Category: Accounting software and technology

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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Natural disasters, equipment theft highlight need for asset accounting software

Preparations can be made for natural disasters, but no amount of planning can make up for the fallout that occurs after events  of this magnitude. Whether it is a wildfire, earthquake, hurricane or tornado, these events can cause vast amounts of damage to property. The after effects can be found in individuals and companies being left to pick up the pieces and begin the long process of rebuilding in an effort to return to a sense of normalcy once the event has passed. For any organizations that rely on fixed assets and have operations in areas where major events like these are common, in addition…

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Equipment managers can benefit from an inventory management system

Football is a fast-moving, violent game that requires players to wear a lot of equipment that helps them perform on the field and keeps them safe as well. From shoulder pads to helmets, gloves and cleats, these are common items seen on football fields everywhere. However, most people don't really view this equipment as fixed assets, but it is, and as such, it must be kept track of accurately and maintained to avoid compromising the health and safety of the people wearing it. Because of this, football teams at all levels must take steps to monitor their inventories, and using asset management technology can be a great solution. A recent…

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