Category: Legislation and compliance

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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Reasons to implement an asset management program

Organizations need to ensure they are compliant with tax code changes made by the Internal Revenue Service regarding fixed assets. Enacted on January 1 of this year, the new rules focus primarily on repair of material investments and the appropriate deductions that are allowed by the organization. This was done to create a set of uniform and consistent guidelines for compliance that all owners of fixed assets can follow to ensure that they are operating within the established laws governing deductions for items used in business functions. The new policies instituted by the IRS are a good reason for a company to have an asset management…

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The benefits of standalone asset management software

A recent report from the South Jersey Times revealed that the city council in Vineland, New Jersey passed a proposal allowing the city to spend $4.8 million to improve many of its vital fixed assets. The funds were secured through a bond ordinance and the measure was passed unanimously by the city council, 4-0. "It's a great thing because, unfortunately, in many areas our vehicles have been depleted, buildings have been run down, and this is a move to make capital improvements to have our police in safe cars, have our firemen in safe fire engines and have our EMTs…

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3 advantages of asset management software

Companies that rely on fixed assets for business purposes have a clear understanding that these items need to be properly maintained, protected and accounted for at all times to ensure the viability of their operations. When it comes to implementing an asset management program, many decision-makers may not understand the value of proper accounting practices and how much money can be saved by utilizing the proper solution. There are a number of inventory management software packages on the market today, all designed to help companies maintain a level of profitability with respect to the use of fixed assets. However, before a…

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Ohio youth sports league has $14,000 in equipment stolen

Ohio has a proud football tradition. Many Ohioans​' love of the game often starts at the grassroots level by competing in organized youth leagues. However, no matter the strength of the competition, football is a high-impact, contact sport where injuries are all too common. It is for this reason that protective football equipment is required at the youth level, and these necessary fixed assets are often provided to participants by league organizers. Creating an environment for kids to compete while having fun and staying safe is a focus of emphasis for many youth leagues – not just in Ohio. And if equipment…

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