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Asset Verification and Reconciliation

Accurately tracking your company's inventory can be overwhelming. tovAzareel offers an inventory control solution that will give your business the power to manage your inventory accurately, enhance customer satisfaction, and gain a competitive advantage in today's economy.

We advise and assist organizations in carrying out assets physical inventory and electronic verification using our Laser Barcode Scanner. This involves identification of all assets of the company taking into cognizance, its location, quantity, quality, year of purchase, codifying and computerized indexing of assets.

We consistently reconcile the physical fixed assets with the existing asset register, this enable us to know what is on ground physically that is not missing in the asset register and what is in the asset register that is not physically found on ground and produce a consolidated fixed assets register for your company to ensure proper planning by the management.

With the present countdown on IFRS implementation, it has become very important for Companies to ensure that adequate records of Property Plant and Equipment (PPE) are maintained in the form of properly updated Fixed Assets Register (FAR) which should give information about relevant assets regarding age, cost, location, depreciation, book value, maintenance history etc. In the same vein, adequate records of stores and spares are required in order to ensure proper implementation of International Financial Reporting Standards (IFRS).

Apart from IFRS compliance, it is statutorily required by the Companies and Allied Matters Act that Companies should maintain Fixed Assets Register and there are penalties in the Law for non-compliance.

Even if we disregard compliance with legislation and standards, a Company is bound to reap bountifully from the maintenance of adequate FAR and some of the benefits derivable are:

Ability to keep track of details of each fixed asset with the aim of ensuring control and preventing irregularities.

Proper monitoring of correct values of fixed assets..

Accurate computation of depreciation for financial reporting..

Provision of appropriate information for taxation and insurance purposes.

Prevention of depreciating fully depreciated fixed assets.

Required information to aid the accounting and taxation treatment of disposal can readily be obtained.

Possibility of monitoring maintenance expenses.

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As can be seen from the few benefits above;

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Benefits derivable from maintenance of Fixed Asset Register (FAR) are enormous and tovAzareel is prepared to partner with your Company towards ensuring proper implementation of this vital record. Our track record and experience in handling of similar project in manufacturing concerns and other operations will be of immense assistance in this respect.
We advise and assist organizations in carrying out assets inventory and electronic verification using our Laser Barcode Scanner. This involves identification of all assets of the organization taking into cognizance, its location, quantity, quality, year of purchase, codifying and computerized indexing of assets.
We advise and assist organizations in carrying out assets inventory and electronic verification using our Laser Barcode Scanner. This involves identification of all assets of the organization taking into cognizance, its location, quantity, quality, year of purchase, codifying and computerized indexing of assets.
With the present countdown on IFRS implementation, it has become pertinent for Companies to ensure that adequate records of Property Plant and Equipment (PPE) are maintained in the form of properly updated Fixed Assets Register (FAR) which should give information about relevant assets regarding age, cost, location, depreciation, book value, maintenance history etc. In the same vein, adequate records of stores and spares are required in order to ensure proper implementation of International Financial Reporting Standards (IFRS).

Asset Verification and Reconciliation

Apart from IFRS compliance, it is statutorily required by the Companies and Allied Matters Act that Companies should maintain Fixed Assets Register and there are penalties in the Law for non-compliance.
Even if we disregard compliance with legislation and standards, a Company is bound to reap bountifully from the maintenance of adequate FAR and some of the benefits derivable are:
Ability to keep track of details of each fixed asset with the aim of ensuring control and preventing irregularities.
Proper monitoring of correct values of fixed assets.
Forecasting profits and cash flow regarding maintenance of assets, upgrading assets and replacement of assets
Accurate computation of depreciation for financial reporting.
Provision of appropriate information for taxation and insurance purposes.
Prevention of depreciating fully depreciated fixed assets.
Calculation of annual depreciation
Required information to aid the accounting and taxation treatment of disposal can readily be obtained.
Reducing theft with visual identification of assets with security labels.
Possibility of monitoring maintenance expenses.
tovAzareel Ltd is prepared to partner

As can be seen from the few examples above, benefits derivable from maintenance of Fixed Asset Register (FAR) are enormous and tovAzareel Ltd is prepared to partner with your Company towards ensuring proper implementation of this vital project. We have done it and still doing it for many companies with our many years of experience.