Life cycles of equipment and apparatus are the backbone of any building operations, and a key component to maintaining proper inventory control and replacement schedules; hence, predictive and preventive maintenance issues are a key component of fixed asset accounting.
The implementation of a credible enterprise asset management system, makes even more sense when a company has multiple-sites and locations; this, because integrating a fixed asset management system with an existing accounting/management system can lead to many inefficiencies.
Arriving at the right balance of asset disposal as well as conducting bulk disposals can be achieved quite easily, including those all-important calculations of gains and losses with a mere keystroke.
Of course, corporate security is always of utmost concern, as well as an audit history that follows any changes made to an asset system.
Other features of a credible asset management platform (on-premise or in the cloud) include:
With this feature the whole process of defining groups of assets, recording acquisition dates and tracking depreciation can be accomplished with just a few keystrokes—avoiding pulling in data from several different and parallel programs!
Automatic Calculations for Tax records…
Today’s systems can provide the right choice of depreciation, including, but not limited to, MACRS 150%/200%; Straightline; Modified Straight Line and ACRS.
Generally, users should be able to select the right accounting periods: Full Month/Mid Quarter and Half Year Convention to Section 179, for example.
Contact us as you make plans to fill that next operations or management slot. Our extensive data base of experienced and skilled applicants is accessed by many in the facilities and maintenance industry.