Asset Management

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GASB Compliance

What you should know
GASB 34 Compliance

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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