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Personal Property Tax
Fixed Asset Barcoding
|Save money and time dealing with large inventories using our asset barcoding technology.
Barcoding offers several important advantages over manual inventories because fixed asset physical inventories involve accumulation and manipulation of large amounts of data. Some of the benefits of barcoding are:
Our experience shows that barcode inventories are much more efficient than manual inventories.
Improved Quality of Data.
Manual inventories are not only time consuming but also are prone to errors. Industry standards estimate that one out of every 300 characters recorded manually will be in error, a medium-sized company manually recording 10,000 assets requires the manipulation of approximately one million characters of data. These errors greatly complicate the reconciliation process. Barcoding practically eliminates these errors because virtually all of the data is entered automatically.
Few errors make the reconciliation process easier. If the fixed asset sub-ledger is downloaded into the barcode readers, the reconciliation will be almost complete by the end of the physical inventory. Only exceptions will need to be reconciled.
One key point: Do not underestimate the amount of time required for reconciliation. Too many companies plan inadequately and under staff the reconciliation process. As a result, they do not complete the reconciliation, and time and money are wasted in the physical inventory process. Depending on the accuracy of the sub-ledger, the reconciliation should receive at least twice the priority and personnel as the actual physical inventory.
Companies conducting physical inventories with barcoding enjoy yet another bonus: improved morale of the counters. When conducting manual inventories, counters quickly become bored and distracted. After just one full day of recording assets, they are tired both mentally, and physically, leading to additional errors. When barcode inventories are conducted counters seem to enjoy the new technology, often challenging each other as to who can count the most in a day.
Since our first job, FAS has continued to lead the industry in continuing innovation. Rather than buying a multitude of label products for the various environments, FAS has developed solutions to the tag application process, eliminating the need for various types of label stock. For example, in the chemical industry, FAS was challenged to provide a material that could withstand high heat, high toxicity, harsh weather conditions, and extreme cold. FAS was able to use their existing stock, laminating the tag and sealing it in a protective environment that enabled it to meet the above conditions. In high heat, the tag was changed to an anodized aluminum tag. Your company can either purchase barcode tags from FAS, or print its own.
Many people have the misconception that this barcode tag contains all of the information regarding the asset--manufacturer, model number, and serial number. In actuality, the barcode label contains only the "barcode number". The remaining information regarding the asset is stored in the fixed asset database.
Once the tag issue is solved, determining where to place them on the asset is another consideration. Affixing them to the front of the equipment makes access easier for counters. However, people who use the equipment often do not like to look at tags on the front of the equipment and peel them off. If this is the case, explain the need for the tag in order to prevent tampering.
These continuing innovations by FAS have saved their clients the need to stock various label materials in order to satisfy their tagging needs.
In 1992, another Client was faced with an enormous problem of pollution control equipment not being captured and properly reported for tax exemption status. The Client considered this a special project but was unable to find internal staff to accomplish the job. They called us, and as a result, FAS founded the Special Projects Group. FAS sent a team of people trained in machinery and equipment research skills, and tackled the problem for the Client. Researching Purchase Orders, Appropriation Requests, and Pollution Control Lists, FAS was able to identify all of the Pollution Control Equipment. We then sent the team to the plant and had them find and verify the status of the equipment. The results were many tax dollars saved by the Client.
FAS has continued this process today. They have maintained these basic principles:
In today's marketplace, it is our ability to tailor solutions to individual client needs and our motto of "Nothing is Impossible" that sets us apart in the industry today. Considering our approach, procedures, innovations, and team, one can easily see why we are the barcoding, problem-solving company of today.
||FAS uses the existing Fixed Asset number. No need to introduce a new number.
||FAS prints the existing description (or can change to a better one) on the label.
||FAS reconciles to the general ledger.
||FAS knows how to research answers through the files using the Purchase Order, Appropriation Request, etc.
||FAS uses their Property Tax knowledge to help reduce the Property Tax liability along with completing the inventory of fixed assets.
||FAS can download and upload data from any Fixed Asset system on the market.
||FAS will tailor the solutions to your problem. They believe that nothing is un-solvable.
For more information about FAS, or to schedule a review, please call 1-816-536-7178, or e-mail us at firstname.lastname@example.org
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