Asset Inventory and Valuation
Whether it be Accounting compliancy, loss control or proper stewardship of assets, the need to maintain and account for fixed assets is difficult to handle. AssetWorks has the experience and expertise to support entities in accomplishing the challenges faced in meeting the financial reporting requirements of GASB Statement 34/35. To help meet GASB, GAAP, and state standards, we develop original and historical costs of fixed assets and infrastructure. By inventorying capital assets and tagging equipment with barcodes, AssetWorks implements fixed asset systems to develop and maintain proper stewardship of assets. Our services provide both initial and long-term benefits addressing:
- Financial reporting (GASB 34/35)
- Property control and management
- Grant funded asset management
- Property insurance
- Infrastructure inventory and valuation
- Valuation and inventory record perpetuation
- Annual updating of values
A typical engagement involves physically compiling property inventories, control procedures, drafting reports, and implementing technology solutions.
Helping our clients to create accurate useful life and depreciation schedules for all capital assets is an integral component of AssetWorks capital asset management services. The data enables AssetWorks to prepare reports that satisfy various financial reporting standards, including those established by the Government Accounting Standards Board for annual capital asset audits.
Our capital asset inventory and related services include the following:
- Physical Inventories – Comprehensive, on-site inventory services to establish accurate capital asset records, determine the useful life of assets, and create depreciation schedules for infrastructure, buildings, improvements, land, and equipment.
- Asset Valuations – Calculating supportable original cost, replacement cost, and actual cash value for inventory assets infrastructure, buildings, capital improvements, and land parcels.
- Compliant Reporting – Capital asset management programs from AssetWorks enable our clients to generate meaningful reports that address a wide variety of site-specific requirements.
- Surplus Asset Reuse and Sales – AssetWorks provides the ability to create an “Asset Market” for reuse of assets internally as well as the opportunity to build a new revenue stream by online sales of surplus assets to the local community.
- On-Site Re-Inventory and Asset Reconciliation – AssetWorks has the experience and technology to complete periodic re-inventory and asset reconciliation services to update all capital asset records. This service accounts for all asset additions, disposals, and transfers.
- Fixed Asset Software (AssetMAXX Web-Based Capital Asset Management System)