Many people cannot resist a good ghost story. However, while a good ghost story is harmless, ghost assets are not. The term ‘ghost asset’ refers to a fixed asset in a general ledger that cannot be accounted for because it is physically (or digitally) missing or otherwise rendered unusable. It has the appearance of ‘vanishing’ unless you have implemented an efficient asset tracking software. It would be fun, but we won’t be looking at the famous TV series, The Supernatural, The Walking Dead, or American Horror Story as examples for fixed assets. Although, one could argue that the equipment used in making these series like cameras, sets, props, etc, could certainly be tracked as fixed assets. Continue reading
Tag Archives: tax
Taxes Made Easy With Fixed Asset Management Software
Fixed Asset Management Software and Taxes
With the date to file annual taxes approaching, companies are in the typical rush to gather documents and necessary information. Preparing your balance sheet, income statement and statement of cash flows requires extensive information from multiple employees spread across different departments and offices. Adequately and accurately handling tax returns is crucial to preventing overpayment or underpayment of taxes; the former affecting the company’s power to reinvest and grow as a business and the latter potentially exposing the company to tax fraud. Fixed asset management software plays a significant role in getting your taxes in order. The software will help you conduct asset audits, calculate depreciation, and track asset value, maintenance and procurement costs. Here is how fixed asset management software can make one of the most grueling tasks of the tax season a breeze. Continue reading