{"id":1971,"date":"2014-11-24T18:48:12","date_gmt":"2014-11-24T18:48:12","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=1971"},"modified":"2022-08-12T09:18:26","modified_gmt":"2022-08-12T09:18:26","slug":"managing-the-fixed-asset-inventory-verification-process","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2014\/11\/managing-the-fixed-asset-inventory-verification-process\/","title":{"rendered":"Managing the Fixed Asset Inventory Verification Process"},"content":{"rendered":"

The fixed asset inventory process is often steeped in tradition; following policies that have been in place for years, without regular review, and seldom, if ever, compared directly with the practices at leading peer companies.\u00a0 However, because the process directly impacts every business unit, a periodic review of the existing fixed asset policy<\/a> is always a good idea.<\/span><\/p>\n

Recently, a Peeriosity member from a large global company wanted to understand how the asset verification process was performed at other companies as part of a review of their current process.\u00a0 The member used iPollingTM<\/sup> to create questions that were quickly responded to by peers from the Fixed Asset departments<\/a> of member companies, giving her direct insights into the issue, with the ability to follow up directly with peers as necessary for clarification.\u00a0<\/span><\/p>\n

The first polling question asked about tagged assets.\u00a0 At 62% of the companies a periodic physical inventory<\/a> is performed, with responsibility for the count often delegated to the department where the assets are located (and not performed by members of the Fixed Asset team).\u00a0 Another 14% of member companies perform a cycle count, and 14% do not perform asset tagging.<\/span><\/p>\n

\"for<\/p>\n

For assets that aren\u2019t tagged, 50% of member companies perform periodic physical inventories and 17% perform a cycle count.\u00a0 33% of companies don\u2019t physically verify untagged assets.\u00a0<\/span><\/p>\n

\"for<\/p>\n

Here are some additional comments from respondents:<\/span><\/p>\n