Benefits of a specialist fixed asset system
Organizations large and small currently using spreadsheets to manage their fixed assets are missing out on benefits. An organization’s fixed asset register housed solely in Excel™ is prone to error and cannot provide the same benefits as a true fixed asset management system.
Some of the main benefits of a specialist fixed asset management software include compliancy with corporate governance regulations, accurately calculated depreciation, and a maintained audit trail to name a few.
To further demonstrate the benefits of a specialist system, consider the following item as an example:
Corporate Governance Requirements (SOX, CSOX, US Tax, GAAP, SAS 70, IFRS, etc.)
Today, companies of all sizes are subject to increased scrutiny by government agencies and regulatory boards reacting to recent business reports and investor’s requests for higher standards of accountability, transparency and overall corporate behavior. The main goal here is to improve financial management, reporting and corporate governance. With such a high degree of attention focused on your organization, why would you risk the integrity of your financial data by relying solely on spreadsheets? Accurate and effective implementation, management, monitoring and updating can easily be accomplished with a specialist fixed asset management system system in place; it’s the only real way to ensure compliance.
This entry was posted on Monday, May 3rd, 2010 at 10:21 am and is filed under General News. You can follow any responses to this entry through the RSS 2.0 feed. leave a response
If assets are partially used during a period, how do I record that?
Your corporate accounting policy should dictate whether you need to take zero, partial, or a full amount of period depreciation in the acquisition period. Asset4000 can easily assist with allowing you to follow your corporate policy without having to make adjustments. i.e. If you put an asset in to use on June 16 and you only wanted the asset to depreciate for 15 days in June, you have the option of only taking 50% of depreciation in the acquisition month.
[...] own is surely one of the fundamentals of good business practice? If you need help try using a fixed asset system or inventory register. Sponsored Links About [...]