Best Practices Fixed Assets Management Services Team Must Ensure

 

Fixed assets management services

In order to offer the top fixed assets management services, we must follow certain best practices as part of our basket of services. Out of those best practices we have listed down 5 of them.

1.       Proper Documentation of assets for fixed assets management services. It will include policies and procedures in writing for the acquisition and disposal of assets. Documentation must be supported by authorized vouchers.

2.       Classification of assets is done once the documentation is complete. Each asset must be clearly marked and tagged with unique identification for each department or vertical.

3.       Complete physical verification of assets is required at the time of fixed asset management to ensure all assets are physically mapped and marked against their respective heads in the books of accounts.

4.       Reporting of fixed assets will be done only after the physical counting of the fixed assets in the field is complete and they are then cross checked with their respective entries in the books of accounts.

5.       The team conducting the Physical counting and mapping of fixed assets in the books of accounts should be separate from the team who are the custodians of those fixed assets.
Mynd Solutions is one of the top fixed assets management services provider in India and across 60 other countries through associate partners. With over 3000 satisfied customers from across industries has a strong foothold in an array of business processes in Finance and Accounting, Human Resources, Information Technology, consulting and audits, etc.