March 31, 2011

it's difficult to identify assets

So far what we have done is about how to treat the asset in WaveRiders, for example how to maintain it, how to improve it to meet health, safety and environment policies. These are difficult and complex tasks, obviously. To start asset management, firstly we should know what is asset, which means it is important to identify the asset. But it is so difficult to know exactly what assets a company has, especially when the company is large. For example, it¡¯s the purchase department¡¯s responsibility to buy a new product, after that, the product will be sent to a particular department or person. Now the company has already got the product. At the same, the related accountants must record the purchase correctly. When the product is broken and has to discard it. The related accountants should be informed either in order to modify the record. If the accountants fail to receive the message or they make a wrong record, than there will be a gap between the record and the real product. This situation can happen frequently. For instance, the purchaser forgets to inform the accountants or the accountants overlook the message, especially when the value of product is low. The differences will certainly generate problems and chaos when inspecting the assets. Companies always use the record to manage its assets, to identify their assets and the value of them, and then give some instructions to deal with some assets. If a non-existent product is given some instructions, it¡¯s easy to imagine the problems.

- 3 comments by 1 or more people Not publicly viewable

  1. Lucy agree with you….............This is why i said this module is everything that there can be in a company….So it depends from the type of comapny and from the process taking place in a company. Even companies producing the same product will not have the same assets…... It is so complicate…..... It is hugeeeeeeeeeee….........

    However i think that we have a good approach on our project….......................

    We will make it…...

    31 Mar 2011, 16:22

  2. yep ‘assets’ is hard to count from everysite of the org…but as you want to measure the value of those assets or see what exactly assets they have…financial report maybe helpful…kind of goodwill or investment are all assets to the org somehow…

    01 Apr 2011, 20:56

  3. Yes Vagelis, we have a good start on our project, and it will be fine.
    Hi Shengyu, thanks for your comments. Financial report is the common way that companies use to manage their assets, but what i mean is the assets in the report are usually different from the real situation. So that in this case, companies can’t manage their assets effectively through their reports. Most of the time, people just rely on their reports and overlook what happened actually.

    04 Apr 2011, 13:19

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