Fixed Asset Management Division
GenFi is a technology and process expert in the field of Fixed Asset Management, leading in the design and implementation of Fixed Asset Management Solutions for private industries. Today, companies are faced with a new challenge in the area of fixed asset management. This challenge is to ultimately achieve compliance with International Financial Reporting Standards (IFRS) for fixed asset accounting. We can make this happen for your organization.
We normally only recommend barcoding solutions for manufacturing companies. In all areas of Retail and Service, we create a customized inventory process that does not include barcoding.
The proper and accurate management of fixed assets is a necessity in today's business environment and with the new accounting regulations – knowing what you have, where it is, and what it is worth, can save your company a significant amount of dollars in income, taxes, insurance premiums and you will increase cash flow.
By leveraging the technology and expertise of our parent company, General Data Corporation, we offer a comprehensive set of solutions for all of your fixed asset management needs. Companies in all industries can utilize our fixed asset management solutions to identify, track and maintain assets as small as individual tools, and as large as multimillion dollar machines and equipment. GenFi is not about selling you software or fixed asset accounting systems. We are all about making your system work more accurately so you can take advantage of the available financial, tax and insurance benefits.
We provide customized fixed asset solutions and processes that link together fixed asset inventory and maintenance records, and enable the Maintenance, Finance, and Tax Insurance Departments to instantly share information so that all assets are correctly and currently updated in your fixed asset ledger and in your tax and insurance records and returns. Our processes are based on our customized inventory and/or tagging of assets that can utilize the newer two-dimensional Quick Report Codes (QR Codes) barcodes containing data that can be used and shared by all departments. When the Maintenance Department installs a new asset, services an asset, replaces components, performs upgrades, or takes an asset offline, the barcode tag is scanned, and the asset information in the maintenance system is updated. The maintenance data can then be reconciled to the fixed asset ledger and the Finance Department can, on a current basis, properly record additions and deletions. Once that has been accomplished, you can update your Income and Tax Accruals on a current basis.
We believe the most important work we perform for our clients is the creation of a “Path Forward” process that insures the company that they can prospectively maintain their own fixed asset ledger to insure the current accuracy of their financial statements and tax returns.
Why is an inventory of your company’s fixed assets important? It is critical to have your financial records comply with accounting, tax and insurance requirements, and it could save you thousands – even millions- of tax dollars.
The fixed asset inventory can become outdated as time goes on. Keeping your finance and accounting personnel in the know is crucial. Our fixed asset tracking software and process does just that.
A company’s Fixed Asset Ledger and Real Estate Appraisals are the basis for the Insurable Value Records necessary to calculate the Replacement Cost for Real and Personal Property. Learn more.
Is your property over assessed, under assessed or fairly assessed? GenFi will sort it out.
The majority of companies do not have updated fixed asset records for accounting, insurance or tax reporting. See how we change that.