Fixed Asset Inventory Services
Track and Reconcile Your Inventory with Paragon’s Fixed Asset Inventory Services
Our fixed asset inventory services include a fixed asset inventory and reconciliation to cleanup your records. By eliminating ghost assets, you will generate cash flow by reducing insurance expense, personal property taxes and other related costs. Use barcode scanners and asset tags, do it yourself, or use the turnkey Paragon Inventory Solution.
Implementation of a complete fixed asset solution involves a series of steps. The following 13 steps outline the fixed asset inventory services included in the Paragon Inventory Solution.
- Establish which assets will be included in the inventory and how they will be identified, individually or as a group.
- Analyze existing fixed asset records to categorize assets. Some asset groups may include:
- Physical inventory assets
- Prior system real property, intangibles and non-inventory assets
- Asset additions since the initial ledger review
- Clean up data to establish separate fields for manufacturer, model, serial number, department and GL account numbers. (Typically limited detailed structure exists in database or spreadsheets.)
- Perform a physical inventory, tagging assets as necessary, which is linked with barcode technology and asset tags.
- Establish initial acquisition costs and placed-in-service dates for the new list of asset inventory using valuation appraisals and records.
- Reconcile the results with existing fixed asset ledgers by class and year to identify unrecorded retirements and additions to GL.
- Integrate the new list of verified assets with current non-inventoried assets such as software, patents, land, buildings and facilities to develop a comprehensive ledger of all assets.
- Setup the new asset database in a proven fixed asset management solution, Sage Fixed Assets.
- Take the drudgery out of depreciation calculations and tax reporting by using Sage Fixed Assets to accurately integrate the complicated tax bonus depreciation calculations with the appropriate assets that qualify.
- Provide final cost reconciliation reports identifying unrecorded retirements for write-off and documenting of tax savings.
- Provide an implementation plan to keep the asset database records up to date with what’s on the floor using Sage Fixed Assets Tracking with integrated bar code technology.
- Establish procedures for managing assets from cradle to grave.
- Train appropriate personnel within the organization.