Wealth control involves monitoring and managing all of a company's assets, from tangible assets to intangible business assets. Taking into account that a company's assets comprise its assets and rights, it is important to know how much asset control affects a company's budget planning, since among several other advantages, it can avoid problems with cash flow and production cycle.
To put asset control into practice, a number of steps are taken:
Asset inventory: stage in which an asset survey is carried out and the state of conservation of assets is verified.
Asset valuation: stage in which the valuation of the fair value of the assets is carried out.
Review of the useful life of fixed assets: stage in which the useful lives are reviewed and the depreciations, amortizations, and obsolescence of the assets are accounted for.
Determination of the new depreciation rates: stage in which the depreciated amount is calculated and the result is the annual depreciation of the asset.
Impairment Test: stage in which the asset recoverability test is applied, verifying that the carrying amount is greater than the recoverable amount.
Periodic asset control provides the company with efficient financial management, with fewer financial and operational unforeseen events. The analysis of the economic useful life of a given asset, for example, when determined in an efficient asset control, allows management to plan preventive purchases, with good price research, in addition to avoiding interruptions in production. In addition, asset control allows the provision of strategic data for managers and accounting, demonstrating more advantages in budget planning.
With the data provided, managers can improve their perception of assets, optimizing the purchasing process and reducing unnecessary expenses. With its organized assets, the company also performs the appropriate write-offs of the assets that are no longer included in its assets.
Since the reports issued directly impact the financial results, it is important that the company seeks experienced and qualified professionals to evaluate its assets. Managers must require that asset control reports be prepared in accordance with Law 11,638/07 and technical accounting standards: CPC 27, CPC 46, CPC 01 and others.
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