Baseline Asset Inventory and Tagging
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.
We provide a baseline asset inventory and tagging services using RFID or Barcode
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.
Our services include:
- Customized project planning and outsourcing team
- Conduct a physical inventory focused on recording all descriptive and locational information as possible
- Utilize table technology with inventory software solution to optimize data collection
- Affix barcode or radio-frequency (RFID) property tags to all untagged assets
- Off-site quality assurance to verify the physical inventory to asset accounting records, if required
- Generate detailed reporting – data file in layout required to populate the ERP system
Key Benefits
Improved financial reporting
Satisfied audit requirements
Accurate property tax values
Streamlined insurable values
Meaningful capital budgeting / forecasting
Improved asset utilization for higher-end initiatives
What’s our approach to reconciliation?
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:
- First, we proceed with the tag number match;
- Manufacturers and models are then compared;
- Location and department numbers are considered;
- Fiscal year additions will be analyzed against estimated acquisition dates from the inventory;
- Bulk purchase entries and grouped purchases are allocated to the individual assets;
- We will conduct follow-up visits with departments to verify any residual asset.
- Each line item on the fixed asset accounting record will receive a transaction code – such as, unrecorded addition, matched asset, and unrecorded retirement – to link it to reconciled inventory database. Implementing the best-practice approach to asset management and withstanding an audit scrutiny.
Deliver the Reconciled Inventory Data to Populate your ERP System
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.
Automate your Data Collection Technology to Maintain Accurate Records
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.
RELATED FIXED ASSET ADVISORY SERVICES
FIXED ASSET INVENTORY AND RECONCILIATION
FIXED ASSET RECONCILIATION
MACHINERY AND EQUIPMENT VALUATION
IT ASSET INVENTORY MANAGEMENT
REAL ESTATE VALUATION
COST SEGREGATION STUDIES
CPCON Group
About Us
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
2,000+
Active CPCON Fixed Asset clients
25+
Years of experience
Global leader of fixed asset advisory solutions and technology-enable expert services
FAQ’s on Asset and Inventory Management
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.
