Fixed Assets Management
It is critical from different perspectives to ensure proper management for the business’ Fixed Asset. While accounting and financial reporting is one perspective, another one is to ensure easier organization, safety and avoid lost or theft fixed assets.
01 Why it is importantKeep proper and accurate Books
Ensure that you have an updated Fixed Assets Register (FAR) that reflects what the business has purchased and invested.Quality Financial Reporting
Inaccurate Fixed Assets Register will negatively impact all your financial reports, giving you wrong results about your business performance.IAS implementation
Ensure that you have International Accounting Standards implemented.
02 How we can helpGap analysis:
Conduct a comprehensive review and gap analysis on the Fixed Assets Register, review depreciation calculation and recommend the adjusting journal entries.Fixed Assets Counting and Tagging:
This is a comprehensive project aims to identify all the actual fixed assets, fix a bar code on each of them, then all fixed assets shall be listed within the relevant Fixed Assets Management Software which will provide full details about the Fixed Asset: location coordinates, operational status, date of purchase …etc.Re-Valuation:
Either for Company’s property, plant and equipment or investment assets, and as per International Accounting Standards IAS, a frequent re-valuation could be conducted so the recorded book value would match the market value.