Asset tracking has a variety of advantages and benefits for companies of all sizes.These tools to track and monitor the use of corporate assets, recording the location, age, value and other details of a wide range of fixed assets.An organisation’s fixed assets can be more extensive and more costly than you might think, including capital equipment like furniture, computers, phone systems, printers and other office equipment.This information can be invaluable in eliminating unnecessary purchases and ensuring proper tax accountability and depreciation.
Asset management software had been associated with large enterprises only, especially the big auto-makers like GM, Ford and Chrysler who were “early adopters”. They initially sought solely to track their own capital assets, but later started applying asset tracking to the role of tracking vehicle parts for quality control and maintenance-related purposes. 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 »
Asset tracking is often considered to be an imposition on US businesses purely as a consequence of SARBOX, but asset tracking is more than an accountancy compliance issue.It’s a vital part of informed and sound management. Assets must be managed financially and physically and to do that you require knowledge of just where all your assets are.Many companies rely on a conventional spreadsheet approach to try to keep track of their fixed assets to ensure the company is compliant with national and international regulations.
That’s particularly important with IT fixed asset tracking.IT equipment is at the heart of any business today and often changes during its operational lifetime.Components can be switched, replaced or upgraded.Software especially is frequently installed, uninstalled or upgraded. continue reading »