What is a Fixed Asset?
Fixed Assets are assets such as land, buildings, cars, or equipment that a company owns in connection with running the day to day business. Assets are not considered fixed if they a bought for the purpose of resale.
What is a Fixed Asset Register?
A Fixed Asset Register is simply a register listing each asset a company owns. This register will document: what the asset is, where the asset is located, who is responsible for the asset, what the asset cost, and what the expected resale value is. In addition, a good Fixed Asset Register will also show each assets depreciation since its purchase date, clearly stating its current value. The assets current worth will also help for tax and insurance purposes.
Why do I Need a Fixed Asset Register?
There is financial consequence to not maintaining an accurate asset register. Every business should know at any given time where their assets are and in what condition they are in. The tracking of assets can prevent theft and loss and the maintenance of assets can extend the life of the asset. There are major tax benefits to any business tracking their assets correctly. In most cases it is a statutory requirement to have an asset register.
What Our Application is Intended to do?
The application, broadly speaking, will facilitate the creation of a Fixed Asset Register through the take on of Assets in the most efficient and least onerous means possible for the user. Once the Asset Register has been created, the application will assist with maintaining the Assets and conducting physical audits of fixed assets on a regular basis. Lastly, the application will assist clients in meeting statutory requirements, with respect to their assets, through readable and understandable reporting.
Who Uses this Application?
The target audience is any and all companies who struggle to maintain a Fixed Asset Register. The system is completely scalable and applicable to organizations of all sizes. Book keepers, accountants and business consultants can use the application to offer value add services to their clients.
Features and Benefits
By automating time intensive audit and data collection processes, the system will offer a fast, accurate and discreet method of identifying fixed and portable assets.
Although there is no direct legislation governing smaller organisations there is financial consequence to not maintaining, protecting and correctly depreciating assets for all organisations. Every good business knows that they should have an asset register but find it painful to maintain. Automate the process!
Allow your company to keep track of the details of each fixed asset. Control and prevent misappropriation of assets. Keep track of the correct value of assets, which allows for computation of depreciation and for tax and insurance purposes.