Fixed Asset Data Management
Robust and Reliable
Fixed assets form a significant part of a company’s financial foundation. These tangible assets, ranging from property and equipment to machinery and infrastructure, are essential for sustained operations and long-term growth. However, managing fixed assets can be a complex and challenging task.
Fixed Asset Data Management encompasses the systematic verification, data cleansing and updating of a company’s historical asset information. As experts in this field, Mitchell and Taylor Valuations offer invaluable services to businesses seeking to optimise their asset management processes.
Services Offered:
- Fixed Asset Register Verification: We physically verify and update historical fixed asset register (FAR) data, correcting inaccuracies that can affect financial reporting and asset management.
- Project Cost Allocation: We accurately distribute project costs across the various assets, ensuring fair and precise cost management which aids in accurate and consst project planning and execution.
- Asset Register Establishment: For new projects, we identify all assets, estimate their useful life, and ensure proper cost allocation, integrating unique RFID or barcodes for enhanced tracking and management.
- Fixed asset geographic and 3D spatial capture
Client Benefits:
- Enhanced Financial Accuracy: Correcting a typical 52% data inaccuracy rate in unverified FARs.
- Improved Resource Management: Facilitating effective capital investment returns and optimising asset capacity.
- Regulatory Compliance and Transparency: Ensuring adherence to accounting standards such as AASB 116 and enhancing stakeholder trust.
For expert guidance on managing and valuing your fixed assets, partner with Mitchell & Taylor Valuations. Discover how our precision in fixed asset management can transform your business operations. Contact us today for more information.
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