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
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
Improved financial reporting
Satisfied audit requirements
Accurate property tax values
Streamlined insurable values
Meaningful capital budgeting
Improved asset utilization for
What’s our approach to
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.
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
Global leader of fixed asset advisory
solutions and technology-enable
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
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.