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WE PROVIDE BASELINE ASSET INVENTORY AND TAGGING SERVICES USING RFID OR BARCODE TECHNOLOGY TO ASSIST
CLIENTS IN TRACKING THEIR FIXED ASSETS AND ENSURING A PRECISE INVENTORY DATA.
Public- and private-sector clients historically have accounting and operational challenges associated with enterprise assets management, internal controls, financial reporting and regulatory compliance. Inaccurate fixed asset records – such as, ghost assets, grouped assets, vague descriptions, and other data gaps – cause serious problems for an organization, leading to inadequate or missing asset descriptions (manufacturer, model, serial number, and more), assignment of unreasonable useful lives for depreciation schedules, little or no use of property identification tags, bulk purchase of equipment, and deficient documentation of asset movement (disposals, transfers, retirement, etc.).
CPCON became an industry leader in asset tracking and management solutions to efficiently perform inventory audit requirements, that delivers the data visibility required to develop accurate fixed asset records, followed by a financial reconciliation (if required). Satisfying Sarbanes-Oxley (SOX) compliance; GAAFR; GAAP; IFRS; federal grant reporting; property management; insurance; reimbursement determination; and internal planning requirements.
We have developed a comprehensive line-by-line reconciliation of the physical inventory to the fixed asset accounting records. This addresses each asset until it’s verified as a match, retirement or addition, as described below:
Fixed asset transactions often represent the acquisition and disposal of assets and the allocation of related costs to reporting depreciation expenses. Our independent and objective fixed asset inventory and reconciliation services will deliver the reconciled inventory file in the layout required to populate an ERP System or IT Asset Management (ITAM) system. Increasing management efficiencies and saving hours of rework.
Manual processes of inventory data collection with Barcode and Spreadsheets poses further challenges to in-house inventory and reconciliation procedures, as these require many hours and even days of manual work in properly recording and verifying information on the organization’s fixed assets. Our RFID Asset Inventory Management Software offers bulk asset check-in / out, automated line-by-line reconciliation, and real-time asset visibility with configurable audit reports, while being able to integrate with leading ERP systems like SAP, Oracle, Sage, IBM, etc.
CPCON Group is a global leader in fixed asset advisory services, providing our clients with accurate data and automated tools needed for fixed asset management.
As a trusted partner in the area of fixed asset management to organizations for more than 25 years, CPCON provides endto-end fixed asset management solutions. Empowering clients to gain insights, manage risk and drive improved financial reporting
Dive into our frequently asked questions to gain a deeper understanding of how asset and inventory management works.
Here, we answer common queries about asset tracking, RFID tagging, inventory management software, financial reporting, and ERP system integration
It’s a service that uses RFID or Barcode technology to help clients track their fixed assets.
Benefits include improved financial reporting, satisfied audit requirements, accurate property tax values, streamlined insurable values, and improved asset utilization.
The service uses RFID or Barcode technology for asset tagging and tracking.
A comprehensive line-by-line reconciliation of the physical inventory to the fixed asset accounting records is conducted.
Yes, the reconciled inventory file can be delivered in the layout required to populate an ERP System or IT Asset Management (ITAM) system.
Asset tracking is the process of monitoring the location and status of your assets, such as equipment, hardware, and vehicles, often using technologies like RFID or barcodes.
RFID tagging involves attaching RFID tags to assets, which can then be scanned by an RFID reader to quickly and accurately capture information about the assets.
Inventory management software can help organizations keep track of their assets, manage inventory levels, and provide valuable data for decision-making.
By providing accurate and up-to-date information about assets, baseline asset inventory and tagging can help organizations ensure their financial reporting is accurate and compliant with regulations.
ERP system integration involves connecting the asset management system with the organization’s ERP (Enterprise Resource Planning) system, allowing for streamlined data sharing and improved operational efficiency.
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.
