Asset Reconciliation Services
Verasset offers comprehensive fixed asset verification and floor-to-book / book-to-floor fixed asset reconciliation services. Fixed asset reconciliation services are designed with the intent of improving the quality and accuracy of existing subledger / fixed asset register information in support of accurate financial reporting, corporate and regulatory compliance, and mergers and acquisitions.
Verasset begins each reconciliation project with an in-depth analysis of the fixed asset register \ subledger contents, formal documented fixed asset\capitalization policies, and other relevant legacy data sets as needed. During the analysis, Verasset produces various summary report identifying the operating parameters and identifies potential areas of risk.
Verasset then creates a comprehensive Project Plan based on the reconciliation analysis. The Project Plan incorporates all parameters, scoping, and processes for fixed asset inventory, asset tagging, and asset reconciliation. The plan is submitted to the client and refined as needed prior to commencing onsite services.
Asset reconciliation requires establishing a current inventory of fixed assets. Verasset can perform the physical inventory and tag assets during the process, or utilize client provided asset inventory data to perform the reconciliation. The onsite inventory teams work closely with client representatives and the Verasset dedicated reconciliation team. During asset inventory, various data elements are recorded to enable reconciliation of FAR / ledger contents, such as; serial numbers, make/model, asset description, digital images, and asset location.
Fixed assets discovered during physical inventory are compiled into an inventory database and cross-referenced to the the fixed asset register / subledger data as well as operational databases (as needed/available). This process coincides with the fixed asset inventory service and often continues upon completion. Verasset can utilize historical asset documentation, such as purchase orders and invoices in support of the asset reconciliation process.
Verasset products a series of reports throughout the reconciliation process. Reports are custom generated based on client needs, but often include summary tables and complete listings of; reconciled fixed assets, fixed assets pending reconciliation, confirmed asset transfers and write-offs and more. Verasset provides a formal asset reconciliation report as a final deliverable with each reconciliation project.
Within the final report, Verasset makes various recommendations based on our findings from the asset reconciliation process, first-hand observations, and discussions/feedback with various client representatives that utilize and impact fixed assets throughout the asset lifecycle.
Why reconcile your fixed asset register?
Fixed assets represent a large portion of your balance sheet and can present serious risk if your records are outdated. Verasset’s reconciliation services provide our clients with current fixed asset inventory records and a clean fixed asset register / subledger enabling proper management of fixed assets along with a variety of financial and operational benefits.
Our fixed asset reconciliation services routinely uncover and resolve various issues caused by recording grouped asset entries on the FAR, such as mis-classification of assets and partial asset disposals.
With a cleansed and reconciled fixed asset register, you can accurately and confidently report on ownership of assets, financial statements, property taxes, and property insurance.
It has been estimated that anywhere between 12-25% of fixed assets on a fixed asset register no longer exist. Eliminating ghost assets benefits financial professionals and operational teams alike.
Fill Data Gaps
Obtaining current and up-to-date asset information fills substantial data gaps, such as missing/vague asset descriptions and missing/mis-classification of assets which are used for proper depreciation.
Asset reconciliation facilitates compliance with corporate and regulatory requirements, such as Sarbanes Oxley (SOX), GASB, and JCAHO.
We are available via telephone 8:30am-5:00pm (EST) Monday-Friday
100 Webster Street, Manchester NH 03104
+1 (877) 219 5532