Wendell Jeveaux
CEO / President
Fixed Asset Advisory - Global Region
Office: +1 (347) 554-2629
Fixed Asset Inventory and Reconciliation
Establish yourself with CPCON, the market leader in fixed asset
inventory, tagging, and reconciliation solutions
inventory, tagging, and reconciliation solutions
Home > Fixed Asset Management > Fixed Asset Inventory and Reconciliation
Elevate the Physical Asset Inventory, Accounting, Valuation, and Financial Reporting with CPCON
CPCON is a market leader in fixed asset inventory, tagging, and reconciliation solutions for virtually every industry, that establishes an essential internal control for the financial reporting of fixed assets. Organisations have accounting and operational challenges associated with their enterprise asset management, internal controls, financial reporting, and regulatory compliance. Not only do the CPCON’s physical asset inventory and reconciliation services efficiently conduct the fixed asset audit reporting – affixing property tags to all untagged assets; and recording all descriptive and locational information possible –, but it also includes performing a detailed line-by-line reconciliation of the physical asset inventory to the fixed asset accounting records. Ensuring that clients receive a cleansed and fortified fixed asset register needed for improved financial reporting, accurate property tax values, and support for M&A. Fixed Asset Revaluation services are available upon request.
CPCON Premium Physical Asset Inventory Services
- Comprehensive and customized project planning is needed for physical asset inventory.
- Utilisation of Tablet Technology Inventory Software for Data Collection and Reporting.
- Off-site quality assurance team to review every record and reconcile it to the physical asset inventory data.
- Data delivered in the layout required to populate an ERP System Easily integration with ERP for maintaining accurate records is available upon request.
- Dynamic physical asset inventory methodologies and RFID Tagging solutions; and Asset Valuation.
- Properly segregate construction-in-progress projects into building and equipment accounts.
- Assignment of revised useful lives for depreciation calculations.
Establish a Quality Foundation for Proper Property Tax and Insurance Implications
The ability to maintain accurate fixed asset records can be extremely challenging for organisations. Tax assessments and insurance placements are often based on fixed asset accounting records, with rates applied to the assessed value. Conducting a physical asset inventory of these fixed assets focused on recording all descriptive (asset condition, model, brand, etc.), followed by reconciling the physical asset inventory to the fixed asset accounting records will provide a cleansed and accurate picture of the actual fixed asset records. This allows the organisation to save, on average, from 10% to 20% in property tax. As well as providing the data visibility needed for accurate insurable values – which is crucial especially if a loss has occurred.
Ensure the Best-Practice Approach to Asset Management
Many organisations attempt to perform fixed asset inventory services and reconciliation procedures in-house, which are usually conducted by the custodians of the equipment; this poses many challenges to fixed asset management, as the lack of experience, independence, and objectivity can affect the quality foundation of the in-house physical asset inventory and reconciliation; thus, leading to inaccurate fixed asset inventory records. CPCON is an independent global firm that has both specific industry and physical asset inventory and reconciliation qualifications and experience. Being familiar with all types of fixed assets, with vast experience in interacting with the client’s professionals and staff while operating in unique environments.
Why Choose CPCON Physical Asset Inventory and Reconciliation
We have developed a comprehensive line-by-line reconciliation of the physical asset inventory to the fixed asset accounting records. This addresses each asset until it’s verified as a match, retirement, or addition, as described below:
- First, we proceed with the tag number match;
- Manufacturers and models are then compared;
- Location and department numbers are considered;
- Fiscal year additions will be analysed against estimated acquisition dates from the inventory;
- Bulk purchase entries and grouped purchases are allocated to the individual assets;
- We will conduct follow-up visits with departments to verify any residual assets.
- Each line item on the fixed asset accounting record will receive a transaction code – such as unrecorded addition, matched asset, and unrecorded retirement – to link it to the reconciled physical asset inventory database.
- Implementing the best-practice approach to asset management and withstanding audit scrutiny.
Deliver the Reconciled Physical Asset Inventory Data to Populate your ERP System
Fixed asset transactions often represent the acquisition and disposal of assets and the allocation of related costs to reporting depreciation expenses. Our independent and objective fixed or physical asset inventory and reconciliation services will deliver the reconciled inventory file in the layout required to populate an ERP System or IT Asset Management (ITAM) system. Increasing management efficiencies and saving hours of rework.
Automate your Data Collection Technology to Maintain Accurate Records
Manual processes of physical asset inventory data collection with Barcode and Spreadsheets pose further challenges to in-house physical asset inventory and reconciliation procedures, as these require many hours and even days of manual work in properly recording and verifying information on the organisation’s fixed assets. Our RFID physical Asset Inventory Management Software offers bulk asset check-in / out, automated line-by-line reconciliation, and real-time asset visibility with configurable audit reports while being able to integrate with leading ERP systems like SAP, Oracle, Sage, IBM, etc.
Related Professionals
Tiago Jeveaux
Managing Director
Fixed Asset Advisory - North American Region
Office: +1-347-706-3302, dial 2
Gustavo Zumel
Managing Director
Fixed Asset Advisory - North American Region
Office: +1-347-706-3302, dial 10
About Us
CPCON Group is a global leader in fixed asset advisory services, providing our clients with accurate data and automated tools needed for fixed asset management.
As a trusted partner in the area of fixed asset management to organizations for more than 25 years, CPCON provides endto-end fixed asset management solutions. Empowering clients to gain insights, manage risk and drive improved financial
reporting.
2,000+
Active CPCON Fixed Assets clients.
Global leader
of fixed asset advisory
solutions and technology-enable
expert services.
Frequently Asked Questions
Yes. Fixed Asset Reconciliation is very important for a company since it verifies the perfection or accuracy of the data, asset records, and discrepancies that occurred between the financial records and physical asset inventory. It ensures compliance of your organisation with industry standards.
The number of implementing the fixed asset inventory process depends on different factors. Such as organisational policies, size and nature of the asset, industry regulations, etc. However, it is better to conduct the fixed asset inventory at least once or twice an annum to keep your records accurate.
Yes. MRO inventory solutions can handle a wide range of materials and products from different industries. These solutions can manage everything from minute consumables to large spare parts, equipment, etc. This specific character of MRO inventory solutions helps organisations by decreasing inventory costs, reducing time, and accelerating the efficiency of operations.
Yes, it can improve the financial report of your organisation by ensuring the accuracy of the data and records related to fixed assets. Reconciliation and Physical Asset Inventory services add more reliability to your financial reporting and enable the stakeholders to enhance transparency and build decisions.
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