We don't have a fixed asset register yet — do we actually need one?

A fixed asset register is a detailed listing of every long-term asset a company owns — equipment, furniture, vehicles, devices, leasehold improvements, and so on — along with each asset's purchase date, original cost, depreciation method and assumed useful life, accumulated depreciation to date, net book value, and location or branch. For asset-heavy businesses (manufacturing, contracting, hospitality), this register is a core management tool, not just an accounting formality.

Its importance shows up in three places. In accounting, it's the basis for calculating annual depreciation correctly and consistently year over year. In audit, the auditor uses it to verify that assets actually exist and that their book values are accurate — any asset that's undocumented or doesn't reconcile with the books becomes an audit finding. And for Corporate Tax, book depreciation can require a tax adjustment in certain cases, and an accurate register is what lets you support the expense figure if the authority asks.

Not keeping the register — or failing to update it whenever a new asset is bought, an old one is disposed of, or one is sold — makes the depreciation figures in the financial statements inaccurate, and that shows up clearly during audit. RASEEKH can help you build a fixed asset register from scratch, or review and reconcile your existing one against the books and financial statements.