Asset Management and Physical Verification
Every organization needs to maintain an accurate inventory of their valuable Fixed Assets which include Plant & Machinery, Commercial Vehicles, Office Equipment, Furniture etc. Further as per the recommendation of the Institute of Chartered Accountants, to satisfy CARO reporting, all organizations need to get the physical verification of all their assets in such a way, that at least once in every three years, the entire assets are physically verified.
VPL can also provide bar coding of the fixed assets which will be linked to the Fixed Assets Register. This gives the organization a much needed control of the location and account of the fixed assets. This is a very effective methodology to avoid double counting of assets and to make reconciliation faster and easier. The use of bar code greatly simplifies the process, taking only one-tenth the time and also provides a more accurate account.
VPL can also provide its services each year to account for the fixed assets and give a certificate to this effect which would also include technical status of major assets as to whether they are functional, operational or obsolete etc.