For the public sector, it is the ideal time of year to plan and prepare for year-end in March. Working in advance to keep ahead of the curve can help to streamline the process of getting your accounts in order and ensure you are up to date, should any unforeseen work arise early next year.
So what should your organisation be doing now?
Tracking your assets
It’s no easy task keeping up to date on all of your assets and finding assets across a number of sites can be challenging. If you start locating assets now, you can feed back into the system as you go, collecting data in manageable sections rather than waiting until year-end when there will be a mad rush and a lot of added pressure on staff. Nothing will happen with the data you enter in the system for the next 2-3 months but you will benefit from adding as much information as you can into your system now instead of waiting until the New Year.
Calculating the value of your assets
During the quieter periods of the year, it is recommended that you value your asset base and make sure that the correct values are recorded. In the NHS for example, a District Valuer can often go into hospitals and trusts to value all of the buildings on site, providing a spreadsheet of asset values. The hospital or trust will then need to translate the data into events for them to input into their system. It is worth seeing if your system has the facility to enable you to enter valuation reports yourself or if it can automate this work for you.
Checking you have the right system coding in place
Last year, we had a number of clients contacting us about problems they experienced when reporting on a particular group of assets, such as dividing 1,000 assets by location. By identifying this issue early on, new codes can be added to the system, allowing you to report on the old code and the new code come year-end. Having the flexibility to do this now, gives you plenty of time to make updates to your system and identify any other changes that might be needed. Going through this process as you hit year-end will only add additional time pressures. This can easily be avoided by planning early.
If you’d like further information about what steps you can take to ease the pressures of year-end for your business, please visit our solutions page, email email@example.com or give one of our friendly team a call on +44 (0)1689 892 137. In addition to our existing fixed asset management software we are able to offer our customers a new smartphone app that will help improve the accuracy of your asset register even further by providing an easy way to update and maintain assets securely and in real-time on a day-to-day basis.