Accurate financial records are vital for any organization’s success. One area that often poses challenges is managing fixed assets. In order to ensure precise financial reporting and compliance, conducting a full enterprise fixed asset tagging and verification process can greatly enhance your financial records in Enterprise Resource Planning (ERP) systems.  This article explores the benefits […]

From asset registration and maintenance planning to asset tracking and retirement, an EAM system streamlines asset management processes, improves efficiency, and enables data-driven decision-making.  In this article, we will explore the understanding and benefits of EAM, its evolution, and how it integrates with other systems, including IoT devices for real-time asset monitoring. What is an

Supply chain management plays a crucial role in the success of businesses across various industries. However, it comes with its fair share of challenges that can impact efficiency, profitability, and customer satisfaction.  In this article, we will explore the top five challenges in supply chain management and provide effective strategies to overcome them. By addressing

Just-in-Time (JIT) inventory management can revolutionize your business operations by optimizing inventory levels, improving efficiency, and minimizing costs. By implementing JIT principles and leveraging the power of real-time data analysis, you can achieve seamless supply chain integration and meet customer demands with precision. Embrace the benefits of JIT inventory management and propel your business towards

Do you know the key differences between managing fixed assets for a government agency and a private organization? Government agencies are required to follow the Government Accounting Standards Board (GASB) pronouncements to account for and manage fixed assets, whereas private organizations must adhere only to General Accepted Accounting Standards (GAAP). This article explores how government

Are you looking to improve your organization’s asset management strategies and optimize your financial performance? This article explores how organizations can use the SAP Asset History Sheet Report to manage asset lifecycles, from acquisition to retirement. It could discuss how the report can be used to track asset transactions, impairments, depreciation, and disposal, and highlight

Taxes on tangible personal property assets – also known as “fixed assets” – represent a significant portion of a business’s state and local tax obligation. One of the challenges in managing property tax is properly identifying and reporting all the assets that are subject to tax, as well as properly allocating the correct depreciation schedule.

To capitalize it or not?! That’s the question! The U.S. GAAP requires the capitalization of costs when incurred a future economic benefit. While, in some cases, the decision of whether to capitalize or not is unclear, an equipment purchase is a straightforward case to capitalize the costs. Want to learn more about Asset Accounting and

If you’re a controller, supply chain financial manager, property managers, or an asset manager, you probably know how challenging to manage and track your fixed assets can become. From office equipment to production machinery, there are valuable assets that need to be tracked and managed properly for financial reporting, tax, operations, and regulatory compliance. One