Fixed Asset Management Solutions
A company's Fixed Asset Records are used to determine Financial, Federal and State Taxable Income, Insurable Value and Property Tax Values
However, experience shows most companies do not have annually updated fixed asset records for current and accurate Financial, Insurance or Tax Reporting.
We can create this for your Company.
In today's business environment, increasing Income, Cash Flow and ROI are some of the most important considerations in managing a business. An accurate, up-to-date Fixed Asset Ledger will provide this for your Company.
The Importance of Accurate Fixed Asset Records
An accurate accounting and valuation of fixed assets is critical because it can save your Company money. Lots of money. Few companies have the processes or resources in place to create the Financial, Insurance and Tax benefits that are available.
For many reasons, including insufficient time and resources to search out all the details, fixed assets are often misidentified and misclassified, and many assets remain on a company's books when they no longer exist. Experience indicates that from 12% to 18% of assets on the books of most companies no longer exist, and another 10% to 15% are misidentified and misclassified for Financial, Insurance and Tax Purposes.
An overall blended "Error Rate" of 10% to 30% is not acceptable.
How It Works
General Financial will first provide to our Clients a "No Cost" analysis of their Fixed Asset Management Process and provide the specific detail of our findings, recommendations and our fee structure. We normally create first-year Income and Cash Flow Benefits that are two to three times our cost and if we do not create benefits that exceed our costs, then our fees will be limited to the first-year benefits. The majority of the benefits created are "Permanent" and ongoing. We are so confident in our process, we will create a "contingency fee". If no benefits are created, there is no fee.
Once engaged, General Financial will perform a physical inventory, and based on the findings from that inventory, we will provide the following:
- Current and Accurate Fixed Asset Ledgers
- Conform the Fixed Asset Ledger to International Financial Reporting Standards (IFRS)
- Reconcile the Fixed Asset Ledger to all Tax Returns
- Create an Insurable Value Report
- Replacement Values for Real and Personal Property
- Establish an "Agreed Rate" for Insurable Value
General Financial is committed to working with our clients to find opportunities to increase Income and Cash Flow, reduce Taxes and Insurance Premiums, and implement efficiencies. However, we also work under your direction, listen to your specific needs and communicate to make sure we understand your time frames and internal constraints. The recommendations we provide significantly improve the accuracy of your records and we design a process that can be prospectively managed by the company.
Benefits of General Financial's Fixed Asset Management Process
In addition to a Current, Accurate Fixed Asset Ledger, the following are the benefits derived from our process. These include:
- Increase in "Income", "Cash Flow" and "ROI"
- Reduction in Federal, State and Local Income Tax
- Reduction Real and Personal Property Taxes
- Reduction in Insurance Premiums
- Conformance to IFRS
- Create a Company-managed "Path Forward" process
Whether you are ready to get started or have additional questions, the first step is to contact General Financial. We want to hear your questions and explain how we can work with you. Many of our clients have similar questions, and you may be able to benefit from their experience (references provided). Start by filling out the contact form on this website. If you would like additional information, have more questions, or want to discuss your situation, call us at 1-888-496-2679.