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TESTIMONIALS
"Well I was looking for a app to manage and update my expenditure and daily logs. Milk calendar app is useful to manage my day to day expenses , and calculate monthly expenses or payable dues with ease. Now I dont miss any of my payable ammount or receivable ammount. Thanks to app"
Sheena kapoor
"Hey its a great app... But please update it again as due to recent update it keeps showing "please wait" loading tab forever due to which the calender never shows. Its just a feedback. I want to use this app. Its really useful. It just need some adjustment. Thank you"
Santosh Upadhyay
"Nice, app to maintain to everything. We can manage our daily expenses, income and other details. We can manage our employees and made also in a simple way."
Khan Israr Ahmed
"This app is great for all people. We can manage our daily milk & maid services, income, expanses, employees & other many things in a simple way."
Naresh Vegad
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ASSET AUDITING
Fixed asset verification involves lining up of all the assets specifying the places about where the assets are held and the ones responsible for the possession. In the realm of business operations and financial management, the accurate assessment and verification of physical assets stand as crucial pillars. Physical assets represent a substantial portion of a company's value, and their proper verification is indispensable for ensuring the integrity of financial statements, compliance with regulations, risk management, and overall operational efficiency.
Our Services for Asset Management
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Only Physical Verifcation
If you looking for only verification of your asset, we can deliver professional service to compare your FAR report and actual report. It involves the following process
- Identify the category of assets
- Define locations
- Collect existing data
- Tagging
- Comparison
- Final Report
Complete Audit Solution & Automation
If you looking for automation using RFID, barcode or beacon to automate the process for audit of your asset, we can suggest a professional solution to automate your FAR report and actual assets. It involves the following process
- Identify the category of assets
- Define locations
- Define Technology to be used
- Tagging
- Automation
- FAR Register Comparison
- Final Report
- Improvement Areas
- Certified by CA
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Asset Outsourcing
If you are looking to outsource your complete asset management for better management. We can help you to reduce cost and wastage
- Dedicated resource
- Free Software
- Weekly & Monthly Report
- Free Management for Consumables
- Improvement Areas
- Reduce Waste Management
- Asset Allocation Strategy
- Financial year report
Ensuring Accuracy and Integrity: The Significance of Physical Asset Verification
In the realm of business operations and financial management, the accurate assessment and verification of physical assets stand as crucial pillars. Physical assets represent a substantial portion of a company's value, and their proper verification is indispensable for ensuring the integrity of financial statements, compliance with regulations, risk management, and overall operational efficiency
Importance of Physical Asset Verification
1. Financial Accuracy: Accurate financial reporting heavily relies on the precise valuation of physical assets. From machinery and equipment to property and inventory, these tangible assets impact the balance sheet and influence crucial financial ratios. Any discrepancies in their valuation can misrepresent the financial health of an organization, leading to misguided decisions.
2. Compliance and Regulations: Adherence to regulatory requirements necessitates proper verification of assets. Various industry standards and accounting principles mandate the consistent assessment and reporting of assets. Failure to comply can lead to legal repercussions and tarnish a company's reputation.
3. Risk Management: Regular verification acts as a preventive measure against potential fraud, theft, or misappropriation of assets. Identifying discrepancies promptly aids in mitigating risks associated with asset mismanagement or loss.
4. Operational Efficiency: Accurate asset records streamline operational processes. Detailed knowledge of asset location, condition, and quantity aids in planning maintenance, replacement, or utilization, thereby enhancing overall operational efficiency.
Methods of Physical Asset Verification
1. Physical Audits: Conducting physical inspections and counts of assets is a primary method. This involves teams physically locating, identifying, and documenting assets to ensure alignment with records.
2. Technology Integration: Utilizing technology such as barcode scanners, RFID (Radio-Frequency Identification), or asset tracking software streamlines the verification process. These tools enhance accuracy, speed, and accessibility of asset data.
3. Tagging and Labeling: Assigning unique identification tags or labels to assets simplifies tracking and verification. Barcodes, QR codes, or RFID tags enable easy scanning and updating of asset records.
4. Data Reconciliation: Regular reconciliation of physical counts with existing records helps in identifying discrepancies. Discrepancies can be investigated to rectify errors and maintain accuracy.
Challenges and Solutions
1. Scale and Complexity: For large organizations with numerous assets across multiple locations, maintaining an accurate asset registry can be challenging. Employing specialized teams, leveraging technology, and implementing standardized procedures can address these challenges.
2. Human Error: Manual data entry and human oversight during audits can lead to errors. Training personnel, employing validation checks, and using automated systems can minimize these errors.
3. Technological Integration: Implementing new technology or software requires adaptation and training. A phased approach to implementation and continuous training can smoothen this transition.
In conclusion, physical asset verification stands as a cornerstone of financial transparency, regulatory compliance, risk mitigation, and operational efficiency for organizations. Employing robust verification methods, leveraging technology, and fostering a culture of accuracy and accountability are imperative in ensuring the integrity of an organization's asset base.