Fixed Assets Management
Unfortunately, Organizations across all industries routinely compromise the accuracy, completeness, and uniformity of data when recording physical assets in a database. Furthermore, a high priority is not placed on tracking assets after they are acquired. Asset accuracy is further eroded when asset moves, changes, and disposals are not properly reflected. The combination of starting with inferior data and the lack of asset stewardship throughout the asset lifecycle limits the ability of financial and operational managers to leverage the information for business objectives, such as:
- Objectively quantifying capital investment returns
- Driving out unnecessary capital cost and expenses
- Optimizing maintenance support
- Performing routine financial/regulatory compliance
RCS’s fixed asset and IT Asset Inventory provide the foundation for improving upon managing your assets. Asset stewards within an organization should be aware that optimally managing physical assets is extremely difficult without a comprehensive awareness of the existence and utilization of physical assets. Organizations cannot afford to ignore the business benefits provided through RCS’s services.
Asset Verification and Tagging Services
There’s no room for error when you need a precise picture of your company’s physical assets. Knowing exactly what assets you currently have, where these assets are located and how these assets are changing over time, allows a company to keep track of details of each fixed asset, ensuring control and preventing misappropriation of assets.
Assets are physical items of business property. They are categorized into:
Movable Assets: Movable assets are assets that are either not affixed to a building, or are fixed to a building, but not permanently affixed, can be removed without costly or extensive alterations or repairs to the building, and can be used after removal.
Examples of movable assets include furniture and equipment that are easy to move from one building to another.
Immovable Assets: Immovable assets are assets that are permanently affixed to a building, cannot be easily or cheaply removed from the building, or cannot be used after removal from the building.
Fixed assets physical verification and tagging entails the following activities:
- Comprehensive and complete physical verification exercise of all the organizations Fixed Assets.
- Physical identification and labeling of the assets with special bar coded labels.
- Capturing of the following Fixed Assets information electronically:
- Barcode number
- Fixed Asset Classes
- Departments and Cost Centre’s
- Serial numbers
- Matching of the output of the verification exercise with existing records. A process of linking the asset values in the existing records and the assets tagged at each location is carried out.
This exercise helps to keep track of the correct value of assets, which allows for computation of depreciation and taxes for insurance purposes while ensuring compliance with corporate and government policies. The use of bar-coding technology makes asset verification simple and efficient. The exercise also helps to clean up the asset register of any disposals or movements that may not have been captured in the books and by giving up to date records of the asset.
Benefits of Asset Tagging:
- Identify owned assets quickly and easily with visual inspection.
- Track serial or model numbers efficiently with barcode stickers.
- Simplify inventory with bar code imprinting of property ID asset tags.
- Track high value movable equipment such as laptops & PDA’s.
- Save time and money in duplication of assets between departments.
- Increased security with regular tracking & monitoring.
- Reduction of theft with visual identification of assets with security labels
- Monitor asset movement between locations
- Compliance with insurance or government regulations
- Track useful life of assets and depreciation schedules
- Schedule maintenance, service and replacement of owned assets
Enterprise Asset Management
RCS provides superior baseline asset inventory & tagging services to organizations across all industries as the first step to implement Enterprise Asset Management. The asset inventory data becomes the foundation for efforts to limit capital spending, optimally utilize capital assets, mitigate maintenance & repair expense, and control a variety of other operational aspects of physical assets.
Are you sure you know where your assets are?
RCS’s core competency revolves around giving clients back the “data visibility” required to effectively perform best practices for managing enterprise assets. RCS routinely works with organizations to provide asset inventory data that gets populated into leading Asset Management and CMMS Systems.
RCS’s standard inventory services include barcode and/or RFID tagging of assets.
Fixed Asset Accounting Services
Competent, Insightful Fixed Asset Accounting Services Provider
Management and reconciliations of fixed asset database is resource-intensive and requires thorough understanding and evaluation of asset records. Our proficient personnel at RCS take care of all your asset records and inventory through professional fixed asset accounting services. Outsourcing fixed asset accounting to RCS ensures proper implementation of bar codes relating to the type of fixed asset.
RCS strictly follows FAS standards for evaluating percentage of depreciation of fixed assets based on their nature. Our team is accomplished in post-audit report generation of assets, an integral part of fixed asset management services.
All-inclusive Fixed Asset Accounting Services – RCS at the Forefront
Each stage of an asset’s cycle has a different set of fixed asset control accounting responsibilities. Outsourcing fixed asset accounting to RCS gives you crisp fixed asset accounting processing pertaining to fixed asset record accounting and reconciliations, maintenance, and reporting. At every level of accounting we have seamlessly integrated best-in-class services with different technology drivers to give you the finest and most accurate experience in assets accounting.
RCS offers you end-to-end solutions for satisfying all your fixed assets accounting needs that include:
- Project Accounting
- Accounting for sale / disposal of assets
- Maintenance of Fixed assets registers (FAR)
- Depreciation computation
- Accounting for Leases
- Reporting of asset accounts and depreciation schedules
Smart, Affordable Fixed Asset Accounting Services – RCS Advantage
Outsourcing fixed asset accounting to RCS helps you manage fixed asset functions, thereby improving the quality of accounts leading to tax reductions and better transparency at every stage of asset management cycle.
- Impeccable fixed assets accounting enhances your CAPEX utilization.
- RCS offers you a leverage on efficiency level and cost reductions of up to 50%.
- RCS professionals are highly skilled and experienced in exception handling and reporting.
- RCS helps improve turnaround time through speedy asset reconciliations and accounting.
Fixed Asset Inventory and Reconcilliation Services
Fixed Asset Inventory & Reconciliation (FAIR)
Our flagship service is a comprehensive approach that cleanses and fortifies your fixed asset register to establish a stronger foundation for effective fixed asset management. In addition, fixed asset inventory and reconciliation services provide the necessary data visibility to avoid the risk of non-compliance with financial, tax and regulatory issues.
RCS’s standard Fixed Asset Inventory & Reconciliation (FAIR) project includes the following phases:
- Wall-to-Wall Physical Inventory: Utilizing state-of-the-art handheld technology to capture quality asset inventory data and creating a vehicle for more efficient cycle inventory by tagging all assets with a barcode or RFID label.
- Floor-to-Book Reconciliation: Reconciliation of inventoried assets to a fixed asset ledger and/or other corporate asset management database (e.g. IT, Facilities, Maintenance, etc.).
- Book-to-Floor Reconciliation: Detailed review and reconciliation of remaining capital assets not able to be inventoried, including real property, bulk assets, ghost assets, intangibles, etc.
- Cost Componentization: Additional detailed cost componentization of capital equipment that creates the support needed for IFRS and re-classification of assets into more accelerated depreciation/personal property tax categories.
- Reporting / Data Delivery: The FAIR service results are delivered with a detailed audit trail for every asset and reports/data files are formatted to facilitate electronic updates of asset databases.
The fixed asset inventory and reconciliation approach, which has an unparalleled audit trail, is deemed by RCS clients as a methodology that bridges gaps typically experienced with traditional fixed asset “reviews”. In addition, RCS utilizes standard methodologies that take into account a variety of issues to ensure a successful and minimally disruptive project.
IT Asset Inventory
As a leader in IT Asset Inventory services, RCS delivers baseline inventory projects with superior quality, in a concise timeframe, and with minimal disruption to your operations environment. The baseline inventory data delivered is highly accurate, complete, and consistent. In addition, unique asset tag numbers (e.g. barcode, RFID, etc.) are affixed to each asset and correlated to the asset records to further enhance the effectiveness of managing IT assets. RCS’s highly developed processes and understanding of the political and workplace issues leads to unparalleled customer satisfaction.
Our Asset Inventory Services include:
- Comprehensive project planning utilizing standard Project Management methodologies that takes into account a variety of issues to ensure a successful project.
- Utilization of electronic data collection tools customized for your project in order to optimize the integrity of the inventory data (both external data and internal configuration data).
- Off-site quality assurance department that reviews every record and validates accuracy against proprietary database of 7,500 manufacturer model and serial number combinations.
- Delivery of superior quality data in the layout you require to facilitate the population of your IT Asset Management (ITAM) database or other management tools.
- Reconciliation services to validate the effectiveness of asset tracking procedures (e.g. lease files, financial records, software licenses, etc.).
- A global footprint that enables lower project costs while maintaining consistent, quality deliverables.
RCS allows organizations to gain a keen level of “data visibility” of their IT asset environment. The asset inventory information becomes the foundation for both strategic and tactical IT Asset Management objectives:
- Aligning IT with the business goals of your organization.
- Increasing the economic return of your IT asset portfolio
- Enhancing the utilization of IT resources and lowering your operational costs.