SoloTruth launches asset platform to tackle ghost assets

SoloTruth has launched its Asset Relationship Management platform, built on Axon Ivy's orchestration software.

The product is designed to verify the existence, location and condition of physical assets and reconcile that information with records in enterprise resource planning systems. It draws on data from RFID tags, GPS devices, mobile inspections and documents such as invoices and bills of materials.

The launch addresses a long-standing problem in fixed asset accounting. Companies often rely on asset registers that are updated infrequently, even as equipment is moved, retired, replaced or broken up for parts. As a result, records can drift away from what is actually on site.

Those discrepancies can affect financial reporting, tax, insurance and compliance. SoloTruth cited Kroll Advisory research showing that 10 to 30 per cent of the average organisation's asset records are inaccurate, up to 30 per cent of items on a fixed asset register are ghost assets, and nearly 65 per cent of the related records contain errors.

Ghost assets

Ghost assets are items that remain on the books after they have been scrapped, relocated, replaced or otherwise changed without the record being updated. Businesses may not discover the problem until an annual audit, by which time the data may already have influenced broader accounting, budgeting and operational decisions.

The issue is particularly relevant in sectors with large physical estates and tighter audit requirements, including manufacturing, retail, financial services, healthcare, transport and logistics. In those industries, the cost of poor asset data can extend beyond bookkeeping to insurance cover, operational planning and regulatory reporting.

SoloTruth's platform is intended to create a continuous record rather than rely on periodic checks. The software schedules and tracks inspection and verification tasks across an asset base, then sends updated information into the customer's ERP environment for further use.

Axon Ivy provides the orchestration layer that manages workflow when a discrepancy is found. If the system identifies a ghost asset or a component change that requires an update, Axon Ivy routes the correction through approval steps and posts the result to the ERP system.

Workflow layer

The arrangement reflects a broader push by software providers to tie AI tools and human review into a single process rather than treat them as separate systems. SoloTruth cited Gartner's definition of universal orchestration as a means of coordinating workflows across systems and combining AI automation with human approval.

Here, the orchestration layer serves as the control point between information collected in the field and the financial systems that hold the official asset record. That is central to SoloTruth's argument that routine verification, rather than an annual manual review, can narrow the gap between physical reality and financial records.

Tim Harris, Chief Executive Officer and Co-founder of SoloTruth, described the company's view of the problem in fixed asset accounting. "For years, there has been a misconception in the industry that traditional accounting systems like an ERP's FAR deliver an adequate basis from which to determine fixed-asset valuations and depreciation schedules. This has unfortunately resulted in all sorts of downstream accounting, reporting, and budgeting issues for businesses, including the problematic existence of ghost assets. SoloTruth solves this problem," Harris said.

The software combines several sources of evidence rather than relying on a single scan or ledger entry. RFID and GPS data indicate location, mobile virtual inspections verify asset attributes, and document processing extracts information from supporting records.

The aim is to create a trail that accountants, controllers and auditors can check against underlying evidence. The system runs continuously, linking physical assets to financial records rather than only during a year-end asset review.

Harris also outlined the commercial case for the system.

"A highly flexible and scalable platform that can automate the evidential proof of the existence, condition, and location of physical assets empowers businesses to substantially improve operating efficiency," Harris said. "An Asset Relationship Management solution lowers expenses, improves financial planning, and satisfies audit and other compliance mandates. It also reduces overspending on equipment and spare parts."