Fixed asset management is a crucial aspect of financial management for businesses and organizations. Fixed assets, also known as capital assets, include tangible items like buildings, machinery, vehicles, and intangible assets such as patents or copyrights. Efficient fixed asset…
Asset auditing is a vital process that helps organizations gain control and visibility over their valuable assets. It systematically reviews, verifies, and documents assets to ensure accuracy, compliance, and effective management. In this blog post, we will explore the objectives…
In the digital age, where transactions and records are predominantly electronic, physical verification may seem like a relic of the past. However, its importance cannot be understated, particularly regarding asset management and inventory control. Physical verification involves physically inspecting and…
In financial auditing, verifying fixed assets is a critical process ensuring these valuable resources’ accuracy, completeness, and existence. Fixed assets, such as equipment, property, and plant, represent a significant portion of a company’s financial statements. Auditors employ specific procedures to…
Any business needs fixed assets to function. These are tangible assets that are purchased to be used for a long time. Some common examples of fixed assets include land, buildings, equipment, and vehicles. These assets play a significant role in…
Physical verification of fixed assets is essential to asset management in any organization. This process involves physically inspecting and validating the assets to ensure their authenticity, condition, and presence. However, the process can be challenging due to several obstacles…
Physical verification of fixed assets is an abstract process that has a physical base. However, it so happens that this is an activity that is not preferred by companies, it is rather one that they shy away from because it…
Any natural or legal person having the quality of trader must check, at least once a year, the existence and the value of the elements of the heritage assigned to the professional activity. But the physical inventory is also an…
Traditionally, all the individuals that deal with corporate asset management are responsible for foreseeing the operations necessary to address the problems relating to the fixed assets. And here we are talking about problems of any nature, such as verification, maintenance,…
Any enterprise carries out its current activities intending to make a profit. The owner of the business can want to see detailed analytics regularly, on which appropriate conclusions can be drawn. Or for the current manager, the correct figures of…