Business Support Services
- As a professional physical verification service provider, our primary focus is to ensure the accuracy and reliability of a company's fixed asset/inventory records.
- With our physical verification services, we help identify discrepancies in the records, ensuring that assets are accounted for correctly and valued accurately.
- Our physical verification process involves inspecting and counting assets to ensure they are correctly accounted for and accurately valued.
- Our team of experienced professionals uses advanced tools and techniques to examine fixed assets/inventories thoroughly.
- We check the condition of the assets, identify any signs of damage or wear and tear, and verify the asset tags and labels. This process helps identify discrepancies in the records, ensuring that the assets are used efficiently and effectively.
- Physical verification is essential for companies that own a significant number of fixed assets, such as land, buildings, machinery, and equipment.
- It provides peace of mind to company owners and stakeholders, knowing that their assets are being utilized as intended.
- Furthermore, accurate and up-to-date asset/inventory records are essential for tax reporting, insurance claims, and financial reporting.
- Physical verification can help prevent fraud, ensure regulatory compliance, and mitigate risks due to errors and omissions in the accounting records.
- Our physical verification services are essential for companies that want to prevent stock losses due to theft, mismanagement, or misreporting.
- We help clients identify discrepancies in the records, ensuring that their inventories are accurately valued. This helps prevent theft, mismanagement, and misreporting, providing peace of mind to clients.
- At our company, we use the latest technology to ensure that our clients' fixed asset/inventory records are accurate and up-to-date.
- Our team of professionals is experienced in using advanced tools and techniques to inspect fixed assets/inventories thoroughly.
- We also stay up-to-date with regulatory requirements, ensuring that our clients are compliant with industry standards.
The Approach
1. Planning : Identify fixed assets/inventories to be verified, set timelines, and assign responsibilities while considering challenges or constraints impacting the verification process.
2. Physical counting : Verify the assets' quantity, condition, and location against the records. Ensure personnel conducting physical counting are trained accurately.
3. Tagging and labelling : Label or tag each asset with a unique identifier during the physical counting process to identify the asset during subsequent stages.
4. Reconciliation : Reconcile the physical count with the records once physical counting is complete. Identify and investigate any discrepancies between the physical count and records.
5. Documentation : Accurately document the physical verification process, including physical count, tagging and labelling information, and any discrepancies found during the reconciliation process.
6. Reporting : Prepare a comprehensive report that details the results of the physical verification process, including any discrepancies found, their causes, and recommendations for corrective action.
