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I need to develop a fixed asset physical verification process and procedures – any suggestions?

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Topic Expert
Keith Perry
Title: Consulting CFO and Business Operations A..
Company: Growth Accelerator
(Consulting CFO and Business Operations Advisor, Growth Accelerator) |

More information would help.

Most all of the organizations I support have simply moved to barcoding everything, then scheduling a periodic sweep and scan. It works well enough, is simple, and is incredibly cheap (you can print barcodes from your laserjet and use a droid as the scanner).

However, when you say "process and procedures" I get the feeling that you are suggesting that there is more to this (as in the countless "audits" that you can sign up for). If there is a particular bar you're trying to hit, I'm sure someone here has insight into it.

Cheers,

Keith

Robert Sheidler
Title: Consultant
Company: Self
LinkedIn Profile
(Consultant, Self) |

Really hard to respond without a better understanding of the situation, the industry, the sort of assets involved, the level of detail maintained, etc.

As Mr Perry suggests, barcode systems are good in many cases -- especially where assets are rather portable and may frequently be moved from one physical location to another. I especially like it for office equipment, IT equipment and the sort.

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

My only issue with bar-coding is how the bar-code is affixed to the asset. It makes it very easy for the old "Multiple warehouse and Lunch break with the neophyte Auditor" scam.

Move the bar code and scan it; without an asset attached or the real original asset that the bar code was made for...

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