Fixed Asset Tracking Software and Process

The Importance of Reconciling Maintenance Records with the Fixed Asset Records

A company’s fixed asset inventory is often like a snapshot – accurate the day it was completed, but inaccurate as time goes on and assets are purchased, retired, upgraded or maintained. This often occurs without the knowledge of the company’s finance and accounting personnel.

Which department within a company works closest with these assets? Maintenance. Can the maintenance department and the finance and accounting departments work together so the asset status on the books is continuously updated as asset maintenance is performed? With General Financial Fixed Asset Management Solutions, now they can.

In a majority of companies, maintenance departments possess the most current and accurate fixed asset information. However, little of this information is shared with or imported into the company’s fixed asset system, and therefore is rarely included in the tax returns. While some maintenance departments may informally provide fixed asset information, there is no formal information sharing process and seldom, if ever, is information provided when equipment is replaced or moved to another location.

General Financial Fixed Asset Management Solutions offers a fixed asset tracking process that consists of a customized software application that enables continuous and accurate updating of the fixed asset ledger every time maintenance is performed on an asset. Our process begins at the maintenance level and provides correct and updated fixed asset information that can be imported into the fixed asset system. All assets in each system (maintenance and accounting) are inventoried and verified and the information is reconciled.

How It Works

General Financial Fixed Asset Management Solutions, a division of General Financial and Tax Consulting, offers a fixed asset tracking process that utilizes barcode technology to permanently tag each asset during an initial inventory process. Upon completion of our physical inventory process, when subsequent maintenance is performed, the barcode tags may be used to track maintenance history on the assets and that number can be incorporated into the fixed asset system to create the link between maintenance and fixed asset systems.

This software system enables the maintenance department to improve and streamline the efficiencies of their maintenance work, while providing updated asset status information to the finance and accounting departments.  Whenever an asset is discarded or replaced, each department will be able to access that information. No longer will you pay taxes on non-existent assets or worry about the accuracy of your fixed asset records.

How You Can Benefit

General Financial Fixed Asset Management Solutions’ fixed asset tracking software and process ties into our fixed asset inventory program, giving you a comprehensive fixed asset management solution. In addition to an accurate listing of fixed assets and a correct fixed asset ledger, other benefits can be derived from our detailed Fixed Asset Tracking Software and Process reconciliation program. These include:

• Fixed asset records are automatically and continuously updated as maintenance is performed
• Maintenance processes are more efficient and streamlined
• A reduction in fixed asset management costs
• A reduction in SOX compliance costs
• A reduction in current year federal, state and local income taxes
• A reduction of real and personal property taxes
• A reduction in insurance premiums paid on fixed assets

Our project team specializes in complex properties found in the following industries:

• Automotive
• Banking
• Food
• Healthcare
• Manufacturing
• Mining
• Petrochemical
• Pharmaceutical
• Retail
• Textiles

Get Started

Whether you are ready to get started or have additional questions, the first step is to contact General Financial Fixed Asset Management Solutions. We want to hear your questions and explain how we can work with you. Many of our clients have similar questions, and you may be able to benefit from their experience. Start by filling out and submitting the contact form on this web site. If you would like additional information, have more questions, or want to discuss your situation, call us at (800) 733-5252 ext. 7022.