Fixed Assets 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 ones 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 good 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.
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The global shared services center market size is expected to reach a higher CAGR by 2022, across the globe.
Globally, the shared services centers market is predicted to grow at CAGR of 30% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.Download Free Sample Report @ https://www.millioninsights.com/industry-reports/shared-services-center-market/request-sampleEarly adoption of shared services center allows better operational capability, cost efficiency, reduction in the complexity and enhancement in the overall efficiency of the system.
The shared services center are designed such that a required organizational structure is achieved with simple workflow for a completely optimized procedural impact and provides operational excellence.The shared services center offers management and focus on the strategic decision-making.
However, complexity associated with implementation of shared services center framework is considered as major restraining factor for market growth.
The market the given tasks are performed by functional entities follows dynamic pathing across various business units.
The market further follows periodic procedure to perform different sets of tasks by leveraging best practices.The market is broadly categorized into four major types based on end-user industry such as pharmaceutical & medicine sector, legal, banking & finance industry, and manufacturing sector.
May 09, 2019: Over 75,000 shared services centers market are expected to be established globally by 2022, growing at a CAGR of close to 30% from 2015 to 2022, according to a new report by Grand View Research, Inc.A shared services center (SSC) is a devoted unit that focuses on defined business functions and is structured as a centralized delivery location and point of service.
Deployment of SSC framework helps companies to focus on enhancing operations.Download sample Copy of This Report at: https://www.radiantinsights.com/research/shared-services-center-market/request-sample Availability of skilled low cost labor, tax relaxation and favorable government initiatives in select geographies such as India, China, Latin America, and some parts of Eastern Europe are envisioned to drive industry growth.However, the complexity associated with the implementation of such a framework is presumed to challenge industry growth, as it involves the assigned tasks to be performed and shared dynamically across the various business units involved.
However, doing so without the standardization of procedures is expected to increase the organization's inefficiency and is expected to hinder SSC establishments.Browse Full Report With TOC @ https://www.radiantinsights.com/research/shared-services-center-market Further key findings from the report suggest:Poised to witness considerable growth over the next seven years, pharmaceutical & clinical end-use accounted for 11% of the overall market share in 2014.
Rapid increase in the need to reinvent traditional pharmaceutical R model to continue developing new products cost-effectively and efficiently, and adjust to the industry's new realities is expected bolster demand over the forecast period.Projected to grow at an estimated CAGR of 35% from 2015 to 2022, legal end-use is expected to drive the SSC industry over the forecast period.
Over the last few years, emergence of new technologies coupled with the need to reduce costs in the wake of global downturn has significantly forced corporate legal departments and law firms to change their traditional business approach and to adopt shared services and outsourcing associated with the legal profession.BFSI end-use accounted for over 20% of the overall revenue in 2014, and is presumed to witness significant growth in the market share over the forecast period, owing to the emerging trend among companies to enhance global presence and customer satisfaction.
Availability of huge and highly educated workforce, lower wages, and improved English capabilities in countries across Asia Pacific and Eastern Europe are envisioned to boost industry growth.Projected to grow at an estimated CAGR of over 25% from 2015 to 2022, manufacturing end-use is expected to witness healthy growth in the foreseeable future.
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