Fixed Assets Specialist

Role Summery:This role involves overseeing the capitalization of assets, calculating and posting depreciation, conducting regular physical audits, and ensuring compliance with accounting standards and internal controls. The Specialist will collaborate with various departments to coordinate asset acquisitions and disposals, assist in financial reporting, and support budgeting and forecasting processes.  Roles and Responsibilities: Manage Fixed Asset Register: Maintain and update the fixed asset register, ensuring accurate and timely recording of asset acquisitions, disposals, and transfers. Asset Capitalization: Oversee the capitalization of fixed assets in compliance with company policies and accounting standards, including the identification and classification of assets. Depreciation Calculation: Calculate and post monthly depreciation for all fixed assets in accordance with the relevant depreciation methods (e.g., straight-line, reducing balance) and ensure accurate posting in the general ledger. Asset Verification: Conduct regular physical verification and audits of fixed assets, reconciling the physical count with the fixed asset register to identify discrepancies. Asset Tagging and Labelling: Coordinate the tagging and labelling of fixed assets, ensuring proper identification for tracking and control purposes. Compliance and Internal Controls: Ensure adherence to internal controls, policies, and procedures related to fixed asset management, including compliance with GAAP/IFRS. Asset Disposal Management: Oversee the process for the disposal or retirement of fixed assets, ensuring proper documentation and recording of gains or losses from disposals. Cost Allocation: Allocate costs associated with assets, including installation, transportation, and other related costs, to ensure accurate asset valuation. Liaison with Departments: Work closely with procurement, engineering, and finance teams to coordinate asset acquisitions, transfers, and disposals, ensuring alignment with production requirements. Monthly Reconciliation: Reconcile the fixed asset register with the general ledger on a monthly basis to ensure data accuracy and resolve any discrepancies. Financial Reporting: Assist in the preparation of financial statements by providing accurate data on fixed assets, including asset schedules, and supporting documentation. Budgeting and Forecasting: Assist in budgeting and forecasting of capital expenditures (capex), providing insights and analysis on fixed asset investments. Asset Impairment Review: Conduct periodic reviews for asset impairment and ensure proper accounting treatment for impaired assets Prepare Management Reports: Generate periodic reports on fixed asset movements, Cape utilization, and asset aging for management review and decision-making. Support Audits: Provide support during internal and external audits by preparing necessary schedules, explanations, and documentation related to fixed assets. System Maintenance: Maintain and update fixed asset records in ERP systems (e.g., SAP, Oracle) and ensure integration with other financial modules.Any other item that generally relates to the role. Qualification and Education: Bachelor or  Master’s degree in finance, accounting, or a related field. Experience: Minimum 1 year of experience in fixed asset accounting or any related field. Skills: Regulatory compliance, IFRS Knowledge, Accounting Standards(GAAP), Audit Management, Financial analysis, Project Management, Presentation Skills, MS Excel, SAP, Communication Skills Professional Certifications:Any professional certification like CPA, CA and similar is preferred bot not must have.