Fixed Asset Management
Tracking & Maintenance of Fixed Assets is a cumbersome process
Brivan specialises in fixed asset management services and helps you to increase your fixed asset visibility, control, efficiency, and compliance with lowered efforts and costs.
Constraints organizations usually face are
Tedious reconciliations prone to errors
Keeping a tab on fixed assets and ensuring optimal performance.
Implement an effective system to track and monitor all your fixed assets in one place so that all operations remain unhindered. Our robust data management allows location tracking assets with active updates of asset relocations. We tag assets using RFIDs and barcodes to implement better controls over tools and equipment. It helps with predictability and insights to help you make intelligent decisions.
Fixed Asset Register
Creating a FAR and updating it with accurate information.
Establish the process to create and maintain a well-written FAR with our experienced professionals. The FAR helps you minutely record financial and non-financial data relating to each fixed asset. Our team helps lay down necessary processes that improve asset utilisation, make audits quicker and record details for relevant stakeholder processes.
Examining financial information and matching it with fixed asset inventory.
Fulfil regulatory compliances and demands with our systematic approach to audits. We ensure that your records are accurately entered, linked directly to a tagged physical asset, and updated annually. It streamlines the audit process but provides reliable insights into the current inventory to facilitate sound decision-making.
Improving reporting processes and implementing controls.
Get better control over your company’s assets with our fixed asset management system that works to enhance internal reporting mechanisms. Accurate management depends on precise data and reporting that can give insights into asset utilisation and movement. Through our software, we help build a centralised repository of data that can generate several types of analytical reports for your company’s leadership group.
Evaluating equipment utilisation and bettering decisions.
Increase your control over the money spent on buying additional equipment by reassigning and utilising idle equipment. Our experts are adept at conducting a cost-benefit analysis to understand the implications of buying new equipment and can empower you to make more informed decisions. Financial sustainability is vital for any business, and unnecessary purchases can hamper long-term growth.
Ensuring appropriate premiums and mitigating risks.
Eliminate any concerns regarding the underinsurance or overinsurance of your company with guidance from our professionals who accurately match your insurance coverage and premiums with the actual assets. We help you efficiently manage and track your fixed assets, so you do not overpay for insurance.
Benefits You Get with Us
Employ a cost-effective fixed asset management solution whose complete implementation typically uncovers at least 15-30% of unrecorded retirements in an organisation. Our model essentially pays for itself and gives you significant benefits.
Get access to our industry professionals that have experience managing multi-location clients and can extract relevant data. Implementing proper tracking can create an organisation-wide transparent environment and improve asset performance.
Boost productivity through the timely verification of your fixed assets and avoid any losses or misplacements. Regularly checks and reconciliation can help understand the location of the asset and meet regulations to avoid issues during the audit process.
Decrease Carrying Costs
Gather relevant and accurate information from our team about your fixed assets to reduce your carrying costs. By reassessing processes and eliminating inefficiencies, you can establish benchmarks to guide future decisions.
Get support from domain experts that have worked on large assignments with stringent deadlines and ensured quality standardisation across the board. We pride ourselves on delivering services across many industries and cities in India.
Deploy a system that assigns various assets to employees who can be held accountable and responsible for their maintenance and security. We help you identify these custodians to improve internal controls and best practices.
We trust in the latest tools & technology
to provide global connectivity, and immersive access to real-time data and updates for our clients.
Frequently Asked Questions
What is Fixed Asset Management?
Fixed Asset Management is the management of fixed assets which cannot be converted to a fair cash value on time. Fixed assets are often managed using asset tags, which are tracked through serial numbers or bar codes for easier organisation. They are filed for accounting, maintenance, and theft deterrence.
What are some examples of fixed assets?
Here are a few examples of fixed assets: office equipment, buildings, furniture, manufacturing equipment, vehicle, etc. They get depreciated over their useful life.
How can we manage assets?
With auditing, a professional activity for effective management of assets, you put a label on every asset of yours. When every asset has a unique identification, it becomes an easy and straightforward task to keep track of them. The bar code technique will be more effective if you manage assets with a fixed asset management software. Plus, it also enhances the audit process via tagging. A big organisation has similar assets look-wise, such as laptops and computers. It tends to be anything but difficult-to-commit errors by writing the same records twice, and it creates issues.
What is the need of physical verification?
With the end goal of ideal administration and management, managers must do physical asset verification activity regularly to guarantee asset existence. Physical confirmation would rectify the outcome with an asset in the records book. The anomaly can be distinguished with the software, and action can be taken accordingly.
Furthermore, ghost assets are easily recognised with physical asset verification. They are ones that are lost, stolen, or unusable, yet recorded as functioning assets. Assets that physically exist but are not mentioned in books can also create a problem.
With auditing and physical asset verification, practice will not only rectify your record book but will also furnish the exact evaluation of the fixed assets of the whole organisation and information such as where the asset is situated and how proficiently they are being utilised.
What is the big picture with Fixed Asset Management
Many enterprises have several assets, yet fail to comprehend that these fixed assets require conventional and regular management. Fixed Asset Management is a never-ending job. It helps asset administrators and managers in upgrading the organisation’s asset investment.
Some asset tracking methods mechanise the procedure. For example, a company sends products through a ship for delivery and keeps track via tagging a radio-frequency identification (RFID) on an asset. Another example is that of a fixed scanner. It is used in toll plazas. The scanner machine automatically scans a moving vehicle and reads its bar code within seconds.
The above guide for asset management and tracking shows that all techniques are used for asset tracking, but the difference is how effective they are in their industry. In other words, every industry has a different software requirement for tracking. Therefore, you need to understand your industry, and only then can you choose the right tracking software for your organisation.
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Our industry experts provide customised solutions to meet a company’s specific needs.
Brivan Consultants is a one-stop professional financial consulting and management firm.
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