The main work domain of our accounting staff has always been in an accounting office. When a renowned 5 star hotel contacted us to assist with their fixed asset sighting project, it was a novel challenge that we did not wish to pass up.

Our fixed assets sighting work started off with a detailed analysis of the client’s fixed asset register. With client’s concurrence and reference to their capitalization policy, we identified material assets to be located, photographed and tagged with pre-printed numbered stickers.

There were bound to be issues arising from accounting entry descriptions done in the past. Accounting staff do not enter accounting records in the manner of a warehouse personnel hence tracing from register to physical items could be problematic. Common issues arising would include many assets items being keyed as one accounting line item, or many accounting line items actually constitute one asset item, or some description were entered in a manner that frankly defies effort to even identify nature of the asset (e.g. some assets were described by the name of the vendor!).

Our team of 5 spent a month tracing fixed assets on the list and also noted down the assets which were sighted but not included in the registers. We coordinated our project work with non-finance staff such as head chefs, housekeeping personnel and room directors etc. We were mindful that our work would never disrupt to any degree, the comfort of the hotel guests.

We gave weekly status report, providing statistical measurement of our progress, highlighting roadblocks which were addressed in a prompt fashion so as to minimize disruption to the sighting work.

We managed to trace more than 80% of the 3,000 identified material items, and we found nearly double the number of items that were not in the register which our team tagged, photographed and updated in the fixed assets register. Our client accepted our work which we believe shall be put to good use. On our part, we have gained the experience and confidence of taking on a job that require us to adapt to different working conditions and environment.

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