Wendell Jeveaux
CEO / President
Fixed Asset Advisory - Global Region
Office: +1 (347) 554-2629
Fixed Asset Inventory and Reconciliation
CPCON is a market leader of fixed asset inventory, tagging and reconciliation solutions to virtually every industry, that establish an essential internal control for the financial reporting of fixed assets.
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Enhance Proper Accounting, Valuations and Financial Reporting of your Fixed Assets
Organizations have accounting and operational challenges associated with their enterprise asset management, internal controls, financial reporting, and regulatory compliance. Not only do the CPCON’s physical inventory and reconciliation services efficiently conduct the fixed asset audit reporting – affixing property tags to all untagged assets; and recording all descriptive and locational information possible –, but it also includes performing a detailed line by line reconciliation of the physical inventory to the fixed asset accounting records. Ensuring that clients received a cleansed and fortified fixed asset register needed for improved financial reporting, accurate property tax values, and support for M&A. Fixed Asset Revaluation services are available upon request.
Our services include:
- Comprehensive and customized project planning needed for physical inventory.
- Utilization of Tablet Technology Inventory Software for Data Collection and Reporting.
- Off-site quality assurance team to review every record and reconcile it to the inventory data.
- Data delivered in the layout required to populate an ERP System Easily integration with ERP for maintaining accurate records is available upon request.
- Dynamic inventory methodologies and RFID Tagging solutions; and Asset Valuation.
- Properly segregate construction-in-progress projects into building and equipment accounts.
- Assignment of revised useful lives for depreciation calculations.
Establish Quality Foundation for Proper Property Tax and Insurance Implications
The ability to maintain accurate fixed asset records can be extremely challenging for organizations. Tax assessments and insurance placements are often based on the fixed asset accounting records, with rates applied to the assessed value. Conducting a physical inventory of these fixed assets focused on recording all descriptive (asset condition, model, brand, etc.), followed by reconciling the inventory to the fixed asset accounting records will provide a cleansed and accurate picture of the actual fixed asset records. This allows the organization to save, on average, from 10% to 20% in property tax. As well as providing the data visibility needed for accurate insurable values – which is crucial especially if a loss has occurred.
Ensure the Best-Practice Approach to Asset Management
Many organizations attempt to perform fixed asset inventory and reconciliation procedures in-house, which are usually conducted by the custodians of the equipment; this poses many challenges to fixed asset management, as the lack of experience, independence and objectivity can affect the quality foundation of the in-house inventory and reconciliation; thus, leading to inaccurate fixed asset records. CPCON is an independent global firm that has both specific industry and physical inventory and reconciliation qualifications and experience. Being familiar with all types of fixed assets, with vast experience in interacting with the client’s professionals and staff while operating in unique environments.
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 Professionals
Tiago Jeveaux
Managing Director
Fixed Asset Advisory - North American Region
Office: +1-347-706-3302, dial 2
Gustavo Zumel
Managing Director
Fixed Asset Advisory - North American Region
Office: +1-347-706-3302, dial 10
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 Assets clients.
Global leader
of fixed asset advisory
solutions and technology-enable
expert services.
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