Major financial & asset misappropriation are on the rise with alarming regularity. Due to high capital & revenue expenditure and increasing compliance requirements, it is vital to maintain proper records of Fixed Assets/Inventory and to ensure the existence of such Fixed/Revenue assets.
To avoid misappropriation of assets and maintain organization’s operations seamless, identification, tracking and controlling of assets with tags becomes utmost important.
Benefits of Fixed Asset Tagging and Fixed Asset Verification
1. Regular monitoring and tracking of assets
2. Reduction in theft
3. Saves time and money
4. Correct reporting in financial records
5. Enhanced monitoring for movement between locations
6. Enables efficient resource allocation
Our “Asset Tagging and Verification” Service includes the following
1-Preparation of Fixed Asset Register: Asset tagging begins with a Fixed Asset Register. It is a detailed list of all fixed assets which are owned by a business. It helps to accurately record and maintain financial information of every asset.
Fixed Asset Register Exists in 2 Formats:
2- Tagging of Fixed Assets: Asset tags are labels that are targeted to monitor and keep a track of the organization’s physical assets. They act as a stable foundation for a smooth process of inventory control of equipment for enterprises.
Asset tags help in managing physical capital, along with tracking and preventing any kind of asset theft/pilferages.
3-Physical Verification of Fixed Assets: Physical Verification of Fixed Assets is a process carried by Auditors, Consultants, and Authorities to make sure that the physical assets by the company exist. This is important for asset tracing and recovery of lost assets if any.
4-Physical Verification of Inventory: is the process of cross-checking financial records with managing a physical inventory or record.
Our Service Deck:– Fixed Asset Tagging and Fixed Asset Verification Service
To know more about Fixed Asset Tagging and Verification Services, watch this video
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