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