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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 »

With finance departments and CEOs or CFOs being held personally accountable under the ever-stringent requirements of Sarbanes-Oxley (Sarbox) in particular, the need for an asset tracking system has never been greater for US companies. Penalties built into Sarbox can be severe for non-compliance, false declarations and other violations.Failures in fixed asset accounting can easily contribute to potential violations of Sarbox, under/overestimating the value of fixed assets or the incorrect application of depreciation rules.

For many US accounting departments, fixed asset software consists of the good ole’ spreadsheet. continue reading »