Fixed assets management is an accounting business whose main focus is the preparation of fixed assets register for businesses. The typical clients for this service are small and medium sized businesses.
Strong fixed asset management promotes improved financial supervision while protecting companies against theft by tracking the location, quantity and condition of its fixed assets.
TBS Professional Services offers a wealth of knowledge in best practices and management procedures that can help a company gain control of its fixed assets. We provide trusted advice in process flow, data management and depreciation accounting for fixed asset reporting and assist with the implementation of property control procedures and fixed asset recording.
We can assist your company as follows:
• Set-up fixed assets register
• Regular updates of fixed assets register with the new additions and disposals
• Regular verification of fixed assets items and reconciliation
• Computation of monthly depreciation charge on fixed assets and communication of the appropriate figure to the client for inclusion in the monthly management report.
• Identification of old, damaged and obsolete fixed assets items and reporting of same for further management decision.
Set-up appropriate processes for disposal of old, damaged and obsolete fixed assets items to Staff or third parties
How it works
Review – We study your current fixed assets scheme, conduct gap analysis versus business best practices and design accordingly a new operating procedure for your fixed assets function.
Design – We generate a hierarchical assets classification structure for both financial and physical tracking requirements as well as an asset catalogue detailing the different types of assets, resulting in mapping the existing physical assets.
Implementation – We implement a fixed asset solution that fulfills the business requirement in counting, maintaining, and tagging the fixed assets inventory. The fixed asset management software will include the following main modules: receiving, transferring/moving, re-serializing assets, inventory enquiry, cycle count, label creation.
Reconciliation of fixed asset data – Based on the above process, your Physical Inventory will be cross matched with your financial database, resulting in one clean asset list.
Efficiency – Fixed asset management service is an efficient and accurate solution which enables business owners to track and control their assets electronically.
Risk and compliance – Helps mitigate risks of loss or theft of assets by ensuring all items received and withdrawn from the inventory are consistently monitored.