When it comes to business valuation, knowing what your assets are will enable you to firmly determine what your current financial position is. While most assets you'll be accounting for are liquid assets, in other words, assets you'll be selling to customers or will be involved in your cash flow accounting, other assets are accounted for differently.Read More >
In addition to understanding the full value of all of your Fixed Assets, the Sage FAS (Fixed Asset Solution) can be set up to automatically track recent and pending tax legislation and then update your records accordingly.
Yes, Fixed Asset Record Keeping is about much more than simply tracking depreciation for your tax report. Sage FAS provides many additional tools for you to stay on top of all the vital assets of your company.
Sage Fixed Asset
Solutions also takes the worry out of compliance issues and audits. You’ll be able to effectively and confidently manage every step of the fixed asset life cycle—from acquisition to disposal.
In addition to providing the tools for tracking your assets, Sage FAS can assist in providing accurate records to the IRS, other government agencies, senior management, auditors, board members and others.
Assets that Sage FAS tracks include buildings, machinery, computers and other electronic equipment, office furnishings and even assets you build. Accurately tracking their varied life cycles can be a daunting task—especially when there’s so much at stake.
As a business, you need to:
- Comply with the all regulations associated with reporting your assets or risk being penalized. Non compliance with Sabarnes-Oxley Act can lead to fines for the company and board members.
- Be prepared for an unforeseen disaster and be able to recover quickly by knowing all the assets that would need to be replaced
- Be able to accurately report all assets in case of an insurance claim
- Avoid overpaying on taxes and insurance, while taking advantage of the most current tax credits associated with assets
- Optimize your time by eliminating redundant record keeping activities such as spread sheets and manual lists.
Contact us to learn more about how a Sage Fixed Asset Solution and other Sage products can help you establish the controls to keep your business running smoothly.