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INVENTORY

ACCOUNTING PREANALYSIS

It is the analysis of the fixed asset register, including all generic and hardly understandable descriptions, lack of homogeneity, inconsistencies and mismatches accumulated over the years, during which there have been several modifications on capitalization strategies along with different interpretations given by people in charge of fixed assets registration.

The goal is to identify the types and categories of the company assets which, being included in the fixed asset register, should technically be found during the inventory. It shall therefore be Censit’s responsibility to create a database to define and share the level of granularity in which each complex asset must be divided into, the information given to describe it (both regarding the aspect and the location) and how the inventory should be conducted (individually, by batch, etc.). Obviously these data will be cross-referenced with the project results for entities that are similar to that particular Client, so that we can propose solutions that have already been tested and have given certain and successful results.

READ OUR FIXED ASSET MANAGEMENT SERVICES BROCHURE

FIXED ASSET INVENTORY

The inventory of company assets is the key activity on which the entire fixed asset management process is based. The inventory basically consists, in accordance with whatever was established and agreed during the pre-analysis phase, in identifying and labelling each single asset, describing it by indicating the location (building, floor, office, department, cost center, …) and a description (type, brand, model, serial number, …).

The main objectives of the inventory phase can be summarized as follows:

 

  • Defining a customized inventory and nomenclature procedure for each Client’s needs
  • Identifying univocally and according to an agreed planning, each tangible fixed asset
  • Labelling each single asset through an inspection conducted by qualified staff
  • Creating a single real-time computer database that describes and characterizes each existing asset
  • Knowing the physical distribution of tangible fixed assets
  • Generating a data trace that can be interfaced and imported with the Client’s management program (SAP, ORACLE, JD EDWARDS, AS400, TEKNO, MICROSOFT DYNAMICS AX, etc.)
Through an accurate activity of fixed assets labeling, the Censit technicians can quickly provide a turnkey service, where all project phases, from the identification to the labeling, from the localization to the classification/characterization of each single asset, are performed autonomously by experts, avoiding to distract the Client’s personnel from their daily work.
The service takes place during the normal working hours and usual operation time of the Client (also in productions) without the need for any machine downtime.

This is made possible by the work of direct employees (no subcontracting), who are constantly trained and who have developed their skills and expertise working on over 400 successful projects.

It is also important to note that in order to obtain the best possible result and a high quality level, Censit guarantees at least 98% of reliability on a certain product by performing a series of direct checks or cross-checks, on site and back office, which translate into random checks made directly with the Client. Only once the Client has verified the effectiveness of the work done and the level of quality expected, the inventory phase can be considered successfully completed.