Asset management represents a methodology used to track as well as manage fixed assets.
Asset management activities process assets throughout their useful life (life cycle) from procurement, through daily operations, and finally disposal. Equipment, desks, chairs, computers, vehicles, and property are a few examples of fixed assets.
Asset management involves tracking the physical location of assets, managing demand for resources as well as financial accounting tasks such as amortization.
Common Asset Management Objectives include tracking:
Asset Management Conventions Keep Information Current and Accurate.
The Four Broad Stages of the Asset Life Cycle Are:
Verasset provides a variety of services and tools designed to assist each of these stages. It is important to realize that asset management is primarily a process, and that technology and the use of automated tools is not an end-all.
Since every organization is unique, with its own needs and strategies, the ideal asset management process for each organization may differ.
Verasset’s asset life cycle consulting service is designed to help refine and optimize internal asset management processes in conjunction with industry-recognized best practices as well as the deployment of automated tools.
The foundation of the service is predicated on discovery and problem solving. The problem is either a lack of information, or inaccurate information. In either case, it has been our experience that both are as a result of failing controls, procedural as well as logical.
Verasset holds an Asset Management Workshop as an integral part of our consulting service. This workshop is used for discovery and to gain an understanding of current internal controls, and to recommend improvements, based upon the best practices in use today.