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Fixed Asset Management involves the systematic tracking, valuation, and maintenance of long-term physical assets such as machinery, equipment, and buildings.
By maintaining accurate records of asset acquisition, depreciation, and disposal, fixed asset management helps organizations control costs, reduce risks associated with asset obsolescence or underutilization, and ensure compliance with financial regulations.
Identify and download invoices and supporting documents (BOQ) from the system. Record vendor details, invoice information, asset nature, units, prices, additional charges and applicable taxes.
Finalize the asset category and useful life based on the nature of the assets. Prepare a record of the transactions for management's review and further recommendations, if any items are non-assets.
Basis of Invoices create a new Fixed Asset Register (FAR) and reconcile it with the existing FAR. Report any discrepancies to the management.
Conduct physical verification at the ground level and record asset tag details and condition. Reconcile the physical verification report with the Fixed Asset Register (FAR).
Generate QR/BAR codes for each asset using the tracking tool. Send the QR/BAR codes to the respective locations. Assist the Operations team in tagging the corresponding assets.
Identifying and Recording of Assets Implementing Tracking system Driving PV and asset tagging process.
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