Plant, Property and Equipment is usually the largest line item on most manufacturers’ balance sheets—sometimes representing billions of dollars. Despite the significance of these investments, many companies neglect proper tracking of these assets.
According to a leading research and advisory company, 70% of organizations have a 30% discrepancy between their asset register and the actual inventory. These inaccuracies can lead to inadequate decisions, including purchasing unneeded assets, incurring unnecessary storage and maintenance fees, and paying taxes on assets you do not own. EquipNet’s Onsite Inventory Service provides clients with an efficient solution to ensure asset accuracy.
With EquipNet’s Onsite Inventory Service, our Equipment Specialists help clients with improving the visibility and accuracy of your current inventory list. Our Specialists go onsite to all of the client’s requested facilities, and create a physical inventory list for each site and building. Two worksheets are created – one showing the original asset list from the client and the second states any assets not found on the client’s current list.
EquipNet makes every effort to avoid the duplication of assets when equipment lacks unique identifiers; however, there are cases where this is not possible without EquipNet tagging the item with an identifier.
Michael Foley – Elementec Ltd.