Accounting Tips For You

Returnable Asset Tracking Systems – How They Can Help Your Company With Sarbanes-Oxley Requirement

Can a returnable asset tracking system help in the requirements of Sarbanes-Oxley? Yes it can and it will save you money too!

Sarbanes-Oxley Section 404 requires companies with large dollar volumes of returnable assets to effectively track those assets to ensure accurate balance sheets and income statements. Without a tracking and recovery system in place, companies open themselves to Sarbanes-Oxley liability if error-prone processes lead to significant misstatements of asset positions. This can be a particular issue with a fleet of returnable shipping assets, such as totes, tanks, containers or cages.

Using the Internet and enabled by media such as electronic file transfer, RFID or Bar Code, a returnable tracking system can be a major step towards controlling, recovering and securing returnable shipping assets during their entire lifecycle while aiding in compliance with Sarbanes-Oxley. Unlike a GPS location application, the tracking software application solutions includes not only each returnable asset’s most recent location but also a permanently archived history or “passport” from the date the returnable shipping asset was acquired.

In addition to assuring compliance with Sarbanes-Oxley, the returnable asset tracking system support internal and external audit requirements, regulatory compliance and Trade (NAFTA) requirements but also improves Return on Assets (ROA) by identifying unneeded inventory and increasing utilization of tracked returnable assets.

Some of the management benefits you should also expect from automated tracking software application can be derived from a focus on event-triggered exception or smart reports. This should address potential trouble areas of the returnable asset fleet performance such as stranded assets, excessive dwell or transit times or inordinately high damage.

le cellpadding=”0″ cel

Do you experience stock outs, non-compliant packaging fines, missing or stray returnable containers? Do you have difficult customer count reconciliations? If you can be more proactive, by tracking your containers, would this result in a more effective returnable container program?

Vestigo Corporation provides patented Tracking Systems for all types of returnable shipping assets. Other container tracking systems require you to adapt your operations to the rigid design of their software. With Vestigo, your tracking system is tailored and modeled to meet your needs and goals.

Peter Kastner, Vestigo Corporation
Toll Free 877-232-7255