Start a New Company with Clean Data

We have not been using SAGE the way it should be used.   Our PO's receipts and ROG are all off, we do not keep inventory in SAGE, I could go on.  I am thinking if it is possible would it be possible or best practice to start a new company and possibly just pull over Customers, Vendors, Items (zero out inventory), GL accounts zero'd out, etc. with no data?  I think the inventory side would be easy to fix in the current company but all the accounting data is already way off.