If you own fixed assets, asset analysis is necessary in determining your depreciation and amortization for tax purposes. Laws about depreciation are constantly changing, making asset analysis and reporting that much more complex. You especially need to stay in compliance with Sarbanes-Oxley, which requires public companies to provide accurate reporting and maintain tight internal controls. Confusion can lead to misclassifications and misstatements, which can be very costly to your company. Therefore, you want to simplify the process yet maintain the versatility and capability of a good analysis system.
If you are a small to midsized business, you might consider retaining an expert proficient in fixed asset analysis services. Another option is obtaining comprehensive fixed asset depreciation software along with the requisite training. In either case, educate yourself with asset analysis information that explains the variables of asset accounting. Do the following to get good asset analysis in accounting:
1. Retain accountancy services that provide proficient asset analysis.
2. Obtain a comprehensive accounting asset management software.
3. Educate yourself about accounting asset analysis to supplement any service or software.
Action Steps
The best contacts and resources to help you get it done
Find experts in asset analysis in accounting to keep you in compliance
Search for experts in asset accounting who can help you accurately assess your fixed asset inventory, provide efficient management solutions and help you stay in compliance with current tax laws, including Sarbanes-Oxley.
I recommend: Asset Management Resources provides fixed asset inventory and reconciliation consulting services that ensure reporting accuracy and compliance, expert classification and data fortification.
American Appraisal has specialists who provide fixed assets management services, including cost segregation, reconciliation and insurance valuation.
Obtain proficient software for your accounting asset analysis
You can find many fixed asset software solutions to simplify your asset accounting. Search for a solution that provides a comprehensive menu of asset analysis across your various business segments. Some solutions provide visual tracking assessments as well. In the end, find software that streamlines your process yet optimizes your productivity.
I recommend: IBM Asset Management Solutions views asset types from across your enterprise, including production, facilities, transportation and IT. It provides modules that improve the returns on your assets, decrease costs, facilitate regulatory compliance and improve asset-related decision making. NetSimplicity's
Visual Asset Manager software allows you to track your assets, map assets to floor plans, scan and print bar codes and audit your Windows workstations.
Educate yourself and your staff about fixed asset analysis to supplement your analysis solutions
Gain knowledge of fixed asset management through courses or tutorials. Some training courses provide certification as well.
I recommend: FixedAssetInfo.com provides online classes on the basics and methods of depreciation.
Michael Management Corporation offers an online course on asset accounting basics that includes training slides and a comprehensive lesson guide.
Tips & Tactics
Helpful advice for making the most of this Guide
- Use online depreciation calculators that allow you to plug in information by property type, service date and original cost to get a depreciation schedule.
The official source of Asset Analysis in Accounting is
the Asset Analysis in Accounting page at Business.com
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