Frequently Asked Questions About Assets & Compliance Managed Services
Below, we have compiled a list of commonly asked questions about various aspects of our services and the Vision Pro software. If you have any further questions, do not hesitate to get in touch.
General Questions
What type of Project and Remedial Services do you offer
Assets & Compliance Managed Services has some of the largest well-known names across all sectors, from retail to education, hospital trusts to housing solutions, but even so, support of the products and services we offer means that our clients get the best, quickest and truly hands-on service it is possible to deliver.
Whether it’s project management, assessments, tagging or surveying, we believe we have exceptional staff who put customer service at the heart of everything they do.
Do you offer Training?
Yes, we do. We deliver online training to you and your contractors prior to implementation.
Assets
What qualifies as a company asset?
A company asset includes tangible (equipment, property, inventory) and intangible (patents, trademarks, copyrights) resources owned by an organisation.
How do companies track and manage assets?
Businesses use asset management software, barcoding, RFID tagging, and regular audits to track assets.
What is asset depreciation, and how is it calculated?
Depreciation accounts for the reduction in an asset’s value over time, commonly calculated using methods like straight-line or declining balance depreciation.
What are the risks of poor asset management?
Risks include financial losses, theft, compliance violations, inaccurate financial reporting, and operational inefficiencies.
How often should asset audits be conducted?
Asset audits should be conducted at least annually, though high-value or critical assets may require more frequent checks.
Compliance
What are the key compliance requirements for asset management?
Depending on the industry, compliance may include financial reporting standards (GAAP, IFRS), data protection laws (GDPR, HIPAA), and regulatory guidelines (SOX, ISO 27001).
What happens if a company fails to comply with asset-related regulations?
Non-compliance can result in legal penalties, fines, reputational damage, and operational disruptions.
How can businesses ensure compliance with asset management regulations?
Implement strong internal controls, conduct regular compliance audits, maintain proper documentation, and train employees on regulatory requirements.
Audits
How does your auditing software work?
Audit management software helps a business streamline its internal audit and compliance processes, thus complying with important industry regulations, internal policies and procedures. Vision Pro software provides users with a fully customisable dashboard that provides all the information you need to give a clear picture of the current state of your business.
Vision Pro is very flexible and allows users to create audit templates or pre-set questions on any aspect of their business. Also, by setting up email alerts, users can automatically be alerted to any overdue or up-and-coming compliance audits that require attention. These features and more are also accessible via the Vision Pro mobile app, which means the system is perfect for multi-location businesses.
All information is stored securely and centrally in the cloud, which means it is easily accessible from anywhere and gives a real-time view of the state of a business.
What is the purpose of an asset audit?
An asset audit verifies the existence, condition, and value of company assets, ensuring accurate financial reporting and compliance.
What are the key steps in preparing for an asset audit?
Steps include gathering asset records, reconciling asset registers, reviewing depreciation schedules, conducting physical asset verification, and ensuring compliance with policies.
Custom solutions, unique manufacturing process & quality, crafted by talent.
Steve Aldridge
CEO
