10 Reasons Why Schools Should Audit Their Assets
Updated: May 24, 2022
There are a multitude of benefits to be gained from regularly auditing assets in any business setting including offices, factories and laboratories. In a school setting there are additional benefits that come from accessing funding from the DFE.
In this blog we explore the benefits of auditing your school’s assets on a regular basis, many of which have been cited and experienced by our school customers comprising Bursars and Site Managers in Primary and Secondary schools across the UK.
An asset audit is a process whereby each of your assets has a physical label with a unique code/barcode attached to it. School assets include classroom furniture, technology, PE equipment and M&E items (if required). Some schools choose to only audit assets valued over a certain monetary value, for example, a popular threshold is £250 – although many schools choose to audit and track all types of assets including 'low-value' ones. Once you have defined what an asset is to you, and a tag has been applied, the item is scanned and associated information is captured.
Here are some of the instant benefits you will experience from an asset audit;
1. Visibility of assets – Asset data is stored centrally and will be updated immediately following an audit. You can choose whether the database is made available to you and your team within a database export, or through an online Asset Management System of your choice.
2. Avoid duplicating assets – Following on from the previous point, having central visibility of all of your assets will result in you avoiding duplicating assets ultimately reducing expenditure. This is especially beneficial if you are part of a Multi-Academy Trust where surplus assets can potentially be shared across locations. In addition, you can see where there are gaps.
3. Availability of assets – An audit can show you the availability of assets to each student or member of staff.
4. Asset properties – Multiple asset properties can be captured during the asset audit process including capturing condition of assets which will help you to ensure all equipment is in good working order to run your school.
5. Insurance replacement values – It is possible to capture insurance replacement values for your assets, particularly useful for assets of high value. This will also ensure you are covered in the event of a disaster. Keeping track of this information could potentially reduce your insurance premium as you will have an accurate record of what you have instead of making assumptions.
6. Associated documents – Within an asset tracking system you can store documents associated with an asset, for example, warranties. Easily locate the asset and its associated documentation.
7. Track spending – An obvious benefit is to that by having visibility of what you have and need, you will be able to stick to DfE budget and track spending more easily. This may free-up funds to be reallocated or highlight and provide a business case for more funding.
8. Produce and track M&E schedules - Reduce downtime of important assets by scheduling pre-planned repair times and producing a maintenance schedule. Store evidence of maintenance work carried out on assets within your asset register and set triggers for maintenance that is due.
9. Calculate level of depreciation – This will help your finance team in their process of applying accurate depreciation levels against your assets.
10. Keep track of assets offsite – As part of the asset audit process remember to capture assets that potentially could go offsite, this will ensure that when they do eventually go home with pupils or staff you won’t ever lose track of them.
ClearSpace offers asset auditing and software selection services. Our experienced auditors can capture all types of Assets for schools either during the school holidays or in term time – whichever is your preference. ClearSpace can utilize your current software, recommend the best fit for you or provide you with a single output for one-off use.
For more information or a quote for an audit, contact us here.