How asset tracking software can help in audit preparation?
Nowadays audit preparation will be a complex process with the increasing regulations. It will be hectic, if you don’t have the right audit preparation. When coming to the right audit preparation, it includes maintaining complete, accurate, and up-to-date asset records from the beginning of the financial year. Therefore, here are some of the reasons, why you need an asset tracking software in audit preparation.
Why you need an asset tracking software?
Manual asset auditing could be effective when your asset is very less. But for more assets/corporate, the manual report will be a big mess at the end of the financial year. Because more replacements and maintenance happens. Certainly, this makes your audit preparation more complex. For the reason that, you need an automated asset tracking software that can give the assurance of having efficient risk management, governance and internal control processes.
How it works for you?
Knows what you need to track : The asset tracking software captures detailed information, from IT equipment to consumable like, location, history, condition, asset owner, maintenance which required for the auditing purpose. Hence it as a central register which provides real-time access to all relevant data. The same can also help to confirm, whether the assets are insured or not, when it will expire.
Bar codes and scanning : The information recorded by the bar code scanner allows companies to make informed decisions. similarly helps to track how many assets were allocated to a particular location, how frequently (or infrequently) an asset is used, and whether it was used to the best of its ability.
Create accurate asset record : The entire asset list can be imported into the system directly to save more time. Furthermore, it will reduce the chances of registering the wrong data. It improves accuracy and helps organizations to undertake more frequent audits regularly.
Gives internal audit report : with this asset tracking software, thousands of assets across multiple locations in a single audit is possible. The dedicated audit team verify the asset register and provide an audit report. Hence, you can easily identify the tasks that need to carry out to streamline the process, execute strategic plans and make sure that the financial data’s are correct and up to date.
Other benefits
- Tracks asset location, condition and other physical attributes of the assets accurately
- Takes care of the accounting process like asset tagging & asset management
- Tracks maintenance costs, repairs, leases and other expenses and prepare accurate asset register
- Protect against asset loss since it tag, scan and print bar codes all the assets of your organization
- know exactly what assets you have, where they are, and their purchase and supplier details
- Enables document management which can store files and documents, such as photographs, invoices, purchase orders etc, in a single platform
- The complete and accurate asset list will directly import into an asset register to save considerable time
- Statutory compliance to the asset information, reporting and control requirements
- Get the automation in physical audits and asset transactions using the mobile application
- Above all, smart analytics allows taking informed and critical decision making, reduce administrative costs, improves the efficiency
Also read, why you need an inventory management system?
