Pace Analytical Services achieve accurate tax reporting for audits

Dec 07 2016

Pace Analytical Services is a privately held, industry-leading sampling and analytical testing firm that provides lab solutions for testing, staffing, and equipment, as well as a wide scope of services. The company’s nationwide network of 28 environmental laboratories, two life sciences labs, and 24 service centers support a diverse client base in both the public and private sectors.

The finance team at Pace Analytical had been using the fixed asset module of a well-known enterprise software package to manage their growing asset base. The system, however, fell short on calculating tax depreciation. According to Pace Analytical’s Fixed Asset Manager, Jennifer Nelson, “Our existing software wasn’t calculating our TAX and AMT book correctly. We needed a system that would do that for us.” The team decided on Real Asset Management’s Series4000 to manage several thousand assets— equipment, intangibles, computers, vehicles, buildings and land—at their many locations across the United States.

With the new system in place, the finance team at Pace Analytical Services has enjoyed a more streamlined asset management process, better reporting, and confidence in the integrity of their data. According to Nelson, “Asset4000 is so user-friendly! It is easy to create your own reports and the upload of assets is very simple. We can now transfer assets between companies and that wasn’t an option before. We are also confident in the reports that we give to our tax people and our auditors, and our reconciliation process has also improved. We have been very happy with Asset4000 and the support we have received has also been great.”