RFID can transform asset management

The Asset Challenge

The next generation of accounting principles for entities in the U.S. is the International Financial Reporting Standards (IFRS). These standards will soon replace the existing GAAP and other traditional rules at commercial institutions, and similar requirements for public entities such as school districts will undoubtedly follow. IFRS requires greater fixed asset management accountability and the provision of a full audit trail. Unfortunately, many school districts currently use antiquated and inefficient methods, like spreadsheets, resulting in poor fixed asset management processes that result in highly inaccurate asset registers.

From highly mobile items such as laptops that cannot be accurately located, to district buses and vehicles, and even IT infrastructure that may contain multiple component parts that are frequently changed by staff without being recorded, some school districts simply have no idea what happens to many assets once they are in use.

But how can a district afford to periodically devote valuable staff time to undertake a manual audit? With staffing shortages and continuing IT and accounting needs across the organization, most simply cannot afford to spend an inordinate amount of time performing laborious asset audits. Furthermore, manual audits can be notoriously inaccurate.

The ability to use RFID technology to scan hundreds of assets at once from a single point, while ensuring the continuity of the educational mission, has the potential to transform the entire asset management process.