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ACCOUNTING PAYROLL RECORDS WORKFLOW

 Asset Accounting
A FAR (Fixed Assets Register) must be kept in order to be in compliance with legislation governing corporations, companies, etc. It allows a company to keep track of details of each fixed asset, ensuring control and preventing misappropriation of assets. It also keeps track of the correct value of assets, which allows for computation of depreciation and for tax and insurance purposes. The FAR generates accurate, complete, and customized reports that suits the needs of management.

A FAR also allows a company to keep track of fixed assets that are not under simple, direct control of the company. This means owned and leased assets, assets under construction, and imported assets.

The FAR can also be used to aid in capital budgeting and to keep track of amount provided for Asset Retirement Obligation (ARO) in respect of each asset as required by US GAAP (FAS 143).

LMSL offers the following services

Asset Auditing Service:

We will free your staff from the time consuming and tedious task of a physical asset audit.

The investment in and maintenance of assets are major items in every organisation's Balance Sheet. The Asset Audit process will help you identify surplus assets allowing you to make informed decisions based on accurate information.

Tracking of asset movement enables the last known location and/or person of the asset to be identified and responsibility for the asset established.

Data Capturing:

All data pertaining to assets available will be captured in our database and extensive reports provided. In fact we will scan the Invoice and add it to the data base. A photograph of the asset also can be included in the database.

Reporting:

Extensive reports can be provided dependant on the amount of data that we are able to obtain, including maintenance, expiration of warranty, depreciation, lease assets, asset movement etc.
 

 


LMS offers accounts related services and tailors its services to meet client needs. Cheques Management, Vendor payables services, Accounting ......
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