Asset management involves tracking the physical location of assets, managing demand for resources as well as financial accounting tasks such as amortization.
Impax performs professional fixed asset inventory services for organizations of all sizes and across all sectors.
Combining precision planning and advanced technology, with experienced professionals, Impax can quickly and accurately obtain comprehensive, up-to-date fixed asset inventory data by conducting onsite physical inventory services in any industry.
Our best in class methods and use of state-of-art technologies enable our inventory specialists to complete highly accurate physical inventory counts with little to no disruption to your normal daily business operations.
We assign a Project Manager and Inventory Controllers to every engagement. Together, they assess your objectives, existing business controls, and asset information standards and conventions.
Using this information, a concise methodology is created and used to govern the process. This includes: Physical Verification, Assets Tagging, Assets Data Capture, Production of Fixed Assets Listing, Updating the Existing Fixed Asset Register with Additional Asset Information and Training as bellow.
We will carry out a comprehensive and complete physical verification exercise of all Fixed Assets by identifying each asset, office and locations. The locations and office identified will be used to link the assets to the designated location/ office during data capture.
Fixed Assets Tagging
We tag all the Fixed Assets with permanent aluminum barcode labels using the following tagging conventions during the tagging exercise and data collection:
- The labels will be placed, on the face of an asset but on the top right-hand-corner for all office furniture, equipment and computers.
- For machinery and equipment items we recommend placing of tags next to the manufacturer’s labels or serial numbers. These labels are affixed on the assets with special glue, which ensures that they cannot be removed.
This convention will allow the following:
- Consistency and neatness in the fixing of labels on the assets.
- Ease of identification of the asset tags during physical verification.
- Eliminate possibilities of an asset being tagged more than once
Fixed Assets Data Capture
We use Data Capture software and Handheld Scanners to collect the Assets data during the physical verification exercise. The software application utilizes the barcode scanning technology to rapidly compile asset Fixed Assets information. Some of the information that is captured using this software includes:
- Asset barcode number and asset description
- Asset number that corresponds to the existing numbers on the assets (this will be the number on the permanent tags currently on the assets).
- Asset locations indicating the main location, building and floor or room.
- Asset class indicating the main class, sub-class and sub sub-class.
- Asset reporting units such as departments, divisions and cost centres.
- Asset serial numbers where applicable.
Fixed Assets Items descriptions will be captured using the Standard Asset Naming Convention.
Production of Fixed Assets Listing
The complied information during data capture will be downloaded into a computer. The information will then be used to prepare asset listing of all the physical details of the assets using the new descriptions, barcode numbers, and locations, status of the assets, asset class, serials numbers, and users among other details.
Updating the Existing Fixed Asset Register with Additional Asset Information
Impax offers comprehensive fixed asset verification and floor-to-book data reconciliation services. Reconciliation services are designed with the intent of improving the quality of the existing ledger information and improving the process flow that impacts asset information as it flows throughout the typical asset life cycle.
The reconciled Fixed Assets list will then be used to update the existing Fixed Asset Register with such additional information as:
- Asset barcode numbers.
- Asset numbers previously omitted.
- Assets previously missing from the Fixed Asset Register.
- Assets not found.
- Assets found in a state of despair and subject for write off.
Training will take place during tagging exercise.
Team Members from our client’s will be involved in the tagging exercise and will be shown how to:
- Tag the assets including identifying the positioning of a label on the various types of assets.
- Apply the agreed asset tagging and naming conventions.
- Observing safety standards during the tagging exercise.
At the conclusion of the exercise, Impax provides the audit trail (MS Excel file) and a specific reconciliation report as defined below:
Reconciled assets – Items found during the inventory process and traced to the fixed asset accounting records
Unrecorded additions – Items found during the inventory process but not found in the fixed asset accounting records
Unrecorded retirements – Items found in the fixed asset accounting records but not found during the inventory process
In addition to the auditable MS Excel spreadsheet, Impax produces a formal written reconciliation report that describes the process, findings and recommendations in full detail.