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Fixed Asset Reconciliation

Asset Reconciliation can be hard. We’ll make it easy for you.

One of the greatest impediments to implementing asset tracking is reconciling fixed asset accounting records. Ledgers are often years out of date with various capitalization limits and accounting approaches. We work with you to correct these deficiencies and create asset records that can be easily maintained and audited in the future.

Our Fixed Asset Reconciliation Process

  • Analyze An in depth review of the accounting records will often present the path to be followed. The assets age, type and available detail will define the field data requirements and how to conduct the reconciliation. It is at this point that a realistic budget and project strategy can be established.
  • Field Inventory Next, the field inventory is conducted to get an accurate picture of what assets exist, where they are and their present condition. This provides the basis against which the reconciliation will be developed.
  • Automate Following the field inventory, we will use our specialized automated tools to connect the book and field data. In many cases, the reconciliation can be completed with this single step.
  • Correlate If necessary, we will physically match material assets between the two data sets that were not connected electronically so that any material discrepancies are resolved.
  • Results We deliver our results identifying assets found, not found, added and relocated during the process. And we provide the electronic data so you can maintain accurate records in the future.

The cost and complexity of reconciling fixed asset records is always dependent upon the accuracy of the underlying fixed asset records. AssetWIN is the proven solution to keep reconciliation cost at a minimum.

AssetWIN Asset Tracking Software

In order to run a business at its most efficient level, management absolutely must be able to track assets anywhere, anytime. Asset Systems offers the most robust asset tracking software on the market, now with fully integrated mobile functionality.

This is our most adaptable and scalable asset tracking software yet, meeting the needs of small business, enterprise, educational institutions, and hospitals alike.

Asset Tracking Hardware

Gathering asset data with a mobile data collection device equipped with a barcode scanner and, in some circumstances, wedge scanners is essential. These devices remain popular because of their durability, adaptability and ease of use. We support batch, WIFI and cellular connected devices from a number of manufacturers.

Our asset software is compatible with mobile devices, and can be deployed from anywhere by a wide range of users. This flexibility is crucial to distributing the technology broadly throughout the organization.

Consulting & Education

We offer training options based on your needs. Our approach begins with professional instructors who have in-depth knowledge of asset management and AssetWIN in addition to extensive field inventory experience. We’ll help your team get up to speed.

Regulatory Compliance

Most organizations are required to properly identify, account and inventory fixed assets. All products and services that we provide comply with the following regulations:

  • Financial Accounting Standards Board ASC 360 and FASBAB Executive Order 13327
  • Sarbanes-Oxley Section 404
  • Statement of Auditing Standards Number 1, and 26
  • Internal Revenue Code Section 1016
  • Governmental Accounting Standards Board (GASB) 34 and 35
  • Office of Management and Budget (OMB) Circulars A-21 (CFR Part 45), A-110 and A-133
  • ASTM International Standards

Download our White Paper on IRS Di Minimis Capitalization Requirements

When the Internal Revenue Service changed the regulations regarding Di Minimis assets, most asset management systems had no ability to comply. Read our white paper to learn the implications on these rules and how best to achieve compliance at a low cost.

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