Introduction
Fixed assets such as machinery, IT equipment, furniture, tools, and plant assets represent a substantial investment for businesses. However, many organizations continue to face challenges such as inaccurate Fixed Asset Registers (FAR), missing assets, duplicate records, and repeated audit observations.
Fixed asset tagging services provide a structured solution by physically identifying assets and linking them to a centralized digital system. When executed correctly, asset tagging improves asset visibility, strengthens internal controls, and ensures audit readiness.
This article explains the fixed asset tagging process, common industry gaps, technology-driven best practices, and how TagMyAssets delivers a superior asset tagging solution in India.
What Are Fixed Asset Tagging Services?
Fixed asset tagging services involve attaching unique identification tags (barcode, QR code, or RFID) to each asset and mapping them to a digital asset register.
Each tagged asset is linked with critical information such as:
- Asset description and asset code
- FAR reference number
- Location (plant, floor, department)
- Custodian or user
- Serial number, make, and model
- Verification status and condition
This ensures one asset = one verified record, eliminating duplication, ghost assets, and reconciliation gaps.
The Reality: Why Asset Tagging Often Fails in Practice
Across many organizations, asset tagging is treated as a customary compliance exercise rather than a control mechanism.
Common practices include:
- Printing barcode labels from basic barcode software
- Manually pasting tags on assets
- Scanning tags using handheld 2D scanners
- Maintaining scanned data in standalone Excel files
- No centralized system or structured backup
- No audit trail, geo-location, or photographic evidence
Such methods create a false sense of control. Over time, Excel files get misplaced, data becomes outdated, and asset records fail during audits or management reviews.
How TagMyAssets Delivers a Structured & Technology-Driven Tagging Solution
At TagMyAssets, fixed asset tagging is implemented as a complete digital asset management framework, not a one-time activity.
Key Differentiators of TagMyAssets Fixed Asset Tagging Services
✔ Centralized Tag Printing System
All tags are printed directly through the TagMyAssets software, ensuring:
- Unique and standardized asset IDs
- Controlled tag formats
- No duplication or manual intervention
✔ Smart Mobile-Based Asset Scanning
During physical verification and tagging, our system captures:
- Asset photograph
- Geo-location of the asset
- Date and time stamp
- Condition and remarks
This creates a verifiable audit trail for every asset.
✔ Real-Time Digital Asset Records
All asset data is stored in a centralized and secure system, eliminating dependency on local Excel files or manual backups.
✔ ERP & FAR Integration Capability
Captured asset data can be:
- Linked with ERP systems
- Reconciled with the Fixed Asset Register (FAR)
- Used for statutory audits and internal audits
✔ Flexible Data Access & Download
Asset data can be exported in Excel format:
- Anytime
- From anywhere
- For audits, management reporting, or compliance reviews
This ensures asset records remain accurate, traceable, and audit-ready at all times.
Step-by-Step Fixed Asset Tagging Process
1️⃣ Planning & Asset Mapping
- Review FAR and asset listings
- Classify assets (taggable, countable, non-taggable)
- Define tagging methodology and locations
2️⃣ Physical Asset Verification
- Floor-to-register and register-to-floor checks
- Identification of missing, excess, or shifted assets
- Location and condition capture
👉 This stage is often integrated with inventory verification services for comprehensive reconciliation.
3️⃣ Asset Tagging & Labeling
- Barcode or QR tags affixed to each asset
- Durable and tamper-resistant tag material
- Asset photographs captured for evidence
4️⃣ Data Capture & Reconciliation
- Asset data captured using mobile devices
- Reconciliation with FAR
- Identification of shortages, excesses, and mismatches
5️⃣ Reporting & FAR Clean-Up
- Updated asset master
- Location-wise and department-wise reports
- Audit-ready documentation
Fixed Asset Tagging vs Inventory Verification
While often performed together, the objectives differ:
- Fixed asset tagging focuses on capital assets and FAR accuracy
- Inventory verification focuses on stock such as RM, WIP, and Finished Goods
For a detailed comparison, read:
👉 Inventory Verification vs Stock Audit
https://tagmyassets.com/inventory-verification-vs-stock-audit-key-differences-scope-when-to-use-each/
For stock-related controls, explore:
👉 Inventory Verification Services
https://tagmyassets.com/inventory-verification-services/
Compliance & Audit Perspective in India
Fixed asset tagging supports compliance with:
- Companies Act, 2013
- CARO reporting requirements
- Internal audit and statutory audit procedures
- Internal Financial Controls (IFC)
Physical identification and verification of assets form a critical part of audit procedures, as guided by professional standards issued by the
Institute of Chartered Accountants of India (ICAI) https://www.icai.org/
Tagged assets significantly reduce audit queries and management representations.
Industries That Benefit Most from Fixed Asset Tagging
- Manufacturing plants
- Warehouses and logistics companies
- Hospitals and laboratories
- Retail chains
- IT and service organizations
- Educational institutions
- Any organization with distributed or high-value assets benefits from structured asset tagging.
Why Choose TagMyAssets for Fixed Asset Tagging Services?
TagMyAssets provides end-to-end fixed asset tagging and verification services using barcode and QR-based technology.
Our solution delivers:
- Structured verification methodology
- Centralized digital asset records
- ERP-ready reconciliation
- Audit-ready documentation
- Scalable asset control across locations
We also integrate tagging with Asset verification services for organizations seeking complete asset and Asset control.
Conclusion
Fixed asset tagging is no longer a formality—it is a foundational control mechanism for accurate records, strong internal controls, and smooth audits.
Simply pasting barcode labels and maintaining Excel files does not deliver asset control. A technology-driven approach that combines physical verification with digital intelligence is essential.
TagMyAssets bridges this gap by transforming asset tagging into a reliable, scalable, and audit-ready system.
FAQ’s
What is fixed asset tagging?
Fixed asset tagging is the process of physically labeling assets with unique identifiers to enable tracking, verification, and reconciliation.
Is fixed asset tagging mandatory?
While not legally mandatory, it is strongly recommended for audit compliance and internal control effectiveness.
Can fixed asset tagging be integrated with ERP systems?
Yes. Asset tagging data can be integrated with ERP and FAR systems.
How often should asset tagging be performed?
Initial tagging is done once, followed by periodic physical verification and updates during audits or asset movement.
