How a rolling asset audit service can help

by Editor
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All organisations need a complete and accurate asset register for combined operational and financial purposes and in order to manage new and existing assets. Oftentimes companies perform ad hoc audits at the time of acquisition, merger or financial crisis but omit keeping up-to-date records at other times.

Reduxo’s rolling audit service allows businesses to take control of their physical assets, remain compliant while managing these assets and avoid financial misappropriation and safety risks. The service can be deployed across a range of facilities including retail, leisure, aged care, information technology, healthcare provision and mining.

“We’ve launched this service not just to help companies save money but also to avoid the blame game that typically takes place when it comes to board-level review of assets,” said Leanne Cluley, one of the directors of Reduxo. “Often people don’t know what assets they have, how much they cost to maintain, and whether they need to be retired, and worse, whether they are compliant.”

The audit service maintains an asset register by barcoding all new assets and verifying the existing ones, which means all the assets are visible and accounted for at any given time. The client is given periodic updates regarding change of locations in either Excel format that can be easily imported into their financial system or Reduxo can update the client directly using its existing mobile audit solution.

The service offers a fixed, upfront fee and offers up to 30 percent reduction of the average ad hoc asset audit.

Representative visit a site once a month or once every two months on a two-three year offering and take inventory of all existing assets, while barcoding the news ones. As a result it becomes easier for the maintenance staff to manage the assets and avoid problems due to unexpected and unrecorded stock.

Without a reliable asset audit system there is a higher risk of non-compliance when it comes to managing and disposing assets – irrespective of whether the facility is managed by an internal or an outsourced team. For instance, the management team of a large shopping centre in Melbourne outsourced the maintenance of its fire safety assets, however, the service provider missed servicing a number of fire hydrants within the facility. A later review discovered that some of the fire hydrants had not been serviced for as long as three years. While the job fell under the responsibility of the service provider, it was the owner who faced the risk of property damage in case of fire. A rolling asset audit service could help highlight such oversights and reduce such risks.

The service has already generated interest within a leisure company and an aged care facility – both of which are on the verge of rolling out the service across their facility.

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