset management, it creates data that continuously keeps on increasing. During the whole lifespan of an asset, the bunch of information generated is never-ending and huge in number to handle manually on paper. Your File consisting of the information about assets keeps on adding documents related to depreciation, maintenance, scheduled maintenance, repairs, a new purchase, sale of old assets, and so on. The absence of a well-defined system to handle all these records can create a mess and chaos can happen when you cannot find some of the important papers during the audits.
Tracking of Assets
Shifting of Fixed assets from one department to another department, one location to another location is quite obvious and regularly happens. Sometimes it’s disposed of without the information marking in the register maintained by the relevant department. If such registers of records not appropriately maintained and updated on a timely basis can become obsolete and mislead during tracking and audit of the fixed assets.
Cumbersome Paperwork
Maintaining all the records manually on paper is too tedious work which has a good chance of error, theft, loss, deterioration, etc, which results in loss of valuable data. Sometimes files and registers are not maintained with proper tags. When looking for the records during the audit may be irrelevant or not available or takes very high time to find out that ultimately makes the audit longer and painful.
7 ways how TeroTAM CMMS can make your Fixed Asset Audit Smooth and Easy
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Accurate Asset tracking with QR-code scanning
Unique QR-codes will be assigned with TeroTAM’s CMMS software, to all the assets owned by the organization. Can store each in and out information regarding that asset within that QR-code. Whenever you need to access this information, QR-codes can be scanned with a scanning device or smartphone to check all the relevant information that helps during the asset audit. Assets can be tracked easily with the QR-code where it is located now, how many times it transferred and to which department or location, purchase information, depreciation information all can be easily accessible by just scanning the relevant QR-code of that asset.
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Up-to-date Asset record maintenance
With TeroTAM, assets distributed at all the business locations can be easily tracked and audited without physical presence at that place. With Cloud-based CMMS software by TeroTAM, you can track and manage any asset with your mobile device or any handy device, anytime. All data you manage, edit will be synchronized and saved in records and reflected in the system as and when needed. It reduces the margin of error in data inputs, while performing asset audits.
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Well prepared Internal Audit report and Real-time Reports
As soon as auditors are done with their verification across all locations and update all inputs in CMMS software, an accurate audit report will be generated automatically by the system. You can send this report over the internal chat communication platform to relevant persons in an organization. It can also be exported to keep in soft copy or take their hard print out if needed. With TeroTAM CMMS software, it is easy to plan and execute the organized audit and report management to ensure all the asset-related data are correct and up-to-date.
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Reduced risk of malpractices in records
With centrally managed CMMS software, each asset activity is transparent and tracked in real-time, reducing the risk of malpractices in records of assets that helps to keep the auditing safe and secure with accurate data.
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Perform your audit in Regulatory compliant way
With regular Internal audits that can be easily performed on the TeroTAM CMMS, you can stay compliant with all the regulatory norms by maintaining all legal standards at all times.
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Schedule and Assign Internal audits
With the Task management solution of TeroTAM, you can schedule regular internal audits to keep the data up-to-date on a timely basis and assign that audit task to relevant employees in the organization.
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Set alerts for Internal and External audit
TeroTAM gives you an alert feature to set an alert for all your pre-scheduled tasks to be prepared for the same and don’t miss any important ones. With the alerts on Internal and External audits, relevant departments can keep all things ready at their end.
Concluding Note
It has been observed widely that many organizations face a chaotic situation during audit season due to unorganized data and records about their assets which results in wrong data inputs and misleading financial records that can make your audits hard and cumbersome. With agile and mobile TeroTAM CMMS software, such mess and chaos can be easily avoided. It provides transparency in each asset-related cost and track of depreciation. It gets an idea of when to say goodbye to an asset and welcome the new one to keep the business operations optimized. To know more, contact our team at contact@terotam.com or Drop a call at +91 9328135112
