Data Reconciliation and Validation Services
meet your match makers for Tax and Finance departments!
Fixed Asset Consulting offers many different reconciliation and validation scenarios to clients, which one greatly depends on your data project. Regardless if you completed a physical asset inventory and need to validate those findings or if you are joining your federal Tax and State books to your Internal/GAAP entries, our specialized team can help.
Fixed Asset Inventory Data Validation
Have you done or are you getting ready to conduct a physical asset inventory? Tagging and collecting the data is only part of the process. In fact, it can go rather quickly depending on your project size and requirements. However, the part that can be a bit daunting and take the most time is running through the data validation process.
What is data validation or reconciliation? Simple - you validate the data you found out in the field back, then you bring it back and reconcile to your accounting records. Otherwise, what was the point of conducting a physical asset inventory?
As part of the data reconcilation, exceptions to your data need to be identified and verified. Validation discovers any changes that occurred with your fixed asset data, assets you found that are not on your books or even worse, items you have on your books but aren't in the field (ghosts).
Fixed Asset Consulting uses best practices when taking your data through validation / reconciliation. Using and exhausting all methodologies and steps whenever necessary. Fixed Asset Consulting believes on making your data as clean as possible. Bad data in a system is bad data out of a system. Get it clean and keep it clean!
Cost & Data Reconciliation Services
Are your tax entries not matching up with your GAAP books? You're not alone. About 65% of Fixed Asset Consulting clients deal with this very same problem. Yes, it's a problem.
Typically this occurs when organizations have been using an outside firm to keep track of their fixed assets for federal tax depreciation. Trouble is, most out side firms tend to bulk entry their fixed assets instead of separate them into their own line items. This is where the "problem" comes into play.
Once a company sees the benefits of bring in their own fixed asset management and utilize an automated system, this is where cost and data reconciliation needs to occur.
With over 15 years of combined experience, Fixed Asset Consulting works hand-in-hand with companies internal Tax and Finance departments to "marry" their fixed asset data into one consolidated system. With our proven cost and data reconciliation processes and expertise you will be sure to have a very clean, well organized and manageable fixed asset ledger with no disconnect between tax and internal/GAAP fixed asset (and depreciation) entries. Leaving your fixed assets... perfect!
