Sarbanes- Oxley is certainly all-pervasive in US business, but now it seems to gaining a distinctly spiritual dimension too!That doesn’t mean you should hire a medium for your accounting team, but rather be aware of the implications SARBOX will have when it comes to fixed asset tracking. The current attention on the accuracy of the balance sheet and a possible move to further disclosures about the fair value of assets means that US companies will have to get serious about internal controls over fixed assets in the near future.
Asset tracking software speeds up what is an otherwise is time consuming job and if done thoroughly and professionally these packages allow you to determine the fair value of assets that you can find and inspect, provided you can indeed find them! continue reading »
In today’s globalised marketplace, business accounting is complicated by the international relationships that many companies may have in place.f you are a US company with a listing on the US stock exchange, a UK or European subsidiary of a US listed company or a UK or European company listed on the US stock exchange, then you must comply with Sarbanes-Oxley.
With finance departments being held increasingly accountable for their fixed assets software and with the ever-changing requirements of Sarbanes-Oxley, IFRS, GAAP and the Turnbull Guidance, the need for an effective fixed asset tracking system has never been greater amongst commercial and public sector organisations alike.Whether in relation to reporting, security or providing an audit trail, organisations must ensure they remain up-to-date with the current international compliance requirements for their sector. For many accounts departments, fixed asset accounting software is based on the tried and trusted spreadsheet which will handle simple calculations and is a practical tool for management wanting to make “what-if” decisions. continue reading »
It seems obvious to say so, but asset tracking is an essential part of any centralised asset register.Aside from issues of compliance with national and global accounting practice standards, business literally cannot afford to rely on piecemeal policies and outmoded practices. Doing so will leave a gaping hole in corporate value and expose the company to potentially costly liabilities. Only through the implementation of rigorous asset acquisition and disposal policies and recording detailed information about all the company’s hardware and software assets can an organisation retain full control over those fixed assets and understand its true business value. continue reading »