Considerations for Conducting Effective Fixed Asset Reconciliation

Over the last decade, we have found that at a minimum 50% of fixed asset information is either inaccurate or incomplete. Therefore, the only reliable way to verify and validate fixed asset information is to conduct a physical inventory. All fixed asset inventory data should be centralized and reconciled against the existing data in the […]

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Maximizing Your Investment in Performing a Fixed Asset Physical Inventory

One important means towards maximizing your investment in performing a fixed asset physical inventory is to include expensed items, in addition to capitalized fixed assets, in the counting process. We recommend that the focus is applied toward expensed items with greater operational significance as well as those at a higher risk for theft or misplacement. […]

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Tagging Fixed Assets Using RFID (Radio Frequency Identification)

The objective in tagging items using RFID is two-fold; first, once affixed, using RFID going forward makes future physical inventory counts much faster and easier to complete. When scanning an RFID tag, line of sight is not necessary and multiple tags can be read simultaneously. This significantly speeds up the physical inventory process and requires […]

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Counting fixed assets and capital equipment without halting business operations complicates an already difficult activity

Conducting physical inventory is a difficult task. Counting fixed assets and capital equipment without halting business operations complicates an already difficult activity. Reconciling physical items to logical records can seem like an impossible effort. These scenarios represent the majority of the engagements that Verasset completes. To better understand why physical inventory is a difficult task […]

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Common Problems Reconciling Fixed Assets

Most organizations face significant challenges related to tracking the location, quantity, condition, maintenance and the depreciation status of their fixed assets. Typically fixed assets are recorded and maintained in either a spreadsheet or a fixed asset register (FAR). These records are then periodically verified through audit activities, such as physical inventory. In order to verify […]

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Top 5 Mistakes in Performing Physical Inventory

1.       Not Utilizing Technology Performing a physical inventory manually is prone to error and inefficient. Using advanced data capture (ADC) technologies such as bar coding and RFID reduce errors and significantly speed up the process. Mobile data capture tools are becoming less and less expensive. These tools allow you to scan bar codes and RFID […]

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Reconciling the Fixed Asset Register

Tracking and managing assets is an important and usually daunting task for an organization, regardless of size. Fixed assets can be defined as property that a firm owns and uses in the production of its income. Examples of fixed assets include, but are not limited to, computers, tools, software, and office equipment. A company may […]

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Addressing Complex Business Issues With Asset Inventory Services

Verasset provides a specialized value offering that extends beyond simply counting items. We specialize in tracking and managing fixed assets, with a focus on enabling clients to become self-reliant without having to rely on the assistance of external professionals. Over the last decade, Verasset has learned that in order to bring lasting value to its […]

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Verasset Physical Inventory and Reconciliation Projects

Verasset inventory service teams have had a busy summer completing physical inventory and reconciliation projects for a diverse customer base. Recent Projects include: July 2013- Completion of a nationwide physical inventory of nearly 40,000 IT assets for the federal government across 25 geographic locations July 2013- Physical inventory and FAR reconciliation of capital assets for […]

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