Fixed Assets Management, Verification & Audit
Mynd facilitates its clients in Fixed Assets Management, a process that helps track a company’s fixed assets for the purposes of financial accounting, theft avoidance and preventive maintenance. Mynd recognizes Capitalization & Fixed Asset Management as a disciplined project solution that is prioritized for maximum impact with a clear Return on Investment (ROI) for our client. We have inventoried & capitalized fixed assets ranging from those owned by a small scale unit to multi-billion dollar organizations with numerous businesses and sites spread across varied geographical regions.
Several activities are carried out under fixed asset management with a broad scope of activities mentioned as below-
- Preparation and maintenance of fixed asset register.
- Running depreciation calculations as per statutory laws and US GAAP.
- Monthly capitalization and inventory reconciliation.
- Physical verification and tagging of Assets.
Under capitalization primary activities carried out are:
- Creation of location Ids in sync with client
- CWIP (Capital work-in-progress) analysis to initiate capitalization process
- Provisional Capitalization (in cases where information is not available)
- Capitalization process for a particular month would be completed on a pre-decided date in subsequent month
- Identification & Physical verification of customer assets across all locations to match the physical records with the book records.
- Tag assets with bar code labels for easy identification of assets.
- Implementing Internal Controls systems over expenditure on fixed assets
One of the major challenges witnessed by Companies is to have a regular verification of the Fixed Assets owned by them. Many times it happens that the management is not sure of the existence of all the Fixed Assets that reflect in records, the only answer is to conduct comprehensive fixed assets and inventory verification exercise. Mynd facilitates clients to carry out fixed assets and inventory verification.