For organizations to achieve our objectives of protecting all assets and having an Enterprise Consolidated fixed asset register, we consistently undertake the following services:
We advise and assist organizations in carrying out assets inventory and electronic verification using our Laser Barcode Scanner. This involves identification of all assets of the organization taking into cognizance, its location, quantity, quality, year of purchase, codifying and computerized indexing of assets.
We consistently reconcile the physical fixed assets with the existing asset register, this enable us to know what is on ground physically that is not missing in the asset register and what is in the asset register that is not physically found on ground and produce a consolidated fixed assets register for your organization to ensure proper planning by the management.
With the present countdown on IFRS implementation, it has become pertinent for Companies to ensure that adequate records of Property Plant and Equipment (PPE) are maintained in the form of properly updated Fixed Assets Register (FAR) which should give information about relevant assets regarding age, cost, location, depreciation, book value, maintenance history etc. In the same vein, adequate records of stores and spares are required in order to ensure proper implementation of International Financial Reporting Standards (IFRS).
Apart from IFRS compliance, it is statutorily required by the Companies and Allied Matters Act that Companies should maintain Fixed Assets Register and there are penalties in the Law for non-compliance.
Even if we disregard compliance with legislation and standards, a Company is bound to reap bountifully from the maintenance of adequate FAR and some of the benefits derivable are:
- Ability to keep track of details of each fixed asset with the aim of ensuring control and preventing irregularities.
- Proper monitoring of correct values of fixed assets.
- Accurate computation of depreciation for financial reporting.
- Provision of appropriate information for taxation and insurance purposes.
- Prevention of depreciating fully depreciated fixed assets.
- Required information to aid the accounting and taxation treatment of disposal can readily be obtained.
- Possibility of monitoring maintenance expenses.
As can be seen from the few examples above, benefits derivable from maintenance of Fixed Asset Register (FAR) are enormous and our Firm is prepared to partner with your Company towards ensuring proper implementation of this vital record. Our track record and experience in handling of similar project in manufacturing concerns and other operations will be of immense assistance in this respect.
We have expertise to handle Asset valuation of all types of properties including Plant & Machinery, Land & Buildings and other fixed assets for all purposes e.g. Insurance, Compensation, Open Market Value, Going Concern, Business Mergers and Acquisition, Commercialisation and Privatisation.
- Balance Sheet and Accounting Purpose:- Fixed assets are normally depreciated in the books of account with the result that values often shown against fixed assets in the company’s annual balance sheet are grossly unrealistic. In order to ensure that financial statement reflect the true worth of business organisations, professional valuations of the fixed assets of companies are carried out periodically.
- Insurance:- Professional valuation may also be carried out for insurance purposes. This is to advise the insurer and the insured alike on the worth of the property concerning the risk it is exposed to. Such risk includes natural disasters like rainstorm, earthquake, fire etc. The objective is to ensure that insurance policy coverage is adequate.
- Excess fixed assets are items that are no longer needed but are still serviceable or useable
- Obsolete fixed assets are items that are no longer meet the bank specifications or requirements but are still serviceable or useable.
- Worn fixed assets are items that may still be operable but require excessive maintenance or repair (cost, manpower) to remain in an operable condition.
- Damaged fixed assets are items that are not operable due to damage or accident and would require excessive repair (cost, manpower) to return the asset to serviceable condition
- Scrap fixed assets are items that no longer function, are unserviceable and have no market value except for their basic material content
We consistent assist organization for certification of qualifying capital expenditure on fixed assets for capital allowance claims.
Our services include assets and cost reconciliation. We have rich experience to process and obtain Acceptance Certificate from Federal Ministry of Trades and Investments (Inspectorate Department) at Abuja, for the purpose of claiming Capital Allowance for your organisation.
We list below few of the factors, which can impede employing your personnel for the daunting task:
- Bureaucratic bottleneck as an incidence of the number of companies and equipment lessors.
- Technicalities in the valuation of the assets before certification
- Complexities encountered in the enumeration of physical development (land and business) and movable assets.
- The enormous cost outlay, logistics and the need for the optimum use of personnel
We will utilize our expert Cost Accountant and Construction Engineers in the pre-evaluation cost analysis. Secondly our continuous presence in the ministry guarantees obtaining the certificate on a record time.
- Indelible Permanentmark systems are used with total confidence on a wide range of items such as computers, office equipments, furniture and fittings, plant & machinery, microwave radio communication equipments / Vsat masts, vehicle etc, using your organization name, post code, departmental name, sequential numbers etc.
- Tamper proof label marking systems are printed with the customer’s design and available in a full range of colours, it is extremely flexible and can be used for a multitude of purposes such as bar code identification.
Tamper proof label work along with our Laser Barcode memory scanner and Asset Management Software (Asset Performer) in tracking Assets.
- Void Label unlike Tamper proof label will leave a bold “VOID” on the surface any assets when forcefully removed and this will enable users to know that an intruder as tamper with the asset. Barcode on Void label can be scan and integrate with our Fixed Asset Management Software in tracking of assets.
- Paint/Grease/Water Resistant Label is a tamper proof label that has additional features to protect the tag during repainting of factory machines and equipments and also protect the tag from the effect of grease, oil and water in a manufacturing environment.
- Supermark is a combination of Tamper proof label and Indelible Permanentmark technology, it brings security and asset tracking features to the users.
- Aluminium Tag is a durable and reliable tagging technology. The Anodized Aluminium resist abrasion, solvents, sun, salt air and high temperatures. Barcode, numbers, copy and logos are photographically reproduced within the anodic layer of aluminium for maximum protection and readability. It is available in pressure-sensitive adhesive or optional holes, plus optional tab features
- Nameplate Metallic Tag is ideal for customers who require permanent nameplates to stand up in harsh environments. Black copy, logos and bar codes are photographically reproduced for maximum clarity and detail and then sealed within the anodic layer of the aluminum – ensuring accurate and reliable reads for years to come. Optional second colors are screen printed.
For applications where the nameplate will be exposed to higher temperatures or more extreme environmental conditions, we offers an optional intensification process that increases heat resistance to 1000°F (intermittent) and improves image resistance for other environmental conditions including damaging UV rays. In addition, this product is available with pressure-sensitive adhesive or optional holes for mechanical fastening.
We provide a world-class Fixed Asset Management Software (Asset Performer), which aids in accomplishing the following:
- Easy to use and highly informative interfaces
- Provision of daily and periodic Reports
- Full Administrator’s control of Applications Date
- Full Administrator’s control of user access
- Multiple user / system Access
- Adequate maintenance of Data Integrity
- Automated Fixed Asset Depreciation Calculation
- Database Backup
- Access to soft copy of help manual from the application
- Easy upload of existing Asset Register Files.
- Easy generation of current Asset Register and Depreciation Transaction Files
- Ability to integrate with existing legacy Accounting System
- Ability to do electronic verification and tracking using our Laser Memory Barcode Scanner.
- Ability to do electronic audit tray and auditing
- Ability to generate history of fixed assets and produce report
- IFRS Compliant as It support componentization of fixed assets
- It support Impairment of fixed assets.
- And Many more………………………….
*** We also have the Software in French Version.
Topgy Systems designs, tests and produces high-quality, low-cost RFID inlays for supply chain, asset tracking and item-level applications. Our design team has years of RF experience which they leverage at every stage of the design process, from matching chips to antennas to ensuring that the final inlay design delivers the performance for the application.
We offer RFID solutions in Aviation, Healthcare, Media Management, Retail, Supply Chain and Emerging Industries. Our products are designed to address real-world applications such as challenging carton contents, tag orientation, environmental interference and global user’s desire for truly wideband tags.
We have expertise to handle Spares/Parts Audit for manufacturing and other related company, to achieve this enormous task below are some tasks that our team of professional Accountants, Engineer and Valuer will carry out on client site:
- Physically verify each spare/part on the list with what is in the Store (in company of an experienced engineer and a staff of the store to identify each spare/part)
- Topgy staff to ask and confirm the following from both Engineer and Store keeper
- How long has the spare/part stayed in the store since Stores took delivery of the Spare/Part?
- What is the useful life span of the Spare/Part?
- If it has exceeded the useful life, why was it not used before the end of its useful life?
- If it has not exceeded, is there a possibility that it will be used before the end of useful life?
- Confirm the asset status of each Spare/Part (Good, Bad, Obsolete) this has to be in agreement with the Engineer and Store keeper
- Compute final report and give recommendations on what to do to the Bad Spares/Parts and the Obsolete Spares/Parts.
- Generate a Barcode Tamper Evident Label with unique codes to enable our client tag all taggable Spare/Part with the label to enable them track and manage the disbursement of the Spare/Part going forward
- Supply a Barcode Scanner that will be used to scan in/out the Spare/Part which can also be integrated into Client Software by Topgy
- Other reports as require by our client.
- Submit after the project completion Standard Operation Policy that will guide and enable client track and manage her Parts/Spares going forward.
We have expertise to handle PPE Impairment Test Audit for manufacturing and other related company, to achieve this enormous task below are some tasks that our team of professional Accountants, Engineer and Valuer will carry out on client site:
- Perform the Services of impairment test for Client entities in line with agreed standard format for reporting.
- Obtain asset register listing as at month of verification, which shall conform with physical asset on site. The impairment test valuation might require adjustment as stated in IAS36 of the accounting standard.
- Supply Client from time to time with such information and data relating to the Services (including copies of documents and other material) as Client reasonably requires in relation to the provision of the Services and to ensure compliance with the requirements as agree with Client.
- Abide by all reasonable instructions notified to it by Client relating to impairment test of Client’s PPE and machinery process instituted by Client policy and IAS 36.
We have expertise to handle Liquids Fuel Audit for manufacturing and other related company, to achieve this task below are some tasks that our team of professionals will carry out on client site:
- Verification Exercise of Liquid Fuels on Client sites to ascertain liquid fuels are correctly accounted for
- Request daily log book/register
- Inspect reservoir capacity
- Inspect each plant capacity
- Measure and test data accuracy of log books
- Request receipts of purchase for scrutiny
- Ensure the quality of liquid fuel are not compromised
- To reduce or totally eradicate wastage of liquid fuels emanating from leakages or theft
- To get a none biased third party opinion on the best practices and recommendation as related to usage and storage of liquid fuels.
- Do Management report with appropriate recommendation
A physical inventory count is the practice of counting your retail products in person. The process typically involves a retail staff member (or team of workers) going through the retailer’ sales floor and stock room and counting each item. The data is then recorded either manually, using pen and paper or electronically using a mobile device.
The objective of a physical inventory count is to audit a store’s inventory and ensure that the stock data the retailer has on paper matches the inventory that’s is actually in the store.