EquipNet Launches Asset Accuracy Services to Help Manufacturers Know What They Have and What It's Worth

Share Article

Although Sarbanes-Oxley reduced public companies’ intentional material misstatements, it didn’t fix everything. Even today, if most companies were graded on the accuracy of their asset registers, they’d get a D. In fact, only 65% of equipment shown on the average company’s asset register can be reconciled to what’s actually in the plant. That’s hundreds of millions of dollars that can’t be accounted for. EquipNet, the world’s leading provider of surplus asset management sales and solutions, launched a suite of services today to help small and large pharmaceutical, chemical, biotech, and consumer processing and packaging companies increase their register accuracy and avoid the pitfalls of inaccurate asset data.

Although Sarbanes-Oxley reduced public companies’ intentional material misstatements, it didn’t fix everything. Even today, if most companies were graded on the accuracy of their asset registers, they’d get a D. In fact, only 65% of equipment shown on the average company’s asset register can be reconciled to what’s actually in the plant. That’s hundreds of millions of dollars that can’t be accounted for. EquipNet, the world’s leading provider of surplus asset management sales and solutions, launched a suite of services today to help small and large pharmaceutical, chemical, biotech, and consumer processing and packaging companies increase their register accuracy and avoid the pitfalls of inaccurate asset data.

The EquipNet Asset Accuracy Resource Center at http://EquipNet.com/Asset-Accuracy-Press outlines a variety of equipment and appraisal services available, including Equipment Appraisals and Valuations; Professional Equipment Inventory and Reconciliations; and Project Evaluations. The microsite illustrates the financial and regulatory risks associated with inaccurate asset intelligence through videos, case studies, and a free eBook called “Asset Accuracy Counts: Common Mistakes to Avoid and Best Practices to Consider.”

EquipNet’s Vice President of Corporate Marketing, Matthew Smith, is excited about sharing EquipNet’s expertise with this latest addition to the company’s growing library of surplus asset management resources. “The Asset Accuracy Resource Center is a rich, multimedia destination designed to provide companies with the information they need to safeguard their largest investment—their capital assets,” says Smith. “We want to arm manufacturers with accurate asset data so they can make strategic decisions and avoid unnecessary costs.”

All too often, companies do not have accurate asset data. That ignorance can be dangerous and costly. Research shows that manufacturers spend millions of dollars each year in needless taxes, maintenance contracts, and storage fees when their flawed asset registers fail to reflect equipment that’s sold, redeployed to another location, depreciated in value, or scrapped altogether. In addition, companies place themselves at risk of regulatory non-compliance when their asset registers are not accurate and up-to-date.

The Asset Accuracy Resource Center was created to help companies recognize the pitfalls of asset inaccuracy, and then help them move forward to get the appropriate service from the best vendor to meet their needs. The site spells out different scenarios that require asset accuracy—such as mergers and acquisitions, tax abatement, and asset-backed financing--and the options for equipment and valuation services—professional equipment inventory and reconciliation, formal equipment appraisals, desktop valuations of equipment, and equipment project evaluations. This information is supported by case studies that provide real-world examples from leading global manufacturers and project partners.

About EquipNet
EquipNet is a leading provider of proactive asset management solutions and services to leading corporations in the biotech, pharmaceutical, chemical, and consumer packaged goods industries, such as Merck, Novartis, Unilever and many others. EquipNet’s vision is to revolutionize the way companies manage their surplus assets by maximizing financial returns and minimizing the risks associated with idle capital assets. For more information, please visit: http://www.EquipNet.com.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Ben Potenza
EquipNet
(781) 821-3482 ext. 2180
Email >
Visit website