State audit finds errors in Illinois Department of Transportation record-keeping
June 20, 2013
The state of Illinois recently audited its Department of Transportation, finding that the agency's bookkeeping practices were lacking in some areas, the Chicago Tribune reported. According to the state auditor general, some of the problems identified originated early as 1994. Among the issues highlighted for fiscal years 2011 and 2012 was incomplete inventory record-keeping.
A department spokesperson attributed these flaws to human error and a lack of resources. These are perhaps the most common reasons for inventory accounting problems. Any organization that finds itself short of resources and prone to human error in calculation should consider fixed asset management software. This calculates such things as depreciation automatically, preventing human error from marring records. Its ease of use also allows resources to be distributed in a sensible way.
Another solution to human error in inventory accounting is using asset tags, which are affixed to items. These tags can be scanned and tracked in fixed asset management software, which will help keep the big picture of an organization's possessions correct.