Asset Tracking And IT Disaster Recovery
It seems obvious to say so, but asset tracking is an essential part of any centralised asset register.Aside from issues of compliance with international accounting practice standards, business cannot afford to rely on piecemeal policies and outmoded practices.Doing so will leave a huge hole in corporate value and expose the company to potentially costly liabilities. Only through the implementation of rigorous asset acquisition and disposal policies and recording detailed information about all the company’s hardware and software assets can an organisation retain full control over those fixed assets and understand its true business value.
That’s especially the case with IT assets, given the fact that computers and telecommunications now lie at the heart of almost every organisation or commercial business. The frequency of software audits will increase as more emphasis is placed on managing software licences on the fixed asset register to comply with SIRB and Federation Against Software Theft (FAST) legislation.A central register that records the serial number and asset location as well as the value of each IT item is necessary if you wish to avoid a ten year jail term, that being the maximum penalty for illegal software use.Aside from keeping out of pokey, it’s worthwhile maintaining a central register for reasons of increased business efficiency and overall economy. Competent software for tracking fixed assets packages will also provide the ability to present detailed information that can inform management decisions about the disposition of resources.
Asset management in no small way determines corporate value and has direct impact on the bottom line. The process of fixed asset tracking can satisfy the requirements of a finance department and provide detailed information required to track valuable IT assets in particular.This is not a question only for finance teams.Should the company suffer a disaster such as flood or fire, insurance cover should hopefully get the organisation back up and running as soon as possible? However, any inconsistency between the asset register held centrally and other inventory records will raise questions in the insurer’s mind that could delay or prevent payment.
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