Enterprise Grade Fixed Asset Audit and Tracking Solution
Knowing what assets an Organization owns, where they are located, who uses them and the condition they are in is a must not only for compliance and ensuring that the assets are not misappropriated but also for ensuring the maximum asset utilization.
Unfortunately, based on our experience, organizations still lack accuracy, completeness, and uniformity of data when recording physical assets in a database. Companies do not put high priority in tracking assets once acquired. This is where a timely and methodical physical asset verification can help. It can help ensure an accurate asset register and a true and fair disclosure of asset information in the financial statements.
Benefits of an accurate physical asset verification :
- Ensures existence of assets
- Presenting a true and fair statement of Fixed Assets in the Financial Statements
- Compliance to Companies Act Requirements
- Audit compliance as per CARO requirement
- Synchronisation of Asset Register with Physical status
- Better Control and Accountability over assets
- Validate information for critical decision making
- Ensures accuracy of asset information for ERP implementation or migration, mergers & acquisitions, submission to lenders and Insurers.
We, at AssetCues help Companies with their physical asset verification (PAV) or Asset Inventory. With presence all over India, our teams visit each and every location where the assets of an Organization are and generate reliable asset information through our physical verification services.
Asset tagging is performed to not only simplify the physical asset verification process but to also ensure that the asset verification process can be repeated frequently with very high accuracy and speed reducing the overall cost, time and efforts spent on physical verification.
Asset identification and mapping with asset register becomes easy when assets are tagged with a Barcode, RFID or GPS Tags. The use of tagging technology depends upon the nature of asset, its use, its cost, the tracking objective and the risk assessment of the asset. Multiple technologies can be implemented in an Organization for tracking of different assets after properly conducting the cost benefit analysis.
Benefits of Asset Tagging
- Asset identification and mapping with asset register becomes easy when assets are tagged.
- Asset physical verification is speedy and more accurate if the assets are tagged. Based on our experience, asset tagging reduces the time, money and efforts spent on physical verification by 90%.
- Barcode or RFID tag can be read from a mobile application/hand-held reader to get required information from the database.
- Transaction initiation in case of asset transfer and retirements is fast and accurate through scanning of the asset tag.
- Movement tracking of assets in and out of office becomes easier if assets are tagged
- Compliance with asset tagging or marking regulations mandated by insurance companies or FDA regulations
The continued success of asset tagging depends on the quality and durability of tags. Type of the tag to use and its material depends on a lot of key factors like useful life of asset, v value of asset, environment to which it is exposed to and its nature of use.
Expecting an Organization to define and procure desired tags is a challenge and hence we advise on and supply tags too. Using our experience in working for varied industries, we designed and developed some unique QR and RFID tags, which can suit the unique requirement of every industry including those where assets are placed in most harsh and extreme conditions to sophisticated locations where the aesthetic has to be maintained. We assist customers to chose the right tag based on the conditions like heat, pressure, humidity etc. that the tag will be constantly subjected to.
Customized tags for different class and type of assets. Eg. Tags of different colors can be used for owned and leased assets or tags with different series can be used for different asset classes and location.
We can provide Metal, Plastic, Venyl, polyester and other asset tags with innovative printing technology to ensure durability of tags.
Our professional services include reconciliation services of various disparate set of information. Be it reconciliation of asset register with physical verification findings or reconciliation of asset information maintained by IT, maintenance or administration department with that of Finance, you can count on our expertise in creating a centralised asset database.
Our approach to verification is to conduct a line-by-line reconciliation of fixed assets records maintained by various departments across Organization to the assets found during the physical inventory taking process. At the closure of the verification, we provide missing and additional asset reports along with our mapping suggestions. Our reconciliation include reconciling data with other locations and other group companies too.
Having physically verified and tagged millions of assets, our experienced and skilled professional service team helps in asset inventory (physical asset verification) and asset tagging for many large organizations. The method of physical verification could be “File to Floor” or “Floor to File” depending upon the data available with the organization and objective of physical verification. Our team can conduct physical asset verification and tagging anywhere in India at plants, offices, laboratories, warehouses and data centers including assets at vendor locations.
We use AssetCues mobile application for conducting physical asset verification and tagging and use our customised data collection technology to capture all relevant information of the asset including asset photo, condition, serial number, model number and user information for an accurate reconciliation. Our accuracy ensures that the final report and findings provided will meet the objectives and demand of statutory audit.
Every year, we perform fixed asset inventory for large and complex organizations in varied industries including those in the Manufacturing, Pharmaceuticals, Chemicals, Automobile, Personal Care, Technology and Support Services, BFSI and Media.
Our best in class methods and use of state-of-art technologies enable our team to provide highly accurate results without much disruption to the operations. We are an integrated service provider offering a complete end to end asset tracking solution including services, software and hardware.