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Fixed assets are an accounting item. It is a term for the things that are invested in to run a business. It can be anything from a car to office furniture or a patent. In order for an asset to be described as a fixed asset, it must have an expected useful life of more than one year.
The inventory of fixed assets is one of the most complex to carry out in terms of general accounting, because it requires mastery of many technical aspects.
All assets that are recorded as tangible fixed assets (equipment, installations and fixtures, buildings and land) and as intangible fixed assets or financial fixed assets (equity securities, fixed assets, etc.) are concerned by the inventory of fixed assets.
Does the entrepreneur have to carry out the asset inventory at a certain point in time, as is known from the inventory of inventories?
There are no prescribed deadlines for fixed assets. The company is therefore free to decide when to carry out the asset inventory. It makes sense to carry out the inventory in a period when things are a little quieter in the company.
The physical inventory is a mandatory procedure which makes it possible to identify and assess the value of the elements forming part of the company’s assets, namely its assets and liabilities and in particular the stock, fixed assets and the cash register to finalize basic summary documents giving a real image of the company.
The purpose of this procedure is to update the files relating to fixed assets, identified by means of registration codes, and to assess the value of the real depreciations suffered by these assets.
Many businesses conduct fixed asset verification, not only to review the past year’s gains and losses in fixed assets, but to sum up experience and find the opportunities and risks in the coming year in order to better carry out the work. If all companies take such a mentality to do verification of fixed assets, it will be a positive promotion for the company’s future growth.
Carry out an inventory yourself or be assisted
The fact of carrying out inventories oneself or of outsourcing them depends on the volume of goods to be inventoried, their technical specificities in relation to the skills of the local teams, and finally, the required need for independence and plausibility.
What would be ideal is to entrust the mandatory annual inventories to professionals outside the company, such as CAC.
Our services are designed to meet each and every one of the needs that our clients may have in terms of fixed assets.
The objective of CAC’s fixed asset valuation service is to provide the best practices in asset control and management, which can range from the identification of assets and inventory thereof, creating records, qualifications and standardizations, for the future control of assets, protect them from improper or inefficient use, and ensure compliance with the company’s economic policies.
At CAC, experts are working to help you go one step beyond taking inventory, seeking to provide the client with the necessary capabilities to take over the management of their fixed assets in the future.