New to the Job: How Do I Set Up an Asset Management System for 50 Sites?

I am a newly joined employee in an MNC. My boss has given me the task to create a system for the total assets across the entire group. I need to establish a system for almost 50 sites and ensure that the work is coordinated and stays on track.

Please assist me in this matter.

Thanks,

Regards,
NANI

Your requirement is huge, i.e., to track the assets at 50 sites. For this, if you buy the software on Asset Management, it would be better. Manual work will be too tedious and time-consuming. What kind of work goes on at the sites? If similar work is carried out, you may customize the format according to your requirements so that tracking becomes easier.

In this forum, "Fixed Asset Register" forms are available. These are in MS Excel, but I doubt whether they will suffice your purpose. The MS Excel format is suitable for standalone locations and not for situations where the requirement is to track assets at multiple locations.

Thanks,
Dinesh Divekar

Your request to the site is vague. You have only said, "Help me." But what help are you asking for? Are you asking somebody to design it for you? Or are you asking to solve a specific problem you have? Because you have not stated any problem other than that you have to do this work. I hope you do not expect somebody to do this work for you. At best, if you specify what problem you are not able to solve, somebody may have an answer. If you want help on a commercial basis, then please be specific. There are people on the forum (including myself) who are capable of doing work on this project.

Dear NANI,

Your question is more account-related and requires a deep knowledge of accounting principles. You have not mentioned your educational qualification in your post. OK, never mind. If you have a commerce background, please recall the format of a Balance Sheet. Broadly, there are two types of assets, namely Fixed Assets and Current Assets.

Types of Assets

Current Assets comprise those assets which can be easily converted into cash. These assets include:
- Cash on Hand
- Cash at Bank
- Finished Goods
- Debtors (not more than 90 days)
- Prepaid Insurance, etc.

Fixed Assets comprise those assets which cannot be easily converted into cash and are necessary for the company to retain until its existence. These assets include:
- Land & Building
- Plant & Machinery
- Other Tangible Assets

Goodwill and Trademarks of the company are also types of assets, and they are intangible (non-visible) assets.

Further, for your convenience, you may adopt one simple way: ask yourself whether a particular asset can be easily liquidated into cash. If so, those assets are Current Assets. All other assets, which are necessary for the company to carry on its business, are Fixed Assets.

Usually, asset accounts will have debit balances.

You may collect all information through mail and compile it.

With Regards,

A. Prakash

Asset Consolidation Task

Hopefully, your boss might have decided to consolidate all the assets in one place. Whether you are at a senior level or not, this is a coordinating task; unless you have the freedom to assess, you will never achieve the desired results.

1. Firstly, gather information on the 50 sites, including their locations.

2. Identify common purchases made across the sites.

3. Note any specific differences among the sites.

4. Create an asset table using an Excel sheet or the format specified by your company. If no format is provided, use the simplest form, such as an Excel program or accounting tables.

5. Develop a structured Excel sheet and distribute it to all 50 sites for them to complete regarding their assets on-site.

6. In case any materials are transferred between sites, request a separate sheet to track the movement of asset materials and their availability. Monitor this process closely.

7. Once all asset materials are received, compile them with separate headings specifying specifications, quantities, and values.

8. Consolidate all information into a single sheet to have a comprehensive overview of all assets within your MNC. Appendices can provide details on the availability of asset materials across different sites.

9. It is common to encounter anomalies; do not panic as physical verification sometimes resolves discrepancies.

10. Compare the asset materials with the financial statements of the MNC to ensure accuracy.

11. If necessary, include the monetary value of the asset materials at the time of purchase in the Excel sheet provided to the sites for operational purposes.

If you require any additional information, feel free to include it here. I will assist you whenever time permits.

Regards, [Your Name]