Applying Useful Lives to Fixed Assets

Selecting useful lives to depreciate fixed assets over can be a difficult task. It is hard to predict how long an asset will last or how long it will be before it becomes obsolete. The answer to this question first depends on the type of asset. A computer, for example, can become obsolete well before …

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Importance of Controls Over Fixed Assets

Are your year-end financial statements accurately representing your fixed assets? Deficiencies in the recording of fixed assets can often result in inaccurate financial reporting. The area of fixed assets is way too often considered as a lower priority by management, thus easily disregarded. Fixed asset control procedures are not always performed as well as they …

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Fixed Asset Tracking: Why Software is Important

It may seem relatively simple at first to track your assets using an Excel spreadsheet and a couple of formulas to calculate depreciation. How could this create issues down the road? As your business grows, and more assets are acquired, the accuracy of your asset valuation could be steadily decreasing. There are multiple vulnerabilities associated …

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