Optimizing Fixed Asset Management for Danone South Africa

Project Details

• Company Name: Danone South Africa (Danone SA)
• Industry: Food and Beverage
• Category: Private

Project Details

• Execution Level: Local
• Contact Persons: Nthabiseng Seleki ([email protected]), Lehlohonolo Moatshe ([email protected])
• Duration: 2 Months
• Description of Work: Fixed Asset Management And Related Tasks. Supply of Asset Management & Accounting Services. Physical Verification & Reconciliation Of Fixed Asset Register (FAR)
• Value of Contract: 470,000 ZAR
• Asset Count: 15,000

Project Objectives

The primary goal of the project was to enhance Danone SA’s fixed asset management processes, integration and updating their Finance System with the verified reconciled FAR as well as ensuring accuracy and compliance with accounting standards i.e. IFRS (IAS).

The scope included the physical verification and reconciliation of their Fixed Asset Register (FAR).

Implementation Process

Our asset management team collaborated closely with Danone SA to conduct a comprehensive physical verification of their 15,000 assets. 

This involved meticulous reconciliation with the existing Fixed Asset Register to identify discrepancies and ensure data accuracy.

Challenges Faced and Solutions Implemented

During the physical verification process, challenges such as outdated asset records and discrepancies in the FAR were encountered. 

Our team worked collaboratively with Danone SA to address these issues through a systematic approach of data validation and correction.

Results and Impact

The diligent execution of the project resulted in a significant achievement: an unqualified audit opinion for Danone SA. 

The accurate and up-to-date Fixed Asset Register contributed to a seamless audit process, reflecting positively on the company’s financial reporting.

Client Testimonials

“Navigating the complexities of fixed asset management was made seamless with the expertise and dedication of Synergy Evolution. Their team ensured our Fixed Asset Register was accurate and compliant, ultimately leading to an unqualified audit opinion. We appreciate their commitment to excellence.”, Nthabiseng Seleki, Danone SA

Lessons Learned and Recommendations

This project reinforced the importance of regular asset management reviews for maintaining financial integrity. 

Going forward, we recommend periodic reviews and updates to the Fixed Asset Register to proactively address potential discrepancies.

Conclusion

The successful collaboration of Danone SA with Synergy Evolution highlights commitment to delivering effective asset management solutions. 

As a private industry leader, Danone SA now benefits from a streamlined fixed asset management process, contributing to their financial transparency and integrity.

This case study showcases the positive impact of our services on a private sector client, reinforcing our dedication to excellence in asset management.