Make up of fixed asset register:
Asset register is a living, constantly changing document that will help you keep track of your business's fixed assets. An asset register keeps track of each asset's name, description, value, depreciation, location and other details such as purchase date, performance, ownership status and accounting information (like depreciation method used and estimated useful life). We at onerous solutions help you in your problems associated with fixed asset register maintenance and compilation. They are worth taking the time to set up and maintain.
Drafting of fixed asset policy:
We set forth the guidelines for the physical and reporting control of your organisation's fixed assets. It is intended to assist the personnel in implementing and maintaining an effective property control program. The policy establishes definitions, asset valuation methods, capitalization thresholds and useful life, and depreciation method. It will assist the organisation in gathering and maintaining information needed for the preparation of the financial statements.
By capturing Owner, Custodian and User Information for each asset, high level of asset accountability is ensured.
By having physical verification , bar code interface & Cost break up details , complete history of asset is available at finger tips.
Multiple methods as required by various statutes or company policy can be computed simultaneously so as to save time as well as provide requisite records within minimal time.
Pay insurance premiums only for physically available assets which are worth insuring.
By timely writing off obsolete assets or those assets which you don't have, overall tax liability gets reduced.
Time, money and efforts spend on asset audit gets significantly reduced due to ready availability of requisite information.
Real time information can be incorporated in the existing database in a hassle free manner.
By knowing the unused assets, where they are and who has them, optimum procurement decisions can be made.
Asset tracking provides accurate records of equipment under warranty, allowing for alerts to be issued for warranty service to ensure the repair is covered under warranty.