Fixed Asset Valuation
Asset Valuations are undertaken for International Financial Reporting Standards (IFRS), Insurance, Disposal, Company Mergers and Restructuring. These are undertaken under Accounting and International Valuation Standards and in accordance with the Royal Institution of Chartered Surveyors valuation manuals. The types of assets valued include land and buildings, specialized Plant & Machinery, including Communication Towers and Equipment; Furniture and Equipment as well as Transport assets such as Motor Vessels and motor Vehicle Property, plant and equipment.
Fixed Asset Accounting
Easy to use, flexible Fixed Asset Accounting Software that complies with IAS, IFRS and Sarbox to name a few. Save time and money by selecting easy to deploy fixed asset accounting software that does more than simply account for your assets.
Fixed Asset Tracking
Keep your asset records up to date with easy to use software and hand-held scanning solutions. Track and record day to day asset movements, disposals and additions. Record the delivery of goods and complete full physical asset audit reconciliations. The cost of this option is very affordable. Quick and easy integration from your current asset management system, we import the data for you into our database or do the initial Asset counting if you don’t have an asset register, to quickly get you up and running.
Fixed Asset Labeling
We have different types of bar codes that we use. The type of coding that will be adopted in this exercise will be agreed upon between the client and the consultant if coding is required.
→ Consultations with the client on mode of coding whether electronic or alpha-numeric coding especially on data capture i.e. which items should be captured in the bar code and which ones be left out.
→ Preparation of /printing non-destructible bar code stickers.
→ Placing the bar code stickers on the various assets.
We print and deliver high-spec barcode labels and stickers in a variety of shapes, sizes and materials. High quality asset tracking barcode labels are our specialty. With a wide range of materials to suit all environments from rough surfaces, extreme temperatures, chemical, scratch and direct sunlight exposure. Options include transfer materials, laser engraved and metal based solutions.
We Supply Printers and Scanners/Barcode Reader of various types.
Inventorisation, asset bar coding and Updating Fixed Asset Register
One of the tasks in the project is to undertake asset bar coding and tagging. Bar coding involves preparatory processes articulated hereunder:
→ Review and study the client’s existing Fixed Asset Register (FAR)
→ Fixed Asset Register Verification
→ Identifying and verifying the type, location and quantity of assets that are tagged and those not tagged (including assets whose bar codes have disappeared or faded/damaged)
→ Fixed Asset Physical Verification: identifying assets tagged assets as per FAR and those not tagged physically, with their corresponding bar code numbers
→ Inventory data capture
→ Fixed Asset Register RECONCILIATION, whose output report shows the assets are in the FAR but not in the field, assets that are in the field/offices on but not appearing in the FAR. Finally, to show assets that are in the FAR but not functional nor operational
→ Identifying types of bar codes to be used and tagged on assets: the consultant will use either aluminium bar codes (black and white or coloured), or silver void. Fix indelible and permanent asset labels that are not removable. The barcodes on the labels are indelible, scratch proof and can withstand extreme climatic conditions
→ The client’s assets will be tagged accordingly from office to another under a specially agreed plan supported by pre-agreed movement logistics that will not disturb/interrupt office work nor operations.
→ Uploading the updated FAR into the client’s IFMS-Epicor Accounting Module in order to address the tasks hereunder.
→ Design and agree with the client on the unique reference electronic bar codes for each asset/category of assets. Different assets have different uses, in various groups, categories, classes, different durability and maintenance specifications as well as manuals. Sample bar codes/tags will be prepared and submitted for approval by the client’s management before tagging of the assets.
→ Establish asset identification mechanism through reference codes
Establish and implement a computerized fixed asset bar coding to the client’s assets: The consultant will undertake transfer of bar code information from the scanners, and upload to the computer. The latter will decode the information and provide precise necessary asset information for office use. Automated asset register provides a window for asset identification and monitoring throughout the life of an asset.
→ Ensure efficient and easy asset tracking and monitoring system (movement, disappearance and easy stock taking) as an end product: The consultant will provide an asset tracking output for the client. Once in the computer, asset data will be easily extracted from the machine and made available for usage by the client for a range of purposes including stock taking, tracking asset movement, asset condition and status etc.
→ Develop and Automated FAR management System
The client’s assets that are to be tagged include, furniture, office equipment.
The consultant will design Fixed Asset Tracking, Inventory undertake Reconciliation system that will address the following:
→ Use experienced Audit Technicians to design unique codes
→ Systematic Data Collection Methodologies
→ Stringent Quality Control Procedures
→ Comprehensive Reconciliation Procedures and Systems
The consultant will design, verify, tag, capture data and reconcile the output of the verification exercise with the new Fixed Asset Register in a logical, efficient, and cost effective manner.
Reconciling fixed assets with client’s financial records is critical to improving financial performance, maintaining the integrity of client’s asset information, and improving asset management initiatives.
The consultant will provide the client with validated Fixed Asset records for updating corporate systems and databases. This will ensure that the associated systems that use this Fixed Asset data are populated with the most accurate information for critical financial and application systems.
The consultant staff will use handheld data collection devices combined with electronic barcoded asset tags and scanners to quickly tag and identify assets. This provides a vehicle for more efficient audits in the future.
Asset tracking system facilitates tracking asset location, movement, transfers, specifications and detailed data pertinent to the asset. Our reconciliation of the inventory data to the client’s new Fixed Asset file will be performed in controllable stages within strict guidelines to ensure the highest levels of reconciliation possible and customer confidence.
Asset coding and reference marking: We shall provide a referencing system by providing unique number to each asset; this involves listing and labeling (tagging) of all assets using bar codes with special barcode labels.
Preparation of an up-to date Automated Asset Register
There are different technologies for asset management like Asset Capture Software from Asset ware Technologies (UK) and Handheld Scanners from Symbol Technologies to collect the Fixed Assets data during the physical verification exercise.
The Asset Capture software utilises the barcode scanning technology to rapidly compile asset inventory information. Some of the information that can be captured using this software includes:
→ Asset barcode number and description.
→ Asset number that corresponds to the existing numbers on the assets.
→ Asset locations indicating the main location, building and floor or room.
→ Asset class indicating the main class, sub-class and sub sub-class.<
→ Asset reporting units such as departments, divisions and cost centres.
→ Asset serial numbers where applicable.
To prepare the inventory forms in each room and affix it behind the door or at the most appropriate and conspicuous place within the room"