Asset
Management
The Process
Planning
Data Entry
Tracking
Appraisal
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What you should know
GASB 34 Compliance
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E-ISG
specializes in helping its clients to gain an understanding of their
tangible assets, what they are, where they are, and what their value
is.
Fixed asset management is a complex process.
Keeping track of thousands of assets like computers, laptops, peripherals,
office equipment, modular furniture and other assets is a challenge,
especially when assets are added, moved or removed every year. Effective
asset management means knowing:
• what you own
• where you bought or leased it
• how much it cost and what its worth
• when its lease expires (if leased)
• which software it runs (computers)
• where it resides
• who has it
Successful asset management helps you manage your leases, measure your asset
ROI, satisfy software compliance, make smart purchasing decisions, and so much
more that will impact your bottom line.
To be sure, “human capital”, its staff,
is a firm’s
most valuable asset. The rest of its capital is largely a collection
of its fixed, tangible assets, and its real value is usually a
lot more than assumed. These can contain items ranging from the
most mundane, for example a filing cabinet or desk, to Information
Technology, such as a desktop PC or notebook computer, copiers,
printers and fax machines, and even to very valuable assets, such
as valuable artwork displayed in a firm’s office.
E-ISG has developed a methodology and process to quickly and
efficiently identify these assets, and create an accurate database
that provides useful information about them.
E-ISG services can include the labeling of these assets using
barcodes or RFID technologies, scanning these identifiers into
a visual-oriented database,
and include asset valuation services performed by certified appraisers.
The assets can then be tracked as they move, are retired from service,
or replaced. Even lease information and depreciation information
about these tangible assets can be tracked with accuracy and reliability.
E-ISG has been providing clients with Disaster Recovery and Business
Continuity of Operations planning and audit services. In the course
of this work, E-ISG found that many of its clients had a poor understanding
of the total content, location, and value of its assets. Some apply “Property
Tags” to major items, like computers. But over time the assets
may be moved from office to office, or even to an employee’s
home office. They often get “lost”, and any manual
tracking of them becomes useless.
Determining the cost of recovery from a disaster requires understanding
what assets would need to be replaced. Securing adequate insurance
coverage for such an event requires good information on the value
of the assets that would need to be replaced. And just knowing
where the assets are helps a firm to plan.
This kind of information has also been found to be necessary
for general business operation reasons, for example asset valuation
is necessary for the proper filing of Personal Property Tax returns
to the local tax jurisdiction and for adequate insurance coverage.
Yet many firms fail to track and manage these assets and accept
great levels of risk with this uncertainty. E-ISG makes it possible,
in a very cost-effective way, to provide real information about
a firm’s assets.
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