With spring approaching and the first quarter coming to an end, Verasset is pleased to announce that we have launched our new website ahead of schedule. The site, initially set to launch in Q2, offers updated content, an improved user interface, and mobile optimization. We are also pleased to release a new promotional video which […]
As the end of the year approaches, many businesses are looking to finish projects that have been lingering. They’ve put them off all year and now need to get them completed. They also need to spend the money before the year is up. This often includes physical inventory and reconciliation of the fixed asset register. If […]
IT Asset Management entails detailed management of inventory, financial records, and contractual data related to the IT asset throughout its life cycle. IT Asset Management is a very complex topic. In this post, we will focus on IT Asset Management in the data center, specifically related to physical inventory verification. Verasset routinely performs physical inventory verification […]
Verasset recently completed an in-depth physical inventory and reconciliation project for an automotive dealership. The dealership has been family owned and operated since inception. One of the majority shareholders was looking to sell his shares and get out of the family business. This was a complex negotiation they were looking to resolve quickly. A major […]
Do you have Ghost Assets? If you are like nearly 2/3 of businesses, the answer is, probably. Are ghost assets costing you money? Absolutely. It is estimated that at least 65% of companies have ghost assets listed on their general ledger. Based on 11 years of performing fixed asset reconciliation projects, we believe this number […]
Verasset completes several fixed asset inventory projects bringing the second quarter to a close. A few highlights from this month; Verasset completes a fixed asset inventory and reconciliation project for a Ford Dealership. The scope of work entailed conducting a physical inventory of capital and some non-capital fixed assets, reconciliation of the fixed asset register, […]
Manufacturing companies, regardless of size, typically have a significant investment in capital assets. Regardless of what it is they produce, specialized machinery, tools, equipment, vehicles, etc., are used in daily operations. This is in addition to the everyday office equipment (furniture, IT equipment, etc.) used to run the business. If the company is publicly traded, […]
Automating asset management activities represents an important control. Typically this relates to the capture and reporting of information. However a better approach is to apply automation at the workflow level and as a means to automatically force compliance with policies and regulations. Doing so would also, by design, include data capture activities. Of particular significance […]
Generally speaking, a fixed asset register is intended to be used for depreciation reporting – not for tracking physical assets. Consequently, the vast majority of registers either don’t accommodate the detail needed to track assets or the personnel who maintain a register typically do not have enough reliable information in order to include tracking details. […]
In the last entry, we touched upon register adjustments related to additions. Potential adjustments can also be associated with (but are not limited to): Removal of an asset that could not be verified during the physical count (referred to as a write down or write off) Change of location, which can impact property tax Allocation […]