Reconciliation and Verification – Focus

Reconciliation can be very time consuming and labor intensive, thus expensive. In recognition of this, our next step in the review process is to sort register entries based upon their remaining value (and useful life expectancy). Doing so provides focus of effort...

Part 2: Fixed Asset Reconciliation and Verification – Organization

To simplify the fixed asset reconciliation process and prepare the fixed asset register, we make a copy of the existing register and reorganize the information contained within it. Each entry in the register is evaluated on a line by line basis. The task begins by...

Fixed Asset Reconciliation and Verification – Part 1

A typical Verasset service engagement entails conducting a physical inventory of fixed assets, asset tagging, capturing information, and reconciling the installed fixed assets to financial records such as a fixed asset register. We begin by thoroughly planning the...

Physical Inventory Entry 4 – Defining and Automating the Data Collection Process

When planning the data capture attributes of a physical inventory, there are various levels of optimization and automation that can streamline the process. First and foremost, pre-populating mobile inventory data collection devices with existing data sources (such as...

Optimizing the Asset Life Cycle Entry 9 – CONCLUSION

The ideal scenario is to maintain a single shared database (asset database) whereby assets are tracked and managed. This data source would also serve to align (or link) information related to each asset with other information sources, such as purchasing, shipping and...