Fixed Asset Management

The constant pressures of tight deadlines, limited headcount, and constantly evolving responsibilities of today’s tax environment makes establishing straightforward, fast and accurate processes and services more important than ever.

Your business is probably investing a lot of resources to manage your fixed assets, yet you may still find that your books aren’t properly in order and assets aren’t being properly classified. This may put your company at risk of non-compliance, and may mean you’re missing tax advantages that could save you money.

Are you still using Excel spreadsheets for asset tracking and depreciation? Struggling to track and maintain a record of employee used equipment, or equipment that needs to be insured or regularly maintained?

Fixed Asset Management Services

  • Physical Inventory audits
  • Supply and affix bar-code labels
  • Condition assessment of assets
  • Capture verified data on the asset register
  • Asset Accounting & Reconsiliation to GL
  • Asset Appraisal

 

Let our inventory specialists go on-site to seek out your assets, verify its existence and affix bar code labels. Our proven methods and use of state-of-the-art technologies enable us to complete a highly accurate physical count with little to no disruption to your normal daily business operations.

Using our in-house expertise, we make the whole process of putting in place a complete, accurate and change control oriented record of fixed assets, an easily repeatable exercise, taking into account every conceivable eventuality that may be experienced in fixed assets management environment. Through this service offering, we could assist with:

  • Fixed Assets Asset Management Software
  • Fixed Assets Verification;
  • Fixed assets Management Review;

OpenAsset Fixed Asset Management Software

OpenAsset Asset Management software provides you with an easy-to-manage single version of the truth for your assets. It enables you to maintain and control the complete asset lifecycle across depreciating or non-depreciating assets from creation to depreciation, revaluation and disposal. OpenAsset supports detailed asset management including insurance, while providing tight integration that creates accounting entries and fixed assets from purchases ensuring that no equipment slips through the cracks.

OpenAsset is a web-based fixed asset management system ideal for any organization that requires remote access to its asset register. This software is a convenient, web-based fixed asset register where assets can be added, deleted or edited from any PC with Internet or Intranet access.

  • Handles an unlimited number of assets, companies, and users
  • All data is maintained in one central location for simple consolidation, removing the need to copy, move or merge files
  • Built-in tax and depreciation  expertise Standardize asset types, methods, user-defined fields, filters, and reports that are used-minimizing the risk of both international and inadvertent differences

With OpenAsset Fixed Assets Software, tax departments can optimize their fixed asset management and depreciation process. OpenAsset provides accurate depreciation calculations, expert guidance, and timely regulatory updates that enable tax and accounting professionals to maximize their productivity.

OpenAsset is a tested and proven asset management software solution that integrates best asset tracking practices; bar coding, Radio Frequency Identification (RFID), data importing and organizes it all in a scalable database repository.

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Verification exercise

The process of linking the asset values in the existing records and the assets tagged at each location. This exercise helps to keep track of the correct value of assets, which allows for computation of depreciation and taxes for insurance purposes while ensuring compliance with corporate and government policies.

The exercise also helps to clean up the asset register of any disposals or movements that may not have been captured in the books and by giving up to date records of the asset.

Fixed assets physical verification and tagging

  • Comprehensive and complete physical verification exercise of all the organizations Fixed Assets.
  • Physical identification and labeling of the assets with special bar coded labels.
  • Capturing of the following Fixed Assets information electronically:
    • Barcode number
    • Description
    • Location
    • Fixed Asset Classes
    • Departments and Cost Centre's
    • Serial numbers

Technologies

Mobile, Windows, Web, RFID, Bar code. Standard Architecture (MS SQL Server, ASP/ASP.Net)

Mobile Scanners OpenAsset supports a large number of integrated and PDA based bar code scanners

Bar code labels Open Edge Technologies has subject matter expertise in supplying and assisting with decisions regarding the choice of appropriate labels for various applications, and recommending labels appropriate to different classes of assets such as furniture or IT assets. Labels are securely attached to the asset in a manner facilitating easy identification. Colors and lettering fonts used for labels on operational devices shall provide for easy reading from a reasonable distance.

 

RFID tags and wireless receivers are integrated as part of the "active asset Inventory" solution. Using RFID tags and readers, assets can be secured and tracked automatically as they move throughout the facilities. RFID is popular with schools, colleges, universities, hospitals, government agencies and large companies that require regular asset audits. Managing assets or capitol equipment efficiently is a key strategy in loss prevention.