The need for exceptional fixed asset control is not exclusive to Fortune 1,000 companies and large government organizations. Nor is it limited to strictly tracking information about the physical asset. Many organizations that lack the resources or desire to manage and account for their fixed assets internally turn to our professional accounting staff to provide the work.
How our fixed asset accounting system works
If you currently have reliable fixed asset accounting data, we can convert it to AssetWIN. Using our web interface, you can record all of the day-to-day transactions as assets are added, moved or retired. You can use bar code scanners or enter the data manually. Access your data 24/7 through our web hosting service.
Depending on your requirements, you may choose to calculate and record depreciation directly in the database or work with one of our staff to perform the calculations and prepare the needed reports for you. If your choose to perform depreciation yourself, you are able to define user roles, maintain depreciation data individually or globally, easily create trial balances, compute journal entries and perform month- and year- end calculations. You can choose from dozens of reports or create your own using our report writer.
Regulatory Compliance
Most organizations are required to properly identify, account and inventory fixed assets. All products and services that we provide comply with the following regulations:
- Financial Accounting Standards Board ASC 360 and FASBAB Executive Order 13327
- Sarbanes-Oxley Section 404
- Statement of Auditing Standards Number 1, and 26
- Internal Revenue Code Section 1016
- Governmental Accounting Standards Board (GASB) 34 and 35
- Office of Management and Budget (OMB) Circulars A-21 (CFR Part 45), A-110 and A-133
- ASTM International Standards
Annual accounting service and depreciation calculation
Many organizations – schools, municipalities, not-for-profits – need to calculate depreciation only once a year. Often this requirement is centered around GASB 34 compliance. For these organizations, we offer a specialized service designed to streamline this requirement: Here’s how it works:
- You have web-based access to your data on our hosted servers 24/7. There you will add, relocate, update and retire assets as needed. Staff outside of the accounting department performs much of this work.
- If you have any questions about these activities and entries, you will have unlimited access to our technical either support area for technical questions and best practice guidance.
- When you are done entering, our staff takes over. We review and balance all transactions, calculate depreciation and print preliminary copies of a number of reports. Once you have reviewed and approve them, we provide final reports and perform the year-end close.
It’s as simple as that. We do the heavy lifting and you get the convenience and confidence of professional services.
What does it cost?
Every client is different but our prices start at less than $500 per year. The final cost is based on your size and the services required. To get an exact quote, contact our sales team using the form below.