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Boro Capital Management offers fixed assets management solutions which comprise:
- Developing fixed assets procedures and policy manuals;
- Fixed asset verification and tagging;
- Generation of fixed asset listing; and
- Reconciliation of fixed asset listing to existing assets registers.
Developing Fixed Assets Procedures and Policy Manuals
This entails reviewing and documenting the process that is followed from purchasing of assets to disposal of assets against industry standards. This includes; movement of assets, depreciation, procuring, write offs, disposal, labeling and recording among others.
This process will involve working closely with the relevant personnel from clients’ entity to ensure that they own the document.
This process will create a comprehensive policy document relating to the fixed assets, which will be presented to management for review and approval.
Once the document has been approved by management, all staff will be required to follow the policies and procedure when dealing with fixed assets.
Fixed Assets Verification & Tagging
This process involves identifying and marking all movable fixed assets with an iodized aluminium tag. These tags are scratch proof, do not tear and do not fade. They are serialized which ensures that each fixed asset has a unique identification.
Once a tag has been attached to a fixed asset, all details pertaining to the asset are recorded following the standard naming.
A critical point in this process is assigning assets to specific people/users so as to ensure that staff are responsible and accountable over the assets so assigned hence safeguard the same.
Generation of Fixed Asset Register
On completion of fixed asset verification and tagging, we shall generate a fixed asset register that will contain all pertinent information required to manage the fixed assets. Such information shall include:
- Depreciation classes
- Asset Types
- Asset Descriptions
- Depreciation methods
The outcome of the exercise would result in the analysis of the following elements
- Department
- Location
- Person responsible
- Asset Barcode number
- Asset Description
- Asset Category
- Make
- Model
- Serial Number
- Attributes
On generating an asset listing for each location, it shall be presented to the person responsible for the assets for review and sign-off. The sign-off is evidence that the person responsible for the assets has verified the accuracy of the asset listing.
Reconciliation between New Asset Register and Existing Records
This involves reconciling the fixed assets register generated to the existing fixed assets register (General Ledger).
The outcome of this process is the following:
- A report of missing fixed assets i.e. assets that are in the company asset register but cannot be found on the ground.
- New assets i.e. assets that were found on the ground but were not on the company’s register.
- Allocate value to the assets that were labeled i.e. assign the cost, cumulative depreciation and net book value to the specific assets found on the ground. In a case where there is no existing asset register, invoices can be used to assign value.
- Fixed assets not in use, that is, obsolete assets.
Call us today at +254-20-8049910, 2662820 to assist you track the location, quantity, condition, maintenance and depreciation status of your fixed assets.
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