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Fixed Assets used to be important for businesses in terms of investment costs, but today it has become a strategic topic that provides a competitive advantage and is based on the return performance of investments. When we consider the large fixture groups and auxiliary equipment such as machines, IT and hardware equipment, and office furniture of the enterprise, the necessity of managing hundreds of items of fixtures arises.
With Fixed Asset Register (FAR) Maintenance, you will have a systematic structure to monitor, analyze and report all the processes from the purchase of the fixed assets purchased to your business to their scrapping. With a fixed asset register, you can know the supply information (from whom it was bought/at what price/when it was bought) of the fixed assets. Along with this, you will also be able to get other information about fixed assets such as title deed, collateral, rental and vehicle model, brand, age of your asset.
You can easily follow the life (economic life, technical life) and history information of your fixed assets and make a physical follow-up.
You must keep a record of your fixed assets, right from the date it was purchased to the day it will be treated as scrap. Performing Fixed Asset Register (FAR) Maintenance to post acquisitions or disposals of fixed assets will keep your fixed asset values and quantities updated. Besides, you will also have a clear understanding of the depreciation charged on the asset.
Complete and detailed information can be maintained for each asset. The Fixed assets register is used to record a description of the fixed asset, information concerning its acquisition, disposal, depreciation, or any other type of appropriate information.
What The Fixed Asset Register Contains?
For each fixed asset, the asset book must contain:
- The year of acquisition;
- The original cost;
- The ups and downs;
- The accumulated depreciation (to the extent reached at the end of the previous tax period);
- The depreciation coefficient applied in the tax period;
- The annual amortization fee;
- The deletions from the production process.
Fixed Asset Management Made Easier with experts!
There are uncountable benefits that companies will get if they implement fixed asset management in their business. However, managing assets is not easy and very inconvenient. Therefore, Fixed Asset Register (FAR) Maintenance service providers are here to help entrepreneurs in managing their company assets.
By using their services, entrepreneurs will get free of the responsibility of constantly updating the information regarding the fixed assets present in their company as the maintenance work will be done by professionals with accuracy.
They will record the initial acquisition price, accumulated depreciation, and the current value of a company’s fixed assets in the FAR making it easier and convenient for business owners to know about fixed assets whenever they want.
Is the matter complicated?
We are now used to searching the internet for a bit of everything. Often, we find the answer to our doubts, other times the question is more complex. For fixed asset register maintenance, you also need to have the right tools and some experience to avoid beginner mistakes. If you need a quick and safe solution, you should turn to experts in the field.