Objective: To track the Fixed Assets purchased over a period of 10 years. To also structure the Fixed Assets management of our company.
Industry: Engineering consulting firm
Challenge: The fixed assets of the organization were spread across four floors in the corporate head office. The assets were purchased over a period of 10 years and the fixed assets data were present in dispersed fashion across various departments. While the assets were present in the organization, the exact quantity and the location were not clearly known. Spreadsheet was being used to capture the information about their fixed assets. As the assets were not clearly captured, the annual verification of the assets was not being carried out periodically. The challenge was to track all the fixed assets, segregate the assets into proper categories and verify the accounting information with respect to the Purchase information. An additional challenge was to calculate the depreciation and up to-date the records as per their books
Solution: Trends and the tracking team together offered the appropriate solution to the business challenges. Trends deployed a team of tracking experts in verifying the fixed assets of Fichtener. The complete list of assets were drawn up by physical verification of the assets. The Fixed assets were then verified with the purchase records of the company and recommendations were made to identify the assets to the correct groups. The Fixed assets data was then imported to the Smart Assets™ software. Subsequently the depreciation reports and other reports including the verification report were handed over to the concerned authorities. The Fixed Assets were bar-coded and bar code labels affixed to the respective assets.
Result :Trends has offered a comprehensive solution to enable Fichtner to track, manage and depreciate the fixed assets. Fichtner now has a complete control of the manageability of the assets, including the movement of the assets. The finance department of Fichtner is now able to take all reports on depreciation within a day.