Ensuring that fixed assets are efficiently managed and always located drives an excellent internal accounting control and supply chain experience.
CPCON RFID Asset Tracking makes fixed assets visible and keeps track of the existence and locational info of each asset – against its corresponding accounting records -, while eliminating manual intervention!
Boost asset identification
Using RFID makes physical asset inventories and reconciliation processes in fixed asset management more efficient by using the RFID technology’s capabilities to capture items in bulk and distance.
As a result, asset data is captured seamlessly, efficiently, and up to 25 times faster than manual handling – using barcodes and/or spreadsheets.
Ensure internal accounting control
Even when an organization has good procedures in place, equipment tends to be moved, transferred and disposed of without proper documentation. So automation and real-time RFID Tracking is vital.
CPCON RFID Asset Tracking automatically verifies and reconciles fixed asset accounting records of the organization, and captures all asset movements on a unique item level. So the entire internal controls over fixed assets can be managed and reported based on accurate inventory information.
Create asset visibility
Deficient fixed asset records can lead to inaccurate financial reporting…and inaccurate financial reporting can lead to a qualified audit opinion, which can damage management’s credibility with shareholders, lenders and suppliers.
With CPCON RFID Asset Tracking, it is possible to track asset existence and location in real-time, and keep detailed logs of asset movement. In addition, it connects supply chain teams with other internal departments (maintenance, regulatory compliance, SOX, etc.) to one system holding all asset information in a central repository.
Our custom dashboard creation focuses on structure data collection and digital reporting.
Our solution includes:
Description: As field services scan assets from a distance, ERP data on fixed assets seamlessly updates to keep up with any change of status and events.
Key benefits of rfid asset tracking solution from cpcon:
Seamlessly incorporate an RFID inventory tracking system into your ERP software, creating a single comprehensive system for record-keeping and optimal productivity. Alternatively, you can utilize the CPCON solution as a standalone tool to automate your fixed asset management tasks.
Our solutions streamline multiple tasks into a unified and straightforward workflow, enabling real-time data collection and Asset Register Reconciliation.
We have combined the best-practices of fixed asset management with advanced technology – RFID scanning, RFID tracking and asset management system – into one full solution, CPCON RFID Asset Tracking.
RFID (Radio Frequency Identification) tracking is a technology that uses radio waves to identify and track objects. It is commonly used for asset tracking in various industries, including logistics, supply chain management, retail, and healthcare. RFID tags are small electronic devices that consist of a microchip and an antenna. These tags are attached or embedded into the assets that need to be tracked. The RFID device (handheld or fixed antenna) captures the identification information sent by the RFID tag and forwards it to a central system or database for processing. The system can associate the tag’s ID with specific asset information such as location, status, maintenance history, and other relevant details. Since RFID technology allows for wireless communication between tags and readers, assets can be tracked in real-time as they move within the range of RFID readers. This enables organizations to monitor asset locations, movements, and other important data without manual intervention.
Fixed asset management refers to the process of effectively tracking, maintaining, and controlling an organization’s tangible assets throughout their lifecycle. Fixed assets, also known as property, plant, and equipment (PP&E), are long-term assets that have a significant value and are used to generate revenue or support business operations.
Fixed asset management involves various practices to ensure that assets are properly accounted for, and maintained. Asset Tracking involves accurately identifying and cataloging fixed assets, assigning unique identifiers such as serial numbers or barcodes, and recording essential information such as acquisition date, cost, location, and depreciation details. Fixed assets generally have a limited useful life. Managing depreciation involves tracking the reduction in asset value over time and accounting for it accurately in financial records. Fixed asset management ensures adherence to applicable regulations and compliance standards related to asset tracking, reporting, and disposal. Effective fixed asset management involves identifying and mitigating risks associated with asset loss, theft, damage, or misuse. Implementing security measures, such as asset tagging, access controls, and insurance coverage, helps protect valuable assets.
Fixed asset management provides accurate and reliable data on the value, depreciation, and useful life of assets. This information is essential for preparing financial statements in accordance with accounting standards and regulatory guidelines. Properly managed fixed assets help ensure that financial reports are transparent, consistent, and comply with regulatory requirements. Fixed assets are subject to tax regulations, and their proper management is essential for tax compliance. Fixed asset management systems can track and calculate depreciation expenses, which are used for tax deductions or capital allowance calculations. By accurately recording asset data and applying appropriate tax rules, organizations can comply with tax regulations and optimize their tax position. By having a well-organized asset management system, organizations can efficiently respond to audit requests and ensure regulatory compliance.
Outsourcing fixed asset management allows organizations to tap into the expertise and specialized knowledge of professional asset management service providers. These providers have experience in managing and optimizing fixed assets across various industries. They stay updated with the latest regulations, best practices, and technological advancements in asset management. In addition, in-house inventories are usually conducted by the custodians of the equipment, who may be hesitant to report unrecorded retirements. For instance, who wants to report that their respective area is part of the reason for a personal property tax overstatement? Independence and objectivity are casualties of an in-house inventory and reconciliation. Therefore, you should select an independent firm that has both specific industry and physical inventory and reconciliation qualifications and experience.
With over 25 years of experience, the CPCON Group is the global advisor that enhances and maximizes organizations’ internal control, promoting increased management efficiencies, improved regulatory compliance and financial supervision.
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