Tracking and managing assets are an important task for a company, regardless of size. Assets can be defined as property which a firm owns and uses in the production of its income. Assets include production plant but also include computers, tools, software and office equipment.
A Fixed Asset Register (FAR), normally maintained by the accounts department, is used to keep track of capitalized fixed assets and their value. This register allows for the computation of asset depreciation and for tax and insurance reporting. Typically, these registers become inaccurate due to machinery upgrades and scrapping of machinery which are not recorded correctly.
In many companies the task of identifying and locating a specific fixed asset can be difficult unless numbering is systematic. A common problem in most companies is the improper maintenance of the FAR and the inability to uniquely identify and locate assets listed on the FAR. Physical verification (reconciliation) of fixed assets becomes a futile exercise unless the FAR is properly maintained with tagging of assets. Tagging of assets allows identification and tracking of assets if moved. Industry Asset Services can assist with the creation of an asset register and asset reconciliation.
We can also assist in transfer of assets physically on the ground by recommending suitable companies.
Please contact us to discuss your requirements.
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