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Asset Tracking

Posted By Jeff Dover, CRFP, RFMA, Wednesday, December 10, 2014
Updated: Tuesday, December 09, 2014

How do you track your assets (equipment)? This is very important in the repair versus replace decision making. In today's competitive economic climate, asset tracking information must be available. Information on each asset in every restaurant should include the following:

- When it was purchased (age) and placed in service

- Initial cost

- Depreciation time (yrs)

- Internal asset ID number (if available), manufacturer, model & serial numbers

- Dollar amount left on the books

- History of R&M charges including date, cost, and description of each repair

Most companies have internal systems that provide this information or have a CMMS, which does the same. Some restaurants do not have the accounting platforms or resources available but obtaining and maintaining this important info is critical in making proper equipment R&M decisions. The costs to establish asset tracking and maintain the data are low compared to what potentially could be wasted by incorrect equipment repair/replace decisions. There are several methods to implement tracking. Discussions with internal (or external) accounting personal will be needed to input the proper data. If the process cannot be handled internally, external resources will be required. There are numerous tracking systems in the marketplace from relatively inexpensive tracking software to full blown CMMS. Analyzing current R&M and capital spending will need to be completed to benchmark costs and trends. Information from current local equipment repair service companies also needs to be gathered on historical repair spending on each piece of equipment. Most service companies should be able to provide this information at no charge and may be able to establish a tracking program at little or no cost. They may even be able to input data provided by you, i.e., initial purchase price, age of equipment, depreciation schedules, etc. It never hurts to check. They should be looking out for your equipment and have already established repair data. In any case some type of tracking system has to be available.

Would like to hear back from FM's on how this is handled within your organization. Thanks for your time.

Dover and out!

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