Category: Accounting software and technology

Rental industry expecting significant growth in the coming years

Managing physical inventories can be a daunting task for companies that use various fixed assets for business purposes. Accounting for items of different sizes – while also ensuring that they are adequately maintained – is imperative for any business to maintain a high level of operational efficiency. These fixed assets are vital to the viability of the business, heightening the importance that they are available for use when needed. In order for an asset management program to be successful, it must include a number of different elements: tracking, a depreciation calculation and accounting for amortization. All of these are components of…

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Audits made easier with strong asset management practices

When fixed assets are stolen, it places a number of heavy burdens on the owners of these items. First off, if they're used for business purposes, operational efficiency can be negatively affected. It's difficult to conduct business-related activities without the proper tools. Another hurdle is replacing missing items. In many instances, this can be a long and tedious process, especially when it comes to making insurance claims. However, software for inventory management can help any organization rebound quickly from fixed asset theft. This solution can help identify any items that are not where they're supposed to be so that the recovery or…

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Fixed asset accounting solution can help replace damaged sports equipment

Amateur and professional sports teams routinely rely on fixed assets. Without them, the safety of the players would be put at risk, and it would be almost impossible for competitions between teams to take place. Because of this, a number of fixed asset management solutions can protect these valuable and necessary items. Semi-professional sports team equipment damaged during flood The Amarillo Civic Center Complex located in downtown Amarillo, Texas, is a 340,000-square-foot facility. This massive site is used to host concerts, conventions, meetings and sporting events, and it is home to semi-professional sports teams such as the Amarillo Venom, an arena football team, and…

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Valuable fixed assets reported lost or stolen in Alabama

Organizations that use fixed assets should take the appropriate steps to protect them. According to AL.com, the Alabama auditor's office recently reported that $130,000 of the state's fixed assets were either stolen or lost in this fiscal year's first quarter. However, the location and recovery of these items isn't the responsibility of the auditor's office, meaning the state will likely incur a financial loss on these fixed assets if they aren't found. "Legally, it is not the responsibility of the State Auditor to locate lost property and equipment of state agencies," the Office of the Alabama State Auditor said on its website….

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Fixed asset accounting software can help with new IRS regulations

Effective January 1, 2014, the Internal Revenue Service instituted a set of new regulations for companies that use fixed assets. Dubbed the "repair regulations," these new rules will have an impact on businesses of all sizes, and companies should be keenly aware of the associated tax implications. "This is probably the most impactful set of regulations governing fixed assets that have ever been issued by the IRS," Steve Packer, senior manager of Duane Morris, a tax accounting group, said in an interview. "These regulations are more than 200 pages in length, very complex and require – for most companies – a…

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