What Services do we cover in Fixed Assets Management?

• Support in maintenance of Fixed Assets Register: We can support the management in maintaining the Fixed Assets Register and ensure the register is maintained at all the Inter Companies and head office. The register will include details of location, custodian of assets, date of purchase, item code, voucher number, cost, depreciation, depreciation charged, details of disposals, assets reference number etc.
• Review of Fixed Assets Register Maintained by the Client: The fixed assets registered maintained by the client will be reviewed by us and corrections if any will be suggested to the management. The location, existence, number shall be cross verified by our team.
• Training the staffs on the process for raising indent: The team will be briefed on how the request for a new fixed asset has to be raised, mentioning the list of existing fixed assets of the same type, need of purchase, and estimated cost of requested purchase. An analysis will be prepared by the division manager detailing the name and address of suppliers, descriptions of items, cost payment terms, credit period, and justification for the selection of suppliers.
• Supervising the accounting of Fixed Assets: The accounting of fixed assets will be supervised ensuring ledger creation of each asset class, computation of depreciation, accounting for acquisition and disposal of assets. We will supervise the entries entered by the accountant ensuring compliance with IFRS.
• Accounting of Revalued Assets: We will ensure that the assets revalued by the qualified valuer are accounted for appropriately with proper allocation to the revaluation reserve. We will also verify the calculation of revised depreciation on these assets, ensuring that the same is accounted for as per the standards.
• Proper Classification of Capital work-in-progress: We will ensure that the capital work-in-progress is transferred to the relevant asset head on completion, expenses are classified and allocated appropriately.
• Assets Tagging: We can support the client in tagging the fixed assets by tagging each asset with a unique Barcode/RFID and the system will be updated with physical location details.
• Physical Verification: Our team will visit your premises and conduct verification of assets, ensuring that the assets reflected in the books are existing in the company’s premises/custody. We will also assess the control procedures in place, compare it with best business practices, conduct a gap analysis and provide a report on changes to be implemented.