Fixed Assets are also known as tangible assets, are resources that are procured for a long-term period, with the aim of not being changed; this includes things like land, machinery, building, etc.

These are purchased with the intention to keep and are not usually converted by the company into cash. They support the primary activities of the enterprise and help it reach its goals.

Fixed Assets act as the base of the company, they are the backbone through which everything else functions. Thus companies keep their fixed assets up to date with regular maintenance to track the value of the assets, which in turn allows proper computation of depreciation and taxes/insurances.

However as companies expand and grow, fixed assets also increase manifold, and it becomes more challenging to track one's assets to prevent misappropriation of the assets. Organizations begin to face challenges tracking location, quality, condition, and depreciation of their assets. 

Thus organizations outsource this task to an external third party under what is known as Fixed Assets Management. Fixed assets management is an accounting process that aims at tracking fixed assets of an organization for the purpose of financial accounting, precautionary maintenance, and theft prevention.

A good management system usually provides clients with end-to-end services, in the broad areas of capitalization, life cycle management and physical verification & tagging, and process setup.

In order to find a well-fixed asset management solution, one needs to ensure that they help the company in the following way:

• Complete Creation of a fixed asset database from multiple sources
• Physical verification of assets/ asset tagging
• Capitalization and fixed asset maintenance accounting
• Asset photography and geo-tagging 
• Preparation of audit
• Audit support
• Accounting for disposal and retirement of assets

Apart from ensuring that the said company offers the aforementioned services, a good tip before selection would be:

• Outlining your fixed asset management aims. Pin down any asset conditions you wish to track and the ground protocols you want to establish.
• No matter what type of provider you opt for it is important to look for features like customizable information, data conversion support, and scalability options.

If outsourcing is what you are looking for, then Mynd Solution is one of the best service providers in fixed asset management. They have a global clientele across more than 20 countries and a robust local network. Another plus point with Mynd is their in-built automation tools that come complimentary at much lower costs than any other service tool provider.