FAM is an accounting process to keep a track on companies Fixed Asset for the purpose of financial accounting, asset maintenance and theft prevention. FAM aims to track the location, quantity, condition, maintenance and depreciation status of their fixed assets. FAM consists of two activities namely –
Fixed Assets Verification (FAV)
Fixed Assets Register (FAR)
Assistance in managing inventory through controlling re-order levels, overseeing transportation, monitoring storage of the same, notifying on the unnecessary leakages.