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, condition, value and other details of a wide range of fixed assets. An organisation’s fixed assets can be substantially greater (both in physical and financial terms) 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. Continue reading “Business of Any Size Can Cut Operational Costs With Asset Tracking”
Nov 21 2009
Complying with Financial Regulations on Fixed Assets
In today’s globalised marketplace, the business accounting environment is complicated by the international relationships that many companies may have.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 with no division in the USA, but a listing on the US stock exchange, then you must comply with Sarbanes-Oxley.
With finance departments being held increasingly accountable for their UK fixed assets 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 have to ensure they remain current with the international compliance requirements for their sector. For many accounts departments, UK asset accounting 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.However at the level of accounting complexity demanded today, spreadsheets can quickly become complex and difficult to verify or integrate with other enterprise systems, tracking asset changes or producing a clear audit trail. Continue reading “Complying with Financial Regulations on Fixed Assets”
Nov 18 2009
Tracking Assets Can Lead To Real Strategic Insights
Asset tracking is often considered to be an imposition on US businesses purely as a consequence of SARBOX, but asset tracking should be more than an accountancy compliance issue.It’s an essential component of informed and sound management.Assets must be managed both 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 especially important with IT tracking fixed assets.IT equipment the heart of any business operation today and often changes during its operational lifetime.Components may be switched, replaced, upgraded or repaired.Software especially is frequently installed, uninstalled or upgraded. Many of these changes are internal and therefore usually “invisible”. Continue reading “Tracking Assets Can Lead To Real Strategic Insights”