On top of building a sound platform to allow effective competition for business in a US economy that still appears to be in the doldrums, company accountants have to ensure they remain up-to-date with the SARBOX compliance requirements for their sector. CEOs and CFOs must be in a position to certify with certainty that the company’s books and records do not contain untrue statements and fairly represent the company’s results or face severe penalties for non-compliance, false declarations and other SARBOX violations.
For that reason alone it’s wise to invest in an up-to- date asset tracking package. Given the level of accounting complexity required in the current US legislative and business environment, spreadsheets can quickly become complex and difficult to verify. Integrating a spreadsheet with other enterprise level systems and tracking asset changes or producing a clear audit trail is also difficult. The problems caused by a lack of adequate fixed asset accounting packages extend beyond possible SARBOX compliance issues. What might be the scenario if your company has to make an insurance claim for example? Without adequate asset tracking packages that incorporate the latest fixed assets programs it’s perfectly possible that a ten-year old PC for example might still be on the asset register. The insurance assessor would smell a rat and become far more inclined to challenge every other item on the register.
The event that caused the initial claim moves from being trivial to life-threatening to the company because the inability to confirm the existence and location of an asset will delay the insurance compensation payment. The only sure way US corporations can protect themselves legally and physically is to use a highly accurate, highly verifiable asset register. With this single record in place, it is a simple process to ensure any changes, such as scrapping, selling or relocating an asset, are updated within the system.
Many companies use spreadsheets these days, and for a variety of different reasons (tracking hours worked, sick days and holidays, tracking petty cash and expenses, etc). Generally, spreadsheets perform these tasks perfectly well and with programs like Pivot now available, they’re functionality and usability is increasing.
However, spreadsheets are regularly be used for tracking fixed asset management data; a job for which they are generally not suited. continue reading »
Despite the debacle of Copenhagen and the growing band of “nay-sayers” about man-made global warming, governments around the world remain committed to Carbon Reduction Commitments (CRC) that many intend to pass into law. That’s certainly the case with the UK government, which is sticking to targets of reducing greenhouse gas emissions by at least 80% over 1990 levels by the year 2050.
Companies that achieve reductions will be financially rewarded and those that don’t will suffer the consequences. 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 »
With US finance departments and corporate governance being held increasingly accountable under the stringent requirements of Sarbanes-Oxley (Sarbox) and IFRS in particular, the need for an asset tracking system has never been greater for US companies or their overseas operations. Company accountants have to ensure they remain up-to-date with the compliance requirements for their sector and CEOs and CFOs must be in a position to personally certify that the company’s books and records do not contain untrue statements and fairly represent the company’s results or face severe penalties for non-compliance, false declarations and other Sarbox violations.
For that reason alone it’s wise to invest in a fixed asset accounting package. continue reading »
Asset management can be the worst job you have to do in your business. Although everyone hates doing it because it takes time and can lose your business money if not done correctly, it’s still a vital part of any business. Getting the latest information about your assets can be difficult. continue reading »
The past 10 years has seen the development of Radio Frequency Identification (RFID) rocket, making it easier for all companies to track and manage their fixed asset tracking. However, the current technology is not yet fully optimised for all businesses. Presently the technology is overly expensive and is only really used at the manufacturer stage or on more expensive products. continue reading »
Spreadsheets – they’re quite rightly the first port of call when trying to record any data in a simple, tabular form. Even though they don’t come will all the feature we would want plus they can be annoying to use, we still force ourselfs to use them. No doubt this is because they come free with our operating systems and the majority of people prefer to put up with a free one instead of buying a new one. continue reading »
Asset management can be the worst job you have to do in your business. Although everyone hates doing it because it takes time and can lose your business money if not done correctly, it’s still a vital part of any business. Getting the latest information about your assets can be difficult. continue reading »