Managing assets isn’t just about keeping a list. It’s about ensuring every part of your asset management system is complete, organized, and efficient.
Without a checklist, how can you be sure that you follow every step? From meeting maintenance schedules to tracking compliance with regulations, an asset management checklist keeps you on top of it all.
In this guide, you’ll learn how to create a checklist that prevents you from overlooking any part of your asset management process. A checklist that’s simple, actionable, and practical. By the end, you’ll have a tool to verify that your asset management system operates as it should, without the guesswork.
Let’s get started.
How Do You Prepare an Asset Management Checklist?
1. Define the Purpose of Your Checklist
Decide why you’re creating this checklist. What’s the end goal? This will help shape the questions you need to ask.
If you don’t have a clear purpose, your checklist will either be too broad and unfocused or will miss critical checks. A well-defined purpose keeps your checklist on track and ensures you only ask the right questions.
Examples of purposes:
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Internal audit preparation: Ensure your assets are documented and tracked properly for audits.
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Setting up a new asset management process: Establish a system that covers everything from acquisition to disposal.
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Ongoing compliance monitoring: Regularly check that your assets are meeting legal, safety, or financial regulations.
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Verifying maintenance routines: Confirm that scheduled maintenance is being performed on time and recorded.
Create a one-sentence purpose statement for your checklist, such as:
“This checklist verifies that all IT and facility assets are properly recorded, tagged, and maintained according to company policy.”
2. Identify the Key Stages of Asset Management
Break your asset management process into clear stages. These stages will form the structure of your checklist. Each stage becomes one section where you’ll later list specific verification questions.
A checklist that follows the natural flow of asset management is easier to use and less likely to miss important steps. It keeps your checks organized and ensures full coverage of the asset lifecycle.
Typical stages:
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Acquisition: Buying or obtaining new assets.
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Tagging and Registration: Assigning IDs, barcodes, or digital tags, then recording the details.
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Operation and Maintenance: Tracking asset usage and scheduling regular maintenance.
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Compliance and Documentation: Making sure all records, licenses, and insurance are current.
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Disposal and Renewal: Managing the removal or replacement of assets when they reach end of life.
Write a simple framework statement, for example:
“Our checklist will cover five sections from Acquisition through Disposal.”
Also Read: An Asset Audit Guide: DOs and DON’Ts
3. Brainstorm Your Verification Questions
For each stage of asset management, create specific questions that will verify whether the team is handling that part of the process correctly. These questions are the backbone of your checklist, they are the things you will check to ensure your asset management system is complete.
These verification questions will keep your checklist focused and actionable. They help you quickly identify gaps in your process and ensure that no important task is missed.
How to do it:
- Take each stage you identified in Step 2.
- Ask yourself, “What needs to be true for this stage to be successful?”
- Write that as a simple, clear question that can be answered with Yes or No.
- Limit each question to a specific action or check, such as “Are all assets tagged?” or “Is the maintenance schedule up to date?”
Example Questions:
| Lifecycle Stage | Example Verification Question | Response |
|---|---|---|
| Acquisition | Was every asset approved through the correct process? | ☐ Yes / ☐ No |
| Tagging & Registration | Is each asset tagged with a unique ID? | ☐ Yes / ☐ No |
| Maintenance | Are maintenance logs updated after each service? | ☐ Yes / ☐ No |
| Compliance | Are all software licenses valid and current? | ☐ Yes / ☐ No |
| Disposal & Renewal | Are retired assets removed from the register? | ☐ Yes / ☐ No |
A list of clear verification questions for each stage of your asset management process. You’ll have a solid foundation for your checklist.
4. Choose the Format for Your Checklist
Decide how you will present and use your checklist. The format you choose will determine how easy it is to update, share, and track your asset management process.
Choosing the right format ensures that your checklist is practical, accessible, and easy to update. The format should align with your team’s workflow and the scale of your asset management system.
Options for Formats:
- Spreadsheet (Excel / Google Sheets): Great for simplicity, flexibility, and sharing with small to medium teams. You can easily sort, filter, and update it as needed.
- Form (Google Forms / Typeform): Ideal for audits or one-time checks. You can collect responses automatically and track results over time.
- Asset Management Software (CMMS, EAM, ERP): Best for larger operations. This integrates your checklist with your asset management software, automating updates and making compliance tracking easier.
- Printable PDF: Good for on-site inspections or small teams. It’s simple to fill out, but harder to update regularly.
Example Output (Spreadsheet Format):
| Section | Question | Yes | No | N/A | Notes |
|---|---|---|---|---|---|
| Acquisition | Are all new assets approved through the correct process? | ☐ | ☐ | ☐ | |
| Tagging | Are all assets tagged with a unique ID? | ☐ | ☐ | ☐ | |
| Maintenance | Is the maintenance schedule documented for critical assets? | ☐ | ☐ | ☐ | |
| Compliance | Are software licenses up to date? | ☐ | ☐ | ☐ | |
| Disposal & Renewal | Are retired assets removed from the register? | ☐ | ☐ | ☐ |
A completed template or format example that you’ll use to organize and track your asset management process.
5. Test the Checklist on a Small Scale
Before you use your checklist across the board, test it on a small sample of assets. This will help you see if your questions make sense, if the format works, and if you’re covering everything.
Testing helps you identify gaps, unclear questions, or parts of the checklist that aren’t practical. You don’t want to find out during an audit that your checklist isn’t capturing critical information.
How to test:
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Pick one asset category, such as IT equipment or vehicles.
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Run through the checklist for that category.
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Evaluate each stage and question:
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Are the questions clear and easy to answer?
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Did you miss anything important?
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Did you find any questions that are redundant or unnecessary?
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Ask your team or stakeholders to give feedback.
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Did they understand what each section was asking?
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Did the checklist help them confirm that everything was in place?
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Example Output:
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A set of feedback notes about what worked and what didn’t.
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A list of revisions to make the checklist more effective.
6. Assign Responsibility and Review Frequency
Decide who will use the checklist and how often someone will review or update it. This ensures that the checklist stays relevant and that your asset management process stays under continuous monitoring.
A checklist only works if the right people regularly use and update it. Assigning responsibility helps ensure accountability, while setting a review schedule keeps your asset management process on track.
How to do it:
- Assign ownership: Choose the person or team responsible for completing and updating each section of the checklist. For example:
- IT team: Responsible for IT asset tagging and maintenance.
- Facilities team: Responsible for asset inspections and maintenance for physical assets.
- Compliance or legal team: Responsible for ensuring all assets comply with regulations.
- Set review frequency: Decide how often the checklist needs to be reviewed and updated. This could vary based on the type of asset or process:
- Monthly: For routine maintenance checks or inventory updates.
- Quarterly: For compliance checks, software license renewals, or audit preparations.
- Annually: For full asset lifecycle reviews or long-term planning.
Example Output:
| Section | Responsible Person | Frequency |
|---|---|---|
| Acquisition | Procurement Team | Monthly |
| Tagging & Registration | IT Team | Monthly |
| Maintenance | Facilities Team | Weekly |
| Compliance | Legal/Compliance Team | Quarterly |
| Disposal & Renewal | Operations Team | Annually |
Conclusion: Turn Your Checklist Into a Real Management Tool
Your asset management checklist is more than just a list. It’s a tool that helps you confirm that everything in your asset management process is working as it should. When used properly, it ensures that no step is overlooked, helping you stay organized, reduce risk, and stay compliant.
But remember, an asset management checklist isn’t something you create once and forget. It’s a living document that should be updated regularly. As your asset management process evolves, so should your checklist. Set up a review schedule to keep it aligned with any changes in policy, regulations, or technology.
With your checklist in hand, you’ll have a powerful tool that helps you verify every part of your asset management system. Start using it today
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