Fixed Asset
Fixed Asset Verification & Tagging
The person making the remittance to non – resident needs to furnish an undertaking (in form 15CA) accompanied by a Chartered Accountants Certificate in Form 15CB.
Fixed Asset Verification & Tagging based onScope & Number of Man-days/WTC
We provide quick and affordable Fixed Asset Verification & Tagging Service through 100% online process.
Enquiry Form
Documents
Documents Required
An Elobarate check list will be prepare by our Expert Team based on the Nature & Size of the Company
How Does it Work?
Submission of required Documents to WTC Teamthrough E-mail
Our dedicated professional would review & start working on it
Our Team will Send you Draft Tax Computation through email
Only after your Discussion & confirmation , we will finalise the report
Finalised & Complete Stock audit report will be sent to your E-mail for your records
Fixed Asset Verification & Tagging
Ensure the accuracy and security of your company’s assets with our professional “FIXED ASSETS VERIFICATION & TAGGING” service. Are you facing challenges in tracking and managing your fixed assets? Do you want to minimize losses, optimize asset utilization, and improve overall efficiency? Look no further!
We specialize in providing comprehensive fixed assets verification and tagging solutions that will revolutionize your asset management process.
Why Choose Us
Why you should choose us
Enhanced Asset Security
Safeguard your valuable assets against theft, loss, or misplacement. Our meticulous verification process ensures accurate identification and traceability.
Streamlined Asset Management
Bid farewell to manual record-keeping and time-consuming audits. Our experts utilize cutting-edge technology to streamline your asset management system, reducing errors and maximizing productivity.
Uncover Hidden Assets
Our trained professionals meticulously search your premises, identifying all assets, including those that may have been overlooked or forgotten. No asset goes unnoticed!
Actionable Insights
Gain valuable insights into asset utilization, depreciation, and maintenance requirements. Make data-driven decisions to optimize your asset portfolio and reduce unnecessary costs.
Scalable Solutions
Whether you’re a small business or a large corporation, our services can be tailored to meet your specific needs. We adapt to your requirements and deliver customized solutions.
Trusted Expertise
With years of experience in the industry, we have a proven track record of helping businesses of all sizes improve their asset management processes. You can trust us to deliver exceptional results.
Fixed Asset
What is Fixed assets verification & Tagging?
Assets verification and tagging is a systematic process of verifying and documenting all the assets owned by a business or organization. It involves physically inspecting each asset, confirming its existence, and ensuring that it matches the recorded information in the asset register or inventory.
The purpose of assets verification and tagging is to ensure accuracy, transparency, and accountability in asset management. By affixing tags or labels to each asset during the verification process, businesses can uniquely identify and track their assets more efficiently. These tags or labels typically contain information such as asset codes, descriptions, and other relevant details.
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Steps involved in assets verification and tagging
- Physical Inspection: A thorough examination of all assets is conducted, including their physical condition, location, and usability.
- Identification and Tagging: Each asset is assigned a unique tag or label, typically containing information such as asset codes, barcodes, or QR codes.
- Data Recording: The relevant details of each asset, including its description, serial number, location, and other attributes, are recorded or updated in the asset register or management system.
- Discrepancy Resolution: Any discrepancies identified during the verification process, such as missing or unaccounted assets, are investigated and resolved accordingly.
- Reporting: Comprehensive reports are generated to provide an overview of the verified assets, including their status, condition, and any necessary actions required (e.g., maintenance or disposal).
Benefits
Benefits of Fixed Assets verification & Tagging?
Accurate Asset Inventory
Verification and tagging provide an opportunity to reconcile the physical existence of assets with the recorded information. It ensures that the asset register or inventory is up to date, accurate, and reflective of the actual assets owned by the business.
Prevent Loss and Theft
The tagging process involves affixing unique identifiers to assets, making them easily traceable and identifiable. This acts as a deterrent against loss and theft, as tagged assets are more likely to be recovered and can discourage unauthorized removal.
Enhanced Asset Tracking
Tagging assets enables businesses to track their movement from one location to another, enhancing overall asset tracking capabilities. Real-time location monitoring becomes possible, allowing for more effective asset utilization, optimizing asset deployment, and minimizing asset misplacement.
Improved Maintenance and Repair Management
Asset tagging facilitates the tracking of maintenance history, including repair schedules, service records, and inspection dates. This enables businesses to proactively manage asset maintenance, ensuring timely repairs, reducing downtime, and prolonging asset lifespan.
Compliance and Audit Readiness
Fixed assets verification and tagging assist in meeting regulatory compliance requirements. Accurate asset records and comprehensive documentation make audits smoother and help businesses demonstrate accountability and transparency.
Financial Accuracy
A thorough verification process helps in accurately valuing fixed assets, determining their depreciation, and updating financial statements accordingly. This ensures that the financial records of the business reflect the true value of assets and comply with accounting standards.
Decision-making and Planning
With accurate asset data and real-time insights, businesses can make informed decisions regarding asset utilization, maintenance, replacement, or disposal.
Decision-making and Planning
This aids in optimizing resource allocation, reducing unnecessary expenses, and improving overall operational efficiency.
Decision-making and Planning
By conducting fixed assets verification and tagging, businesses can streamline their asset management practices, mitigate risks, enhance security, and make well-informed decisions that contribute to their long-term success.”
Assets Verification and Tagging
Our “Assets verification and Tagging” Service includes the following
Asset tagging begins with a Fixed Asset Register. It is a detailed list of all fixed assets which are owned by a business. It helps to accurately record and maintain financial information of every asset.
Fixed Asset Register Exists in 2 Formats:
- Excel Spreadsheet
- Fixed Asset Management Software
Key Benefits:
- Provides complete information on asset history, current status, and location for audit trail purposes
- Compliance with statutory requirements of Companies Act
- Reflecting an accurate fixed asset value in the balance sheet
- An accurate reference to ensure that the appropriate level of insurance is in place, which in turn avoids any over payment of insurance premiums
- Facilitates a quick & smooth asset audit and verification process
- Simplifies month and year-end processes by providing an up to date asset data
- Improves the utilisation of assets across the business and avoids the duplication of asset purchases
Asset tags are labels that are targeted to monitor and keep a track of the organization’s physical assets. They act as a stable foundation for a smooth process of inventory control of equipment for enterprises.
Asset tags help in managing physical capital, along with tracking and preventing any kind of asset theft/pilferages.
Key Benefits:
- Theft prevention and increased security of assets
- Completion of required compliance
Physical Verification of Fixed Assets is a process carried by Auditors, Consultants, and Authorities to make sure that the physical assets by the company exist. This is important for asset tracing and recovery of lost assets if any.
Key Benefits:
- Having a consolidated physical report for all the sites & assets
- Reconciliation between physical count and book count
- Computing differences and identifying the reasons
- Providing physical verification report
- Apprise comfort to Statutory Auditor in compliance with Companies Act
Is the process of cross-checking financial records with managing a physical inventory or record.
Key Benefits:
- Accurately presented and managed inventory with proper financial records of the company
- Gathering evidence for manufacturing or retail-based businesses that stand for a large balance of assets and capitals
- Identifying if the value of an inventory is accurately presented in financial records and settlements
Standard deliverables of Fixed asset verification services
- Asset Register/Inventory Report: A comprehensive report that includes a detailed list of all verified fixed assets. The report typically includes asset descriptions, serial numbers, location information, and any other relevant data.
- Asset Verification Certificates: Certificates or documentation indicating that the assets have been physically verified and their existence has been confirmed. These certificates provide assurance and can be used for audit purposes.
- Asset Tagging/Labeling: In cases where asset tagging is included as part of the service, you can expect the assets to be affixed with appropriate tags or labels. These tags may contain asset codes, barcodes, QR codes, or other identification information.
- Asset Condition Reports:Detailed reports on the condition of each verified asset. This may include information on any observed damages, defects, or issues discovered during the verification process.
- Discrepancy Reports: If any discrepancies or inconsistencies are found between the physical assets and the recorded data, a report highlighting these discrepancies and providing recommendations for resolution may be provided.
- Maintenance and Repair Recommendations: Suggestions for maintenance, repairs, or replacements needed for certain assets based on their condition and the findings during the verification process.
- Documentation of Verification Process: A summary or documentation outlining the procedures followed during the asset verification, including the methodologies used, sampling techniques (if applicable), and any specific criteria or standards followed.
