Performance Optimization > Fixed Asset Register Related Services

In India, it is crucial for Companies to manage Fixed Asset Register’s consists of certain mandatory information. Often, Companies which are multi-location and working on legacy work platforms are required to incorporate this Register into the new ERP platform to which they are shifted. The challenge then is to provide reconciliation with the Books of Accounts, supported by tagging of all Fixed Assets and its proper recording. Further due to following reason Fixed Assets register are needed in the orgnisation.

  • Corporate governance requirements (SOX, GAAP, IFRS, CLAUSE 49, CORPORATE GOVERNANCE etc).
  • Inaccurate depreciation calculations.
  • Lack of an audit trail and overall security.
  • Inability to link 'parent/child' assets or conduct asset splits, batch disposals, etc.
  • Access to multi-currency, multi-lingual or multi-book capabilities.
  • Unable to meet historical reporting and forecasting requirements.
  • Wasted time on tedious tasks such as data entry.
  • Lack of confidence in data integrity.

A fixed asset register is an accounting tool used to store and regulate an organization's list of fixed assets (e.g. computer and office equipment, vehicles, land, buildings, etc.), which typically consists of items held for the purpose of production of goods or performing services, not used for the purpose of sale. Quite simple, a fixed asset register is a detailed list of fixed assets.

In the absence of an updated Fixed Assets Register, it is tough for any company to keep check over the FA. If FA Register is not updated frequently for the addition and deletion during the year, it alert about the weak internal control over the FA’s and does not present the true and fair picture of FA in the Balance Sheet. Further, it may result into reporting by Statutory or Internal Auditor in their report.

Fixed asset management is an accounting process used to track fixed assets for the need of financial accounting (depreciation). Many companies also elect to track the whereabouts, quantity, condition and maintenance records relating to fixed assets for tax and insurance purposes.

From a purely operational standpoint, having a correct asset register that shows location, condition and the responsible contact can help to ensure that assets are available and usable when needed. But how a business uses its assets also has multiple effects on the entity's finances, through the very tangible costs of heightened insurance premiums, property taxes and unused depreciation. These areas cannot be effectively addressed without a specialist fixed asset management solution. Organizations that are using inconvenient spreadsheets to manage an ever-growing asset register constantly struggle to address a variety of issues surrounding the accountability and traceability of their asset base.

What Rajput Jain & Associates Offers

Rajput Jain & Associates provides total Solutions under one roof to its clients in relation to fixed asset management. We provide following services in this regard:

  • Updation of existing FA Register and review of capitalization as per the provisions of AS-10 of ICAI.
  • Asset Verification and Tagging Services
  • Preparation of FA Register, regular updation on half yearly basis and review of capitalization as per the provisions of AS-10 of ICAI.
  • Reconciliation of FA Register with the physical verification results.
  • Physical verification of FA (only if FA registers is not being maintained by us).
  • Compilation of discarded and/or obsolete items list
  • Fixed Asset Inventory and Reconciliation Services – FAIR
  • Compliance Repository Maintenance
  • Fixed Assets Audits
  • Depreciation Calculation and Accounting.

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Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.

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  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

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