Recent Articles

How a blizzard can affect physical asset use and recovery

This past week, a major snowstorm blanketed the northeastern United States, covering an area from New Jersey to Maine. While New York City was spared the worst, other metropolitan areas including Boston and Providence, Rhode Island, were hit hard with 24 inches of snow or more, as reported by Boston.com. Many businesses were closed due to travel bans on major roadways. While snowstorms have less immediate impact on fixed assets, businesses should still be taking great care that these properties don't get damaged as a result of severe weather. Making sound asset decisions is also important as well, both at the business…

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NFC: The future in asset tracking?

Tracking fixed assets is an essential in any business. There are a lot of things that can happen to them, especially if they're mobile equipment that can be used anywhere on company property. Having proper and secure tags is a must, especially when conducting inventory or searching for essential items that are needed for an event or for specific projects. As a consequence, new advancements in tagging technology are greatly appreciated. One particular item has been picking up speed due to its connection to smartphones, tablets and other mobile devices. This process is called near-field communication, and it has a…

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Approaches to recognition and derecognition

When accounting for fixed assets, knowing what properties and objects are existent on the general ledger is important. If there are machines or land that should be disposed of, how the write-offs and subsequent accounting measures are completed is an essential matter. If a certain asset needs removal from the records, accounting for this adjustment becomes necessary. On the other hand, certain assets, called ghost assets, regularly surface in inventories that were not added to the ledger as a fixed asset. Addressing this problem becomes a critical feature of fixed asset management, and asset accounting software can help handle this situation…

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How are construction firms affected by TIPA 2014?

The passing of the Tax Increase Prevention Act of 2014 brought a swath of tax extensions that had already expired with the 2013 tax year. While these extensions didn't really help individuals and businesses make solid purchases because the law was only signed on Dec. 19, there are still benefits to be had based on individual and corporate tax returns. Taking advantage of these tax benefits for the year may result in refunds that can be used for capital investment such as fixed assets in the coming year. This is especially the case with construction companies. A large number of…

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Managing obsolete fixed assets

Fixed asset management requires more than maintaining certain equipment and properties. It also means knowing what can be done about items that are no longer viable in a business. For example, some assets may be lost because of damage from severe weather, while others may be stolen. There are also matters of how to account for machines or other things that are no longer physically available but are still on the books. However, one of the more significant problems that businesses run into when handling fixed assets are when they're no longer useful. Obsolescence can greatly affect how companies apply…

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