Fixed Asset & Inventory Reconciliation:

Fixed Asset Reconciliation:

Traditionally, finance executives have viewed fixed assets as having appropriate internal controls and low risk of loss from a financial perspective. In the era of Sarbanes Oxley and with continuous expansion of IFRS principles however, fixed assets are receiving significantly greater levels of scrutiny. Poor recordkeeping practices that result in vague descriptions and/or grouped and ghost assets represent risk of loss through increased exposure to noncompliance

Many businesses that are investing the time and effort to track fixed assets closely are not performing adequate onsite physical verification of assets, however. Such an approach is inadequate and increases exposure to loss and noncompliance. BookMasters’ approach to fixed asset reconciliation includes onsite verification of every asset in the register and identifies assets not included in the register so that they can be added. A precise, accurate, and thorough register is paramount if a business wants to reduce exposure to risk of loss.

BookMasters’ extensive experience and best-practices approach to fixed asset reconciliation ensures a precise and accurate fixed asset register, providing for effective fixed asset management. This precision and accuracy allow for an improved understanding of fixed assets, typically the largest entry in a balance sheet, which in turn improves financial reporting, capital management, and budgeting.

Inventory Reconciliation:

Inventory is in a constant state of flux. It’s uncommon for inventory records to match physical inventory. This can lead to undersupply and oversupply issues that can have significant impacts to business profitability and reliability.

It is essential to periodically reconcile your inventory records against your physical stock. Doing so helps you identify the source of discrepancies, improve procedures, prevent loss, and improve supply reliability.

Verifying inventory records is typically a resource intensive task requiring displacement of workforce resources and possibly even resulting in downtime. Such opportunity costs can be lethal to businesses. Especially small businesses.

Outsourcing inventory reconciliation with BookMasters will save money and nearly eliminate impact to business operations and the potential for downtime. Through outsourcing, a business can eliminate the diversion of internal personal from there typical duties and avoid overtime cost, which allows your business to function normally while reconciliation is occurring.