5 tips for year-end inventory audits and asset reconciliations

2 min

Now’s the time most companies start planning their assets and inventory so that they can close their year-end financials in the New Year.

Here’s five simple steps to make this year’s audit the best.

  1. Download a current report of your assets and scan over it looking for areas that have changed in the last year. It’s a great resource for prodding your memory. Opened a new office, sold part of the company, refreshed IT equipment, major employee changes? It helps to look for major areas of change so you can seek out the most important areas to refresh and update first
  2. Check with your finance and accounting team for major asset purchases or retirements. Did they get updated in your asset tracking system?
  3. Ask for volunteers to help complete the asset and inventory audit. Many hands make light work, so you can make this task a great holiday team building event by bringing in pizza and doing an asset walk through room by room, area by area and making sure they are present and up to date.
  4. Clearly identify your assets, if you don’t have a system in place you can start with a Sharpie marker. Don’t use paper labels as they rarely stay in place.
  5. Ready to upgrade to a new system? Consider GoCodes. We provide a complete solution that has everything you need. There’s no software to install and your smartphones become smart bar code scanners. Best of all, we provide GoCodes patented QR code labels, so there’ no more vendors to work with. You can even print your own to get started.

Ready to learn more? Request a demo today and see how GoCodes can take your asset and inventory audits to the next level.

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