Recent Articles

Key deductions retained with the Taxpayer Increase Prevention Act

At the end of last year, President Barack Obama signed the Taxpayer Increase Prevention Act of 2014. This law will greatly affect businesses and taxpayers for the current tax year and how they measure depreciation, especially as tax season gets underway. While we previously discussed the extended deductions in some detail, more have been announced as part of the signing that have a positive impact overall on businesses. These deductions could help improve tax viability as well as planning for more spending in the 2015 tax year as a result of the savings, and proper asset accounting software will maximize potential…

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QR codes vs. barcodes: The choices in asset inventory

In fixed asset management, location and information can be very important. Determining where certain equipment is located, as well as the condition and number, can help determine whether new orders are needed to help expand the business, or if the current infrastructure is sustainable. That's why most assets have tags attached to them. By having a better idea of the inventory situation, companies can better handle their budgets for infrastructure, as well as improve recovery when dealing with incidents such as severe weather. However, there are multiple forms of tags available for asset inventory management purposes. Quite a few of them…

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Depreciation tax benefits extended for 2014 tax year

For many businesses, the political gridlock in Washington has brought uncertainty as to how things to be in 2015. Despite the Republican Party earning significant majorities in the 2014 midterm elections – especially within the U.S. House of Representatives and Senate – businesses remain concerned about their future. Many reforms which would help them achieve their long-term goals have been either sitting on committee or left out of discussion in recent years. This is especially true of comprehensive tax reform. Still, a small improvement on that front means that businesses are able to earn some savings for next year's , especially in the…

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NFC as an inventory tracking system

With fixed asset management, any improvements to the way specific properties such as furniture and computers are tagged can make a major difference in the long term. Companies gain better insight into the location and condition of their equipment through effective tagging measures. In turn, they're able to better allocate infrastructure investment based on both anticipated losses and general needs. Depreciation can be calculated better based on whether certain properties need some degree of improvement. Far beyond the days of using simple barcodes to keep track of where things are, businesses are looking more at using near-field communication tags to guarantee more…

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Deciding on physical inventory counting procedure

With the year coming to a close, companies are likely preparing for their upcoming physical inventory count for their fixed assets. This will help them determine what their current situation is regarding their material, parts stock and equipment. Manufacturers can use this information to help forecast material and parts orders to meet demand on their end, while other businesses may use the data from the count to confirm what equipment and infrastructure investments are needed in the coming year. In addition, they want to make sure the data from their inventory asset management software is correct. With that in mind,…

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