SafetyCulture Summit 2021
Mass scan fixed assets’ barcodes and QR codes to verify the accuracy of records and take photos to reveal their condition—if the person responsible properly implements the fixed assets lifecycle. The iAuditor Fixed Asset Software is designed to protect equipment and machinery from overheads associated with poor stewardship like ghost assets and fraud.
Accurate reporting is mission-critical when it comes to auditing fixed assets. With the iAuditor Asset Audit Software, you can generate comprehensive reports in pre-set formats, both as a web report and as a PDF. Transform completed audits into customizable reports that fit your business needs—add your company logo, a table of contents, and more.
Automatically save and secure every fixed assets audit report with the iAuditor Asset Software’s safe cloud storage. Authorized personnel can easily access the digital audit record history of registered fixed assets from wherever they are. Streamline your audit process through hassle-free reference checking and improve how departments work together throughout the company.
Fixed assets can represent the largest item on the balance sheet of companies, especially in the manufacturing and healthcare industry. Deficient fixed assets records can lead to inaccurate financial reporting. You should perform high-quality audits knowing that fixed assets are not as low risk as you think.
Fixed asset accountants periodically conduct audits as often as every month, depending on the fixed assets lifecycle. The routinary nature of the process makes it possible for key information to be overlooked, making it more challenging to solve inaccuracies in future fixed assets audits. Perform high-quality audits by keeping an eye out for the crucial details below:
Not only is a poorly described asset difficult to physically verify, but it can also confuse recipients of the audit report. While asset numbers are for the books, asset descriptions usually found in property identification tags are for your eyes.
Instead of describing a piece of equipment “Ginger Machine”, go for “Stainless Steel Ginger Polishing, Washing, and Peeling Machine” with its manufacturer, model, and serial number information. Easily identifying the asset to be checked makes the process more efficient, enabling you to have more time for other important matters.
Internal controls for inconsistent application of the capitalization threshold and assignment of unreasonable lives for depreciation the fixed asset should be addressed. Since the total cost of a fixed asset includes the cost of the installation labor like wages and related fringe benefits, oversight can cause work duplication and business disruption.
Understated acquisition costs can also result in delays to capitalize on the fixed asset. Easy-to-use fixed assets audit software such as iAuditor can help facilitate proper documentation across departments and update records in real-time.
Even as the person responsible for the fixed asset provides you all the necessary information for the audit, the invoice might be unavailable because it was filed somewhere else or pulled out for specific uses like reorders.
This slow turnaround time of the documents you need can significantly push you closer to the deadline, potentially missing more details in the audit report. To help you track exactly what data to follow up on and adjust in the report, assign an action with a priority level, due date, and in-app notification using iAuditor’s collaborative actions.
The iAuditor Fixed Assets Audit Software can serve as a powerful ally that helps fixed asset accountants and third-party asset auditors in performing high-quality audits. This technology can be the answer in filling in the gaps caused by human errors during audits and ensure top functionality as the asset depreciates over time. Capture every detail with photo evidence and fully utilize the lifecycle of your fixed assets.
Create unlimited smart forms and convert your existing paper checklists to digital forms.
Complete inspections from anywhere, at any time with the iAuditor Fixed Assets Audit App.
Detailed inspection reports and insights help problems get solved quicker.
Turn your data into actionable insights.
Connect iAuditor to business software systems such as Tableau, Sharepoint, and more.
Automate the boring stuff—from scheduling inspection to sharing reports.
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