Published 26 May 2023
What is an Asset Inventory Template?
An asset inventory template is a pre-designed document or tool that helps organizations create a detailed inventory of their physical or tangible assets, such as equipment, furniture, and vehicles, among others. To help make it accurate and efficient to use, it usually includes fields for documenting key information about each asset, such as its name, description, quantity, supplier, and shipping details.
Asset Inventory Template
Download this free asset inventory template to help make your process of managing the stocks and inventory of your valuable assets more efficient. Documenting all essential information in one template, enable a more accessible and centralized asset inventory tracking system by doing the following:
- Fill in basic details about the asset inventory being created, the date, and who prepared it.
- Record key asset inventory details and audit findings to specifically identify each asset and its characteristics.
- Add notes, attach photos and files, and create corrective actions as needed for a detailed asset inventory.
- Before completing the asset inventory, include digital signatures to verify all actions and recommendations have been assigned and listed in the template fields.
- Export it into an asset inventory template PDF, Excel, or XLS report for recordkeeping and store it securely on the cloud.
In this article
- Inventory Management vs. Asset Inventory Management
- Importance of Using an Asset Inventory Template
- What Should an Asset Inventory Template Include?
- How Do You Prepare an Asset Inventory Using a Template?
- FAQs About Asset Inventory Templates
- Streamline Asset Inventory Management with SafetyCulture
- Related Asset Inventory Templates
Inventory Management vs. Asset Inventory Management
Inventory management is the process of overseeing the flow of goods and materials in a company and its supply chain. It involves tracking inventory levels, managing orders, and ensuring that the right products are available at the right time. In short, this process deals with items that the organization either consumes or sells to create products and services for customers.
On the other hand, an asset inventory is a record of all the supplies and stocks of assets owned by a business. This includes tangible or fixed assets, such as equipment, machinery, and vehicles, as well as intangible assets, such as intellectual property and trademarks. Hence, asset inventory management is the process of maintaining records of assets, monitoring their condition, and scheduling maintenance and repairs as needed.
While these two business processes are related, they are distinct functions that require unique strategies and tools. Businesses that want to optimize their operations and minimize waste should focus on both aspects of management to ensure that they are making the most out of their resources.
Importance of Using an Asset Inventory Template
Using an asset inventory template can help organizations improve their asset management by providing a comprehensive and up-to-date record of all their assets. This can be useful for financial reporting, insurance purposes, and compliance requirements.
By keeping a comprehensive inventory of your company’s assets, you can:
- Simplify asset tracking
- Identify opportunities to optimize asset utilization
- Determine any missing or stolen assets
- Evaluate the need for maintenance or upgrades
- Reduce repair or replacement costs in the short and long term
- Monitor asset value for accounting purposes
- Make informed decisions about purchasing new assets
- Comply with legal obligations (e.g., tax records, insurance claims)
What Should an Asset Inventory Template Include?
Creating an asset inventory template requires some upfront work, but it will save you time and effort in the long run. To guide you, here are the key elements and sections that should be included in it:
- Asset Photo
- Asset Name
- Asset Description
- Asset Group
- Unique Identifier/Tag and Location
- Asset Quantity
- Asset Cost/Value
- Investment Time
- Status and Condition
- Maintenance Schedule
- Supplier Name, Address, and Contact Details
- Shipping/Delivery Time
- Estimated Shipping Costs
- Reorder Policies
- Completion and Sign-off Page
How Do You Prepare an Asset Inventory Using a Template?
To help you effectively use an asset inventory template for your organization, follow these steps as you prepare and fill it out:
- Determine what information you want to include to make the template comprehensive and relevant to your needs.
- Begin adding assets to your inventory by filling in the information for each one.
- Add drop-down lists for fields like asset location or type. This can help ensure consistency and accuracy in data entry.
- Test the template to make sure it works as intended. Enter some sample data and make sure it’s properly formatted and validated.
- Make sure that all of your team members are aware of the asset inventory template and its proper use.
- Periodically review and update your inventory and the dedicated template for it.
- Use the information in your asset inventory to make informed decisions about replenishing and upgrading the inventory of your assets and retiring old ones.
FAQs About Asset Inventory Templates
Depending on who’s responsible for managing the organization’s unique asset inventory, the template for it can be created by various individuals. These may include inventory control specialists, operations managers, asset managers, or IT professionals.
Implementing processes and procedures for regular asset tracking and inventory checks are two effective ways to ensure and maintain data accuracy. Also, performing physical inspections of assets to verify their location and condition, as well as conducting regular audits of the data in the asset inventory template are recommended.
The frequency of updating your asset inventory template will depend on your organization’s specific needs and requirements. Generally, it’s recommended to update the template at least monthly or whenever there is a significant change in asset status or inventory levels.
Streamline Asset Inventory Management with SafetyCulture
Why use SafetyCulture?
Keeping track of your organization’s asset inventory should not be overlooked, as your assets help you ensure efficient operations toward quality services for your customers. Hence, using tools and platforms to streamline your asset inventory management is a must to automate processes and maintain documentation all in one place.
SafetyCulture (formerly iAuditor), an asset inventory software and operations platform, empowers businesses and organizations to improve the way they manage and track supplies of their assets through powerful functionalities. Using this tool, be able to do the following and more:
- Download and create checklists and templates from the Public Library to monitor and manage inventories of your assets across various sites of your organization.
- Capture and upload asset photos to quickly identify them. Attach any supporting documentation as needed.
- Enable scheduling of inspections and maintenance tasks to help maintain your asset inventory.
- Pinpoint asset issues and create corrective actions.
- Use the Analytics dashboard to benchmark recurring asset issues and trends that you can use in informed decision-making related to asset management.
- Generate asset inventory reports in various formats, including PDF, Excel, Word, or weblink, and store them on SafetyCulture’s secure cloud.
- Create and deploy asset management training to respective employees.
- Use Heads Up when sharing Standard Operating Procedures (SOPs), best practices, and updates on asset inventories across the organization.
Related Asset Inventory Templates
Asset Register Template
Download this free fixed asset register template to help you keep a record of your tangible assets, their descriptions, and unique identifiers. Adequately describe the assets and their condition by uploading photos and adding notes.
Asset Tracking Template
Download this free asset tracking template that you can use in efficiently monitoring and tracking the movement of your organization’s assets. With the help of this template, you can ensure a comprehensive and straightforward asset-tracking process.
Asset Management Template
Download this asset management template to track the important details of vital company assets and indicate the schedule of maintenance tasks for each asset. Include sign-offs of the asset owner, manager, and custodian to verify accurate and up-to-date details.