BPO

Levantare specializes in providing comprehensive and reliable Fixed Assets BPO solutions to help organizations to streamline their fixed asset management processes and achieve operational efficiencies.

At Levantare, we understand the challenges that come with managing fixed assets, including the complexity of data management, compliance requirements, and the need for accurate and up-to-date records. Our Fixed Assets BPO services offer a cost-effective and strategic approach to offloading the burden of fixed asset management, allowing you to focus on your core business activities.

Here’s an overview of the Fixed Assets BPO services provided by Levantare:

1. Data Entry and Maintenance: Our team of experienced professionals will handle the data entry and maintenance tasks associated with your fixed assets. This includes capturing and updating information such as asset descriptions, purchase details, depreciation methods, and disposal records in a centralized and organized system.
2. Asset Register Management: We will maintain an accurate and up-to-date fixed asset register on your behalf. This involves creating a comprehensive database that captures all relevant information pertaining to your fixed assets, ensuring easy access to vital asset data whenever needed.
3. Depreciation Calculation and Reporting: Our experts will calculate and manage the depreciation of your fixed assets in accordance with the applicable accounting standards and policies. We will generate depreciation schedules, reports, and other financial information required for accurate financial reporting.
4. Compliance and Regulatory Support: Levantare will ensure that your fixed asset management processes align with the relevant regulatory requirements and accounting standards. We will monitor changes in regulations, keep you updated on compliance matters, and help implement necessary adjustments to maintain adherence.
5. Data Security and Confidentiality: We understand the importance of data security and confidentiality. Our BPO services adhere to strict protocols and measures to safeguard your fixed asset data, ensuring its privacy and integrity throughout the outsourcing engagement.

By leveraging Levantare’s Fixed Assets BPO services, you can benefit from:

• Increased accuracy and reliability of fixed asset data
• Enhanced operational efficiency and cost savings
• Access to specialized expertise and industry best practices
• Improved compliance with accounting standards and regulatory requirements
• Streamlined fixed asset management processes

Our team of professionals is committed to delivering high-quality solutions that align with your business objectives.

Data Loading

Fixed assets data loading is the process of importing or uploading data related to fixed assets into a fixed asset management software or system. This data can include information such as the asset’s description, location, purchase date, cost, useful life, depreciation method, and other relevant details.

The data loading process typically involves the following steps:

1. Data preparation: This step involves organizing and formatting the data to ensure that it is compatible with the fixed asset management software or system. This may include cleaning up data, removing duplicates, and formatting data in a consistent manner.
2. Data mapping: In this step, the data fields in the source file are mapped to the corresponding fields in the fixed asset management software or system.
3. Data validation: Once the data has been mapped, it is validated to ensure that it meets the required standards and that there are no errors or inconsistencies.
4. Data loading: After the data has been validated, it is loaded into the fixed asset management software or system.
5. Data verification: Finally, the loaded data is verified to ensure that all the relevant information has been correctly uploaded and that the system accurately reflects the fixed asset data.

Proper fixed asset data loading is crucial for ensuring accurate and reliable fixed asset tracking and management. It can help organizations avoid errors and save time, while also ensuring compliance with accounting and tax regulations.

Assets Creation

The fixed assets creation process involves several activities, including:

1. Asset identification: The first step in the creation process is to identify the asset that needs to be added to the fixed asset register. This can be done by reviewing invoices, purchase orders, or other relevant documentation.
2. Asset classification: The asset needs to be classified based on its nature and intended use. This will help determine the appropriate depreciation method and rate.
3. Asset valuation: The next step is to determine the fair value of the asset. This can be done through an independent valuation or by using a standard valuation method such as the cost method, market method, or income method.
4. Asset tagging: Once the asset has been identified and valued, it needs to be tagged with a unique identification number to facilitate tracking and management.
5. Asset registration: The asset details, including its identification number, classification, valuation, and other relevant information, need to be recorded in the fixed asset register.
6. Asset assignment: The asset needs to be assigned to the appropriate cost center or business unit, and the responsible custodian needs to be identified.
7. Asset depreciation: Finally, the appropriate depreciation method and rate need to be applied to the asset to determine its annual depreciation expense. This information will be used to calculate the asset’s book value over time.

Updating Transactions

Updating fixed assets transactions involves making changes to the recorded transactions of the asset, such as additions, disposals, transfers, depreciation, and other adjustments. The process of updating transactions ensures that the fixed asset register is accurate and up-to-date, which is essential for making informed decisions about the management of fixed assets.

To update fixed assets transactions, the following activities are usually involved:

1. Reviewing the transaction history: This involves examining the recorded transactions of the fixed asset to identify any errors or omissions that need to be corrected.
2. Making necessary adjustments: Based on the review, necessary adjustments are made to the transactions, including additions, disposals, transfers, and depreciation.
3. Calculating depreciation: If the asset has not been depreciated correctly, the depreciation expense needs to be recalculated based on the correct method, life, and rate.
4. Updating the fixed asset register: After all the necessary adjustments have been made, the fixed asset register is updated with the correct information.
5. Reconciling the fixed asset register: Once the fixed asset register has been updated, it needs to be reconciled with other financial records to ensure that all information is consistent and accurate.
6. Generating reports: Reports are generated to provide an overview of the updated transactions and their impact on the organization’s financial position.

Overall, updating fixed assets transactions is an important activity in maintaining an accurate fixed asset register, which helps organizations make informed decisions about the management of their assets.

Reporting

Reports offer valuable insights into the status, value, and performance of fixed assets, helping businesses make informed decisions, meet compliance requirements, and optimize asset management.

Fixed assets BPO reporting typically includes the following key elements:

1. Asset Inventory: The report provides a comprehensive inventory of fixed assets, including asset descriptions, identification numbers, locations, and ownership details. This inventory serves as a foundation for tracking and managing the organization’s fixed assets effectively.
2. Depreciation and Value: reporting includes depreciation calculations and the current value of fixed assets. This information helps organizations understand the financial impact of asset depreciation and aids in decision-making related to replacement, disposal, or asset optimization.
3. Maintenance and Repairs: Reporting captures data on maintenance and repair activities performed on fixed assets. It includes details such as service dates, costs incurred, and work performed. This helps in assessing asset performance, planning maintenance schedules, and optimizing asset lifecycles.
4. Compliance and Regulatory Reporting:  ensures adherence to accounting standards and regulatory requirements. It includes data necessary for financial reporting, tax compliance, and audit purposes. This helps organizations maintain accurate records and meet legal obligations.
5. Disposal and Retirement: Reports document the disposal or retirement of fixed assets, including the method of disposal, proceeds received (if any), and any associated costs. This information helps in tracking asset lifecycle management, evaluating disposal strategies, and maintaining proper records for financial reporting.
6. Analytics and Insights: reporting often includes analytical insights and performance metrics related to fixed assets. This may include asset utilization rates, maintenance costs, return on investment (ROI), and other key performance indicators. These insights assist in identifying trends, optimizing asset utilization, and making data-driven decisions.

Levantare, fixed assets BPO reporting provides organizations with comprehensive, accurate, and up-to-date information about their fixed asset portfolio. By outsourcing the reporting function, organizations can benefit from specialized expertise, streamlined processes, and timely reporting, enabling them to focus on core business activities and make informed decisions regarding asset management.

Overall, fixed assets BPO reporting enhances transparency, enables compliance, supports strategic planning, and facilitates efficient asset management for organizations of all sizes.