Book-to-Floor / Floor-To-Book Fixed Asset Reconciliation Services
Verasset offers comprehensive fixed asset verification and floor-to-book fixed asset reconciliation services. Fixed asset reconciliation services are designed with the intent of improving the quality and accuracy of the existing ledger / fixed asset register information and improving the process flow that impacts asset information as it flows throughout the typical asset life cycle.
Fixed Asset Reconciliation requires objective assessment of the ledger contents and the business rules (internal controls) that support internal asset management. The process includes:
Eliminate Ghost Assets
It has been estimated that anywhere from 12 to 25% of the assets in a fixed asset register do not exist!
Reconciliation enables accurate reporting on ownership of assets, financial statements, insurance, and property tax.
Fill Data Gaps
Obtaining current and up-to-date asset information fills data gaps such as location, make/model/description, classification, and serial numbers.
Comply with tax and regulatory requirements such as GASB 34/35, Sarbanes Oxley (SOX), and JCAHO.
Resolve issues caused by bundled/grouped asset entries.
Comply with internal corporate policies related to reporting, usage, storage, and disposal of fixed assets.
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