Fixed Asset Management Process A Case Study of Amann Bangladesh Limited

Abstract

Amann Bangladesh Limited (ABDL) is one of the leading joint projects of Standard Group Limited (Bangladesh) and Amann International GmbH (Germany) which was recognized in 2011. Later meeting so many problems and legal requirements, ABDL ultimately started its money-making process from January 01, 2014. It has recognized with a purpose to manufacture and market industrial sewing thread to 100% export oriented garments trades. With the path of time, Amann Bangladesh Limited has convert one of the fastest growing companies in Bangladesh. And nowadays it has develop one of the quickly emerging competitors in the industry. By starting its journey on November 24, 2014, now it has a huge high tech manufacturing plant in Mawna, Gazipur. Currently around 60 management employees are working there in different managerial departments such as Finance, Admin and Sales. Along with local customers, it is continuously broadening its product market to international customers. Its core effort is to set a standard as the market leader by carrying proficiency, customer care and updated automated service on a lucrative basis. Along with 5 other departments, Finance department of Amann Bangladesh Limited is a working vigorously to meet the long term and short term goals of the company. Under governor of finance department there are several projects; one of them is fixed asset management project. Fixes asset management team has taken the accountability of every sole fixed asset of both head office and plant site of ABDL. Fixed asset management team is accountable for buying, replacing, preserving and repairing the old assets, keeping records of each parti cular asset, examine the rationality of assets, and finally transfer the asset into auction when the cogency of the particular asset is over. To sort out this asset management team uses some software and place tag number on each and every solo fixed asset. For the job, they hire interns from different universities. They refer those interns in diverse locations for the gathering feature information about the fixed assets. After that they had to input composed information into different software to classify the soundness, conditions, and most significantly formulating tag for each solo asset. This is how the Fixed Asset Management crew is upholding the balance of fixed asset and aids prepare true and reasonable financial statements by giving precise information of fixed assets.