Current Situation and Problem Statement
Many public institutions manage assets manually, leading to several challenges:
- Lack of automated electronic data capture.
- Office assets not barcoded or tagged.
- Tedious asset verification and validation processes.
- Difficulties in merging physical assets with existing inventory registers.
- Missing or unavailable store card entry details.
- Inaccurate yearly depreciation values for accounting and insurance purposes.
- Incomplete asset history from cost to disposal.
In response to these issues, we provide a range of professional services designed to modernize and optimize asset management operations.
Comprehensive Assets Register Preparation
At Aimmax Company Ltd, we specialize in delivering accurate and fully compliant Comprehensive Asset Register Preparation services that support both public and private sector organizations in achieving effective asset management and financial accountability.
Our process involves the systematic identification, classification and documentation of all fixed and movable assets, ensuring that every item is properly accounted for and tracked throughout its lifecycle. Each register is prepared in alignment Treasury’s asset policy guidelines and is fully compatible with the IFMIS system .
Our asset registers are provided in both soft and hard copy formats, designed for direct upload into financial management systems. They are customized to suit each client’s structure and operational needs, and ideal for government ministries, departments, state agencies, universities and corporations transitioning from manual or outdated systems.
- Asset number (both visible and bar coded)
- Asset class
- Asset source of funds
- Asset status
- Asset depreciation schedule
- Asset category
- Asset net book value
- Asset user
- ICT software information
- Buildings data information
- Asset location (floor and office room)
- Year and value of fresh valuation or revaluation
- Asset accumulated depreciation value
- Asset description (serial number, model, etc.)
- Land data information from various legal documents
- Motor vehicle registration documents and status
- Asset accounting basis in consistency with international standards
- Remarks and any other required data
Key Benefits of a Comprehensive Assets Register
- Compliance: Adherence to government policies and asset management indicators ensures that your ministry remains in full compliance with the latest regulations.
- Framework Development: Our services guide Ministry asset and liability reporting templates according to Treasury policy guidelines, ensuring accurate and efficient reporting.
- Standardization: Establishing a standard asset register format and categorization facilitates seamless data uploading to the IFMIS system, streamlining asset management processes.
- Source Identification: Quick identification of asset sources and year of purchase helps in maintaining accurate records and audits.
- Efficient Verification: With our advanced tagging and barcoding system, physical identification of assets becomes quick and efficient, reducing time and effort spent on verification.
- Asset Tracking: High-value movable equipment such as laptops and PDAs can be tracked effectively, preventing loss and ensuring accountability.
- Depreciation Tracking: Our solutions provide accurate tracking of asset depreciation schedules, ensuring precise financial reporting.
- Maintenance Scheduling: Regular maintenance and service schedules are easily managed, prolonging the useful life of assets and optimizing performance.
- Net Book Value Establishment: Easy establishment of the net book value for asset disposal enhances decision-making processes.
- Ownership Records: Comprehensive records of asset ownership are created for GOK departments and projects, ensuring accountability and transparency.
- Standardized Accounting: Our services aid the transition from cash basis to accrual accounting according to IPSAS standards, providing a standardized accounting format that meets Treasury guidelines.
- Performance Contracting: Our solution is designed to meet the stringent requirements of the Treasury asset policy management guidelines for the public sector's performance contracting cycle of 2024/2025.
Physical Asset Tagging and Barcoding
Using serialized aluminum barcode tags with full-color GK logos, we physically label each asset with a unique identifier. This allows for accurate and seamless scanning during audits and routine asset verification. Our barcoding system integrates smoothly with digital asset registers and financial management platforms like IFMIS, enabling real-time tracking across locations and departments.
Key Features:
- Quick Identification: Simplifies asset verification processes, saving time and reducing human error.
- Supports Lifecycle Tracking: Enables monitoring from acquisition through maintenance to disposal.
- Compliance Ready: Fully aligned with public sector asset management and Treasury guidelines.
- High Quality Tags: Weather-resistant, tamper-proof aluminum tags ensure long-lasting identification even in demanding environments.
- Unique Serial Codes: Each asset is assigned a unique barcode, eliminating duplication and enhancing accountability.
- Loss Prevention: Enhances security and tracking for high-value movable items like laptops, ICT equipment and mobile devices.
Comprehensive Asset Valuation
Aimmax Company Ltd offers comprehensive Valuation Services to help organizations determine the true worth of their assets in compliance with International Public Sector Accounting Standards (IPSAS) and Government of Kenya (GOK) Treasury policies. Our team of certified and experienced valuers conducts precise valuations for fixed assets, land, buildings, machinery, vehicles and ICT equipment, ensuring transparency and regulatory compliance.
Key Features:
- Fair Market Value Assessment: We determine the current market value of assets, considering factors such as age, condition, depreciation and market trends.
- Compliance with IPSAS & GOK Guidelines: Our valuations adhere to IPSAS standards, which require assets to be recorded at cost or fair value under accrual accounting.
- Revaluation & Depreciation Tracking: Periodic revaluations to reflect changes in asset value over time.
- Support for Financial & Audit Processes: Provides documented evidence for audit trails and financial statements helping organizations avoid over- or under-valuation in accounting records.
- Insurance & Disposal Advisory: Ensures assets are adequately insured based on correct valuations and guides asset disposal decisions by establishing realistic market prices
Expert Accrual-Based Accounting Support
Transitioning from cash-based to accrual-based accounting is a crucial step for organizations seeking improved financial accuracy. At Aimmax Company Ltd, we provide expert support to help institutions, especially within the public sector, adopt and implement accrual accounting in full compliance with IPSAS (International Public Sector Accounting Standards). Our team works efficiently to ensure that all assets, liabilities, revenues, and expenses are recorded when they are incurred not just when cash is exchanged. This provides a true and complete picture of your financial position.
- Enhanced Transparency: Discloses the full financial impact of transactions and decisions.
- Improved Audit Ratings: Facilitates clean and favorable audit opinions from oversight bodies.
- Strategic Decision-Making: Enables better budgeting, planning and asset utilization.