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SpinDistribute.com Article Directory

The following article was published in our article directory on May 23, 2010.
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Asset Label Applications

Article Category: Advice

Author Name: Mark Trumper

If it doesn't have a name on it, it's anybody's and Mr Anybody probably owns most of your company using this logic. Asset labels are essential to secure your property and they are probably the only thing which will help you to recover your property in the event of loss or theft. Asset labels provide a tangible marker of your ownership, which is essential when you have multiple assets, frequently used in different locations or are mobile, in use by different employees and contractors, many of whom will not care how much it costs you if you lose any of them.

Asset Recovery

If your property is lost or stolen, the first thing a finder will do is to look for any marks of ownership. If ownership is not readily identifiable then it becomes an uphill struggle to locate the true owner and the possibility of the asset being returned will diminish rapidly. After all, if you cannot be bothered to mark your own property, why should someone else go to any great lengths to find you when you lose it?

Using asset tags and identification labels, especially those which are tamper-proof can have a direct impact on your insurance premiums as well as recovering items once they go walkabout.

Asset Identification on Contractor Projects

Working on large projects frequently involves the use of several contractors performing different functions, but at the same time co-mingling tools and materials. Tracking which items belong to you is essential, especially when it comes to ensuring you are managing your own cost base and billing the customer. They are also essential for safeguarding your plant and equipment when they are in use, not necessarily by your own operators and employees.

Accounting and Financial Control

Assets you own should be readily identifiable – this forms one of the bases for proving your ownership and satisfying external auditors that you are exercising effective stewardship of the company assets. Just as asset tags readily identify your property to employees, police, clients and contractors, they also demonstrate that you are managing your business properly.

Typically, asset labels are used in conjunction with an asset register which either forms part of, or an adjunct to, your financial record keeping. Maintaining an asset register will also help you in determining your new purchase cycle for fixed assets and optimizing the intrinsic value therein.

Safety Recall Notices

Some products and materials are readily identifiable when it comes to a safety recall notice – if you drive a Toyota Prius, you readily know you have a safety issue which needs to be addressed. Unfortunately, this is not always the case when you have multiple business assets, many of which may be used in the manufacturing process of your company to create new product. How do you identify which of your assets are themselves subject to a safety recall notice unless you can identify them?

The short, effective answer is to maintain an asset register with the detail to not only identify the asset, but also to provide sufficiently detailed background information on it.

Keywords: contracter projects, asset recovery, tags, register, labels

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