Can Spreadsheets Cut it for US Business?
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…)