Rescan vs Update
We offer two main services for our existing clients in order be GASB34 compliant.
- Rescan: Rescan is the service where our team of trained professionals travel to the client location and inventory all the fixed assets
2. Update: Update is a service we offer where we update the existing database from previous fiscal year with all the information the client provided us for the current fiscal year.
Rescan is the most preferred and our most recommended service for our existing clients because we take care of all the new equipment purchases for our clients, we inventory them by locating them & physically placing our inventory tags. Whereas, in case of an update we ask the client to provide the information for the assets that need to be added to the reports.
Rescan provides location of the asset down to the room, detailed description of the asset, a physical tag helps in accurate inventory, whereas for an update it might or might not have the information for the asset and tracking it might be difficult without the inventory tag.
This sounds like Rescan is a great deal, why do we even offer an Update service?
That’s a good question.
The reason we offer Update is for clients who need to include the capital purchases for the year in their audit reports, but they have major renovations and a physical inventory is just not possible during the year or sometimes the purchases for the fiscal year that need to be included are bought but not yet delivered for a complete physical inventory these are some of the reasons we have the update option so our clients never miss or skip any year and their accounting report always stays balanced every year.