Fixed asset management consulting services can have a big impact on your fixed assets and their life-cycle. How you implement and introduce fixed asset processes is extremely important within any organization. Fixed assets are what make your business operate. It’s the machine that creates your widget. It’s the computer equipment and software that manage your accounting and keeps communication open between your customers, vendors, and internal staff. It’s even the chair you sit in.
Mismanagement of tracking, recording, and depreciating your fixed assets in a full life-cycle (from cradle to grave) among internal departments can cause many internal and external problems. Make sure you involve everyone in the fixed asset management process and development of.
The benefits of proper fixed asset management consulting include:
- Accurate Financial Reporting
- Internal/External Audit Support
- Tax/State/AMT deductions, bonus elections and tax filing
- Property Tax Assessments and Bills
- Insurance Claims (i.e. natural disasters and property damage)
- Mergers & Acquisitions
Budgeting & Forecasting
Often times, Finance is stuck with the burden of capturing the assets information such as: cost, date of acquisition, description, who they bought it from, the invoice number to track down historical information, etc. However, other departments that manage, deploy, repair, and track fixed assets should always be included and data share and updated often. Departments that are involved in fixed asset management include:
The consultants at SWK work with your team and all departments (if necessary) to work out a plan of action. SWK can tackle all of your fixed asset management needs, or just the open risks associated within.
A’ LA CARTE SERVICES
- Fixed Asset Management Policy & Procedures (Deliverable: Written Guide)
- Departmental implementation & risk assessments
- Physical inventory planning and project management
- Data reconciliation between external data sources and internal (all department fixed asset data files)
- Construction in Progress accounting planning and implementation
- Workflow improvement and efficiency
Contact us to inquire how we can assist you in your fixed asset management project. (973) 805-3342.