Fixed Assets Management
FAM is an accounting process to keep a track on companies Fixed Asset for the purpose of financial accounting ,asset maintenance and theft prevention.
✔FAM aims to track the location, quantity, condition, maintenance and depreciation status of their fixed assets
✔ FAM consists of two activities namely –
✔ Fixed Assets Verification (FAV)
✔ Fixed Assets Register (FAR)
Activities performed under FAV/ FAR
✔Achieve regulatory compliance applicable to the organizationAchieve regulatory compliance applicable to the organization
✔Identification of any ghost assets in the books of accounts
✔Assistance in performing dynamic inventory verification
✔Ensure accurate depreciation calculation for reporting purposes
✔Assistance in movement and disposal of asset in a proper manner
✔Ascertainment of variance between books and physical verification
✔Bar Coding of individual asset tags will significantly reduce the effort necessary for verification of inventories
✔Enables multiple concurrent inventories with centralized reconciliation
✔Ascertain fair value of the fixed assets that may reduce insurance and tax costs
✔Track’s origin and destination of transferred assets. Lists transfer date, acquired values
✔ Middle East expertise lies in FAM and our vast knowledge in this activity helps to provide ready solutions to our elite clientele in all sectors.
