| If it does not have a name on it, it belongs to anybody | | | | and equipment when they are in use, not necessarily |
| and Mr. Anybody probably owns most of your | | | | by your own operators and employees. |
| company using this logic. Asset labels are essential to | | | | Accounting and Financial Control |
| secure your property and they are probably the only | | | | Assets you own should be readily identifiable - this |
| thing which will help you to recover your property in | | | | forms one of the bases for proving your ownership |
| the event of loss or theft. Asset labels provide a | | | | and satisfying external auditors that you are exercising |
| tangible marker of your ownership, which is essential | | | | effective stewardship of the company assets. Just as |
| when you have multiple assets, frequently used in | | | | asset tags readily identify your property to employees, |
| different locations or are mobile, in use by different | | | | police, clients and contractors, they also demonstrate |
| employees and contractors, many of whom will not | | | | that you are managing your business properly. |
| care how much it costs you if you lose any of them. | | | | Typically, asset labels are used in conjunction with an |
| Asset Recovery | | | | asset register which either forms part of, or an adjunct |
| If your property is lost or stolen, the first thing a finder | | | | to, your financial record keeping. Maintaining an asset |
| will do is to look for any marks of ownership. If | | | | register will also help you in determining your new |
| ownership is not readily identifiable then it becomes an | | | | purchase cycle for fixed assets and optimizing the |
| uphill struggle to locate the true owner and the | | | | intrinsic value therein. |
| possibility of the asset being returned will diminish | | | | Safety Recall Notices |
| rapidly. After all, if you cannot be bothered to mark | | | | Some products and materials are readily identifiable |
| your own property, why should someone else go to | | | | when it comes to a safety recall notice - if you drive a |
| any great lengths to find you when you lose it? | | | | Toyota Prius, you readily know you have a safety |
| Using asset tags and identification labels, especially | | | | issue which needs to be addressed. Unfortunately, this |
| those which are tamper-proof can have a direct | | | | is not always the case when you have multiple |
| impact on your insurance premiums as well as | | | | business assets, many of which may be used in the |
| recovering items once they go walkabout. | | | | manufacturing process of your company to create |
| Asset Identification on Contractor Projects | | | | new product. How do you identify which of your |
| Working on large projects frequently involves the use | | | | assets are themselves subject to a safety recall |
| of several contractors performing different functions, | | | | notice unless you can identify them? |
| but at the same time co-mingling tools and materials. | | | | The short, effective answer is to maintain an asset |
| Tracking which items belong to you is essential, | | | | register with the detail to not only identify the asset, but |
| especially when it comes to ensuring you are | | | | also to provide sufficiently detailed background |
| managing your own cost base and billing the customer. | | | | information on it. |
| They are also essential for safeguarding your plant | | | | |