Bar codes are everywhere. They are used to track everything from food, to books, mail, clothing, computers, to checked luggage. A commonly recognized use of barcodes is during point of sale activities such as supermarket checkout. The use of barcodes reduces the opportunity for error and speeds up information processing significantly. So what exactly is […]
Regulatory Compliance- The number 1 reason we find that our customers need to conduct a physical inventory is regulatory compliance. Compliance issues vary depending on the organization, and can include; audit, Sarbanes Oxley (SOX) compliance for fixed assets, and GASB statements 34 and 35.While the rules and regulations vary for different organizations, the core principal […]
Reconciling fixed asset financial records can be a daunting task. Multiple record sources are involved including; payables, purchase orders, registers, and the general ledger. A significant hurdle is that more than one person is usually involved. Consequently, record keeping habits vary and the opportunity to introduce errors through redundant data entry is high. Some of […]
Capitalized fixed assets are assets that meet or exceed a defined value threshold and are depreciated in value over their useful life. Asset depreciation is usually recorded each month. One common depreciation method is to calculate annual depreciation expense and then divide this figure by 12 to determine the monthly expense. Accountants will post a […]
Establishing proper internal fixed asset controls is pertinent to successfully managing assets. Fixed assets that meet or exceed a stated value threshold should be capitalized and recorded in a fixed asset register. At a minimum, the register should include; cost, useful life, current and accumulated depreciation, and net book value. Assets that fall below the […]
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Verasset has just completed a physical inventory and reconciliation project for a 125 year old manufacturing company. The company is publicly held and is required to conduct a physical inventory every 3 years in order to be compliant with the Sarbanes-Oxley Act (SOX). SOX compliance also requires that the companies finance officers and auditors sign […]
Verasset Corporation is pleased to release our new website and logo as part of a complete corporate re-branding initiative! The new website offers a fresh look and feel and will continue to bring current, exciting content about the company and the latest products from the Asset and Inventory Management world. With our new blog, you […]