Inventory of assets: A complete guide for a successful annual inventory

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Asset inventory is a key element of successful asset management in companies, schools and public institutions. Accurate records help to prevent losses, financial irregularities and potential legal problems. In this guide, we'll show you how to plan and conduct a regular inventory step-by-step to make it as simple and efficient as possible.

Why is an annual asset inventory so important?

In addition to the fact that it is a legal obligation under the Accounting Act (No. 563/1991 Coll.) and related decrees, a regular inventory brings many other benefits. You get a realistic overview of the condition of your equipment, you can easily detect unused or lost assets and you can better plan your budget and future purchases. In addition, if you neglect inventory for a long time, you risk high penalties during inspection, as well as unnecessary losses or duplications in equipment acquisitions.

Before inventory - thorough preparation

Preparation is half the battle. First, put together an up-to-date list of assets to which the inventory will relate. Divide responsibilities among team members or appoint an official inventory committee - it's always a good idea to have multiple people involved in the inventory who can check each other's work. Mark assets with inventory tags, QR codes or barcodes. Plan a schedule - set a specific date or interval when the physical inspection will take place and inform the staff concerned so that they have time to prepare everything. Good planning will save you from last-minute confusion and improvisation.

Inventory procedure (step by step)

The inventory itself can be handled briskly if you have a solid order and sufficient supporting documents. Follow these steps:

1. Preparing the documents: prepare a printed or digital asset list. If you use software (such as Asset Manager), you will have everything right in the application. Make sure you have a working QR/barcode reader and, if applicable, spare batteries or chargers for mobile devices.
2. Physical inspection: Go into the field - into offices, classrooms, warehouses or workshops. Compare the actual situation with the data in the records. Mark each item found as "inspected" (physically and in the inventory), noting any damage or ambiguities. For QR codes, just scan the code with your smartphone, and you're done in seconds.
3. Processing the results: after completing the physical check, go through the list and look for discrepancies. These may be items that are missing or extra, or have mismatched status (e.g. equipment is damaged or moved). Make a careful note of any such discrepancies.
4. Resolve the differences: find out why the differences occurred. It could be that items were moved to another building, discarded, or someone mistakenly kept them in another department. Make corrections directly in the filing system and, if necessary, deal with the lost property according to internal guidelines (if it is a real loss, you must investigate the circumstances).

After inventory - evaluation and archiving

Once you have processed all the differences, don't forget to update your asset records. Based on the final results, create an official inventory report that summarizes everything that matters - the condition of the assets, the discrepancies found, how they were resolved, and the people responsible. According to the legislation (see Decree No. 270/2010 Coll. and the Accounting Act), inventory lists are to be archived for at least 5 years. Therefore, make sure that you keep all the records safe and can easily document them in case of an inspection.

Bonus: 4 tips for an efficient and quick inventory

• Take advantage of modern technology: asset tracking apps, mobile scanners or QR codes speed up the process and reduce the risk of errors.
• Plan for off-peak hours: Schedule inventory for times when fewer people are on the premises (e.g., after school hours at schools or on weekends at businesses). This will avoid chaos and disruption to normal operations.
• Assign responsible persons: if everyone knows which department or division they are responsible for, the inventory will go much better. Avoid the guesswork of "who should have checked".
• Continuous data update: Simpler inventory is the result of continuous record keeping. If you immediately register each new item and add a label to it, at the end of the year you can just confirm that the balance is correct.

Conclusion

Inventorying assets is an integral part of good governance in any organisation. When you integrate it into your regular processes, you save a lot of time and hassle. Plus, you get the benefit of accurate and up-to-date information on what you actually have. If you want to make your inventory even more efficient, try specialized tools like Asset Manager to help you with record keeping, label creation, and automatic deadline tracking. Whether you're a small business, a school, a municipality or a large enterprise, proper inventory management is a fundamental pillar of your institution's financial health and order.