Why is an inventory of a company's fixed assets important?
It is critical to have accurate financial records to comply with accounting and tax requirements and it could save you thousands – even millions – of tax dollars. The proper and accurate management of fixed assets is not only a necessity in today’s business environment, it’s the only way to ensure a company’s books and tax records are in compliance with required accounting standards. It’s also the only way to ensure that those records are accurately maintained and that correct tax returns are filed.
The professionals behind General Financial and Tax Consulting have over 75 years experience helping companies in all industries do just that. Now, we’re taking fixed asset management to a whole new level – one that will enable a company to dramatically cut costs, increase cash flow, improve efficiencies, and share critical data across departments so everyone works smarter and more effectively.
Too often we have encountered companies whose departments work independently and do not share critical fixed asset data. This leads to incorrect or incomplete fixed asset ledgers, which results in the company paying more taxes than required.
What if departments were able to work together and share fixed asset data? What if the fixed asset ledger was continuously and accurately updated each time maintenance was performed on a fixed asset?
GFTC provides a customized software solution that links together fixed asset inventory and maintenance, and enables the maintenance and finance departments to share information so all assets are correctly updated on the books. This ensures that maximum tax savings and cash flow benefits are realized.
Our solution does not replace the current maintenance, fixed asset or tax systems, but assists our clients in sharing critical information that reduces costs and taxes, and increases cash flow.
GFTC’s system is based on specialized tagging of assets that utilizes two-dimensional barcodes containing data that can be used by both the finance and maintenance departments. When the maintenance department services an asset, replaces components, performs upgrades, or takes an asset offline, the barcode tag is scanned and the asset information in the maintenance system is updated.
This process results in the maintenance department sharing critical fixed asset data with the finance and tax departments, including detailed information about additions, replacements, upgrades, and disposals of fixed assets by the maintenance department. GFTC also provides assistance with barcode tagging new or replacement parts to ensure the ongoing accuracy of the maintenance system.