How Your Accounting Department Could Aid Recovery with Fixed Asset Accounting
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…)