Physical Verification

Fixed Asset Physical Verification

There’s no room for error when you need a precise picture of your company’s physical assets. Unfortunately, Organizations across all industries routinely compromise the accuracy, completeness, and uniformity of data when recording physical assets in a database. Furthermore, a high priority is not placed on tracking assets after they are acquired. And by doing things organization spend substantial amount on tracking and maintaining that asset which is sometime goes higher than actual purchase cost.

Asset accuracy is further eroded when asset moves, changes and disposals are not properly reflected. Knowing exactly what assets you currently have, where these assets are located and how these assets are changing over time, allows a company to keep track of details of each fixed asset,ensuring control and preventing misappropriation of assets. Thus reducing operating cost.

Physical Verification Process provides the foundation for improving upon managing your assets. Asset owner and custodian within an organization should be aware that effective management of assets is extremely difficult without a comprehensive awareness of the existence and utilization of assets. Organizations cannot afford to ignore the business benefits which PTSOL® provides through its quality services.

Why Fixed Asset verification?

Tracking assets is an important concern of every company, regardless of size. Among many reasons associated with the need for physical verification of fixed assets, below mention are a few major ones:-

Presenting a true and fair statement of Fixed Assets.

Statutory and Regulatory compliance.

Audit compliance.

Synchronization of FAR with Physical status.

Better control and Accountability.

During Mergers and Acquisition transactions

What we do:

Physical verification of Assets at various locations across India.

Entry into excel/ inventory records

Identifying, verifying & tagging of all assets

Reconciliation with Assets Register

Uploading in existing database

Discrepancy report & MIS Reports

Why Fixed Asset Tagging?

The purpose of Tagging assets is Tracking movement of assets from one place to another place. An identification number is written on the asset to avoid duplication.

Identify owned assets quickly and easily with visual inspection.

Track serial or model numbers efficiently with barcode stickers.

Simplify inventory with bar code imprinting of property ID asset tags.

Track high value movable equipment such as laptops & PDA’s.

Save time and money in duplication of assets between departments.

Increased security with regular tracking & monitoring.

Reduction of theft with visual identification of assets with security labels.

Monitor asset movement between locations.

Compliance with insurance or government regulations

Schedule maintenance, service and replacement of owned assets