Category: Legislation and compliance

Amortization calculator vital when fixed assets are financed

Companies relying on fixed assets often have big decisions to make centering on whether to buy equipment, lease or rent it or secure financing to obtain the items they need. No matter which route a company takes, it can benefit from an asset management program that helps keep an accurate count of items as well as track depreciation. However, when securing a loan to make fixed asset purchases, an amortization calculator can also be a useful tool. A recent report from Nashoba Publishing profiled Optometrics, an optics manufacturer, received a $500,000 loan to purchase fixed assets it needs for its business. The company received two loans, one…

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Fixed asset accounting useful during corporate move

For many people, moving can be an ordeal. Having to pack things up in boxes and label them appropriately so they don't get misplaced is time-consuming. However, when it comes to corporate relocations, things are even more difficult and additional measures have to be taken. Any company's fixed assets are extremely valuable to its operational processes. Without these items, it would make conducting business difficult, if not impossible. That's why enterprises embarking on a major location change should consider investing in an asset and inventory tracking system to protect the items of value that will be transported during the move. A recent article in the Minneapolis-St. Paul…

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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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Fixed asset accounting can help assess causes of damage

Although much of the country has been experiencing a much appreciated warm-up after the brutal winter that just passed, many people are taking advantage of being outdoors and attending festivals and other events. However, Mother Nature can be unpredictable, and fixed assets used outside must be protected from sudden changes in the weather. According to ABC News affiliate WATE in Knoxville, Tennessee, a sudden downpour put a damper on an outdoor festival and caused thousands of dollars in fixed asset damages. "It was sunny," Bolanile Ajanaku, organizer of the 25th annual Kuumba Festival told the television station. "Everybody was saying it was hot. Next…

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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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