Archive: Nov 2011

Back to Basics: What is a Balance Sheet?

Simply put, a balance sheet serves as a snapshot of a business’ financials at any given time. It can be used by company executives to gauge the business’ stability and solvency, which is crucial information to have when considering expansion or other actions. Balance sheets offer insight into current assets (also known as liquid assets), fixed assets, total liabilities and owners’ equity. Current assets include: Cash Notes receivables due within a year Accounts receivables (money owed to the business within a year) Fixed assets can be subdivided into property, plant and equipment, and include: Land Buildings Machinery Vehicles Office furniture…

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How to Make Audits Easier (No, Really!)

For a lot of organizations, auditing is looked upon as a necessary evil. As with many things that aren’t enjoyable, it’s natural for companies to try to minimize the number of times they audit their fixed asset holdings over the course of a year. However, those that put it off until it’s time to prepare for end-of-year reporting often find themselves with a gargantuan task on their hands that includes sifting through all the changes made to the company’s fixed asset register over the past 12 months. This may seem like a tall order. Think of all the (scheduled and…

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Extra, Extra! Depreciation in the Headlines

Depreciation has been in the news over the past few months for several reasons. In a speech in July, President Barack Obama called out a depreciation tax loophole that allows corporate jets to be depreciated over a five-year period rather than the seven years required for their commercial counterparts. Being able to rapidly deduct the decline in the planes’ value from their taxable income gave companies more of an incentive to buy new ones – an allowance Obama called “egregious.” The tenth anniversary of the September 11 attacks caused some to revisit the fact that approximately $2.2 billion in tax…

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How Do Barcode Labels Work?

A barcode is made up of a pattern of wide and narrow bars representing a number that can be used to identify a product. Photosensors in inventory barcode scanners convert the pattern into an electrical signal when scanning the code. The widths of the bars and spaces are translated into regular characters, which can then be sent on to software for processing. In the case of barcodes that are being used to track a company’s fixed asset holdings, asset tracking software matches the data captured by the scanners to records it stores about each individual piece of equipment or property…

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Exciting New Changes For Sage!

We recently went through a major rebranding here at Sage and with that we at Sage FAS got a new name! We are no longer Sage FAS, we are now Sage Fixed Assets. What that means to our followers: Blog: Update your RSS feed to follow our new Fixed Asset blog (or start following us!) Facebook: Our Facebook has changed its name so take a look and while you’re at it enter our Con-Test to win a $500 AmEx giftcard Twitter: We have a new Twitter handle–Follow us for the latest in fixed asset and accounting news

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