Should you be hiring Derek Acorah to be doing your fixed asset accounting? Is the most important piece of equipment for inventory management a Ouija board rather than barcode scanners or RFID system? Provided you are a professional with years of experience and access to the latest software-driven inventory management systems you can establish a fair value for assets that you can locate and inspect. (more…)
With finance departments and CEOs or CFOs being held personally accountable under the ever-stringent requirements of Sarbanes-Oxley (Sarbox) in particular, the need for an asset tracking system has never been greater for US companies.Penalties built into Sarbox are severe for non-compliance, false declarations and other violations. Failures in fixed asset accounting can easily contribute to potential violations of Sarbox, under or overestimating the value of fixed assets or the incorrect application of depreciation rules.
For many US accounting departments, fixed asset software consists of the good ole’ spreadsheet.Many businesses large and small use spreadsheets to calculate balance sheets, profit and loss accounts and cash books. (more…)
With US finance departments and corporate governance being held increasingly accountable under the stringent requirements of Sarbanes-Oxley (Sarbox) and IFRS in particular, the need for an asset tracking system has never been greater for US companies or their overseas operations.Company accountants have to ensure they remain up-to-date with the compliance requirements for their sector and CEOs and CFOs must be in a position to personally certify that the company’s books and records do not contain untrue statements and fairly represent the company’s results or face severe penalties for Sarbox violations.
For that reason alone it’s wise to invest in a depreciation accounting package. At the level of accounting complexity required in today’s legislative and business environment, spreadsheets can rapidly become complex and difficult to verify.Integrating a spreadsheet with other enterprise systems and tracking asset changes or producing a clear audit trail is also very difficult. (more…)
We’ve all used them, spreadsheets, whether it’s to do a simple list of items, or whether you are looking to create advanced sums for business forecasts. Despite being a pain to use and not having all our required features, we still use them for our work. No doubt the reason for this is because we would rather use a free package that came with our PC, instead of buying a new one that’s more suitable for the job. (more…)
We’ve all used them, spreadsheets, whether it’s to do a simple list of items, or whether you are looking to create advanced sums for business forecasts. Despite being a pain to use and not having all our required features, we still use them for our work. No doubt the reason for this is because we would rather use a free package that came with our PC, instead of buying a new one that’s more suitable for the job. (more…)
Asset management can be the worst job you have to do in your business. Although almost every company hates having to do it because it’s costly in time and money, it’s still a big part of business. Getting up to date information about what assets you have is extremely difficult. (more…)