Category: Accounting software and technology

Establishing strong inventory cutoff analysis

Physical inventory counts are an important part of any fixed asset accounting. A consistent count on a continuous basis ensures that the general ledger has a reliable answer when it comes to evaluating the overall property and value of the company. However, completing counts can be a difficult task, simply because the nature of the business means stopping operations long enough to do a count may be impractical. Developing a regular cutoff on inventory receivables can help strengthen a company's control over its assets. Through cutoff analysis and effective planning, an up-to-date value of the company can be attained. Where to stop…

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Common spreadsheet mistakes when managing assets

Fixed asset management is not an easy task. It requires a lot of inspections, reporting and calculations to account for the depreciation of certain properties and equipment. As a consequence, there's a lot of paperwork to cover everything that needs to be assessed. Most companies still rely heavily on spreadsheets that require a lot of manual data entry. While programs like Microsoft Excel help handle extensive calculations, that doesn't change the fact that accountants can still make mistakes. These errors can cost companies millions of dollars. Using fixed asset software helps calculate depreciation, and other features can automate the entire process without having to make common…

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Preparing for end-of-year fixed asset inventory audits

As the 2014 calendar year draws to a close, many companies are beginning the process of cleaning up any loose ends in preparation for the New Year. Organizations that rely on fixed assets for business purposes are especially focused on ensuring that all of their reporting is accurate and material investments properly tracked and accounted for in the event of an audit. This can be a very time consuming and tedious process, but one that is necessary in order to have streamlined operations. Tips for reconciling fixed asset inventory Every year, a company will experience damage, loss or theft of…

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Corporate relocations call for asset and inventory tracking software

There comes a time when a corporation will make a decision to move its headquarters from one location to another. There are a number of different reasons for an organization to follow through with such a massive undertaking. However, similar to when people move from one house or apartment to another, moving for a corporation with a large inventory of fixed assets can be just as frustrating and time consuming. According to a Digital Journal report, Freightgate, a company that offers cloud-based mobile and computing applications for logistics companies, has undergone substantial growth since it began operations in the early 1990s. So…

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Bay Area thieves steal millions in expensive fixed assets

When it comes to fixed assets, almost any item can be lost, damaged or stolen. Companies that invest large sums of revenue into the purchase of materials that will be used for business purposes shouldn't cut corners when it comes to ensuring these assets are well protected from all maladies that could potentially occur. Failing to take these steps could result in substantial financial losses that will be exacerbated because of the cost associated with replacing these fixed assets. NBC News affiliate KNTV​, which covers California's Bay Area, recently reported on a string of warehouse thefts. The news outlet stated that…

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