Fixed Assets Management

FAM is an accounting process to keep a track on companies Fixed Asset for the purpose of financial accounting ,asset maintenance and theft prevention

• FAM aims to track the location, quantity, condition, maintenance and depreciation status of their fixed assets
• FAM consists of two activities namely –
  • Fixed Assets Verification (FAV)
  • Fixed Assets Register (FAR)

Activities performed under FAV/ FAR

• Achieve regulatory compliance applicable to the organization
• Identification of any ghost assets in the books of accounts
• Assistance in performing dynamic inventory verification
• Ensure accurate depreciation calculation for reporting purposes
• Assistance in movement and disposal of asset in a proper manner
• Ascertainment of variance between books and physical verification
• Bar Coding of individual asset tags will significantly reduce the effort necessary for verification of inventories
• Enables multiple concurrent inventories with centralized reconciliation
• Ascertain fair value of the fixed assets that may reduce insurance and tax costs
• Track’s origin and destination of transferred assets. Lists transfer date, acquired values
• TRC Pamco Middle East expertise lies in FAM and our vast knowledge in this activity helps to provide ready solutions to our elite clientele in all sectors.