Asset Tagging and Asset Verification Services

MARKEF’s Asset Tagging and Asset Verification Services

At MARKEF we offer comprehensive Asset Tagging and Asset Verification Services designed to enhance the security and management of your organizational assets. Our services encompass the following key components:

1. Preparation of Fixed Asset Register

The Asset Tagging process commences with the development of a Fixed Asset Register, a comprehensive inventory of all fixed assets owned by your business. This register is a fundamental element of the fixed asset verification process. It maintains detailed financial information for each asset and is available in two formats: Excel spreadsheet and Fixed Asset Management software.

Key Benefits of Fixed Asset Register:

  • Provides complete asset history, current status, and location for audit trails.
  • Ensures compliance with statutory requirements.
  • Ensures accurate fixed asset valuation on the balance sheet.
  • Facilitates the determination of the appropriate level of insurance coverage at the optimal premium cost.
  • Streamlines the asset audit and verification process, making it smoother and faster.
  • Simplifies month and year-end processes by offering up-to-date asset data.
  • Enhances asset utilization across the organization, preventing duplicate asset purchases.

2. Fixed Asset Tagging

Fixed Asset Tagging involves labeling your organization’s physical assets with tags, serving as a tracking mechanism that lays a strong foundation for inventory control.

Key Benefits of Fixed Asset Tagging:

  • Enhances the security of fixed assets, reducing the risk of theft and pilferage.
  • Facilitates better management of physical capital.
  • Ensures compliance with statutory requirements.

3. Physical Verification of Fixed Assets

Physical Verification of Fixed Assets is a critical process carried out by auditors, consultants, or authorities to confirm the existence of a company’s physical assets. This process is essential for asset tracking and the recovery of lost assets, if any.

Key Benefits of the Fixed Asset Verification process:

  • Provides a consolidated physical report for all sites and assets.
  • Ensures reconciliation between physical counts and book counts.
  • Identifies discrepancies and the reasons behind them.
  • Furnishes a comprehensive Physical Fixed Asset Verification Report.
  • Assures statutory auditors of compliance with the Companies Act.

4. Physical Verification of Inventory

This process involves cross-referencing financial records with the management of physical inventory or records.

Key Benefits of Physical Verification of Inventory:

  • Ensures accurate and well-managed inventory with proper financial records for the company.
  • Provides evidence for manufacturing or retail-based businesses with substantial asset and capital balances.
  • Presents an accurate representation of inventory value in financial records and settlements.

The Asset Tagging and Verification process, offered by MARKEF, guarantees the safety and security of your assets and inventory. This allows you to focus on your core business strategies and operations. Beyond statutory compliance, the ultimate goal of asset verification and tagging is to drive performance and foster the growth of your business.