Fixed Asset Register – Avoid the Tax Time Crunch

Lady Sitting at her Desk Talking on Her Phone
Let’s face it, reconciling fixed assets at tax time is tedious, awkward and (most of all) stressful. Let’s review the fixed asset register tax time crunch and ways to avoid it; saving you time, increasing productivity and capacity.

Does this scenario sound familiar?

Clients present you with a mosaic of asset registers from three different General Ledgers, two ERPs and a blend of custom spreadsheets.

Most of this information arrives within weeks of lodgement deadlines and you now have dozens (if not hundreds) of hours of work piled on to an already overloaded schedule.  

Absorbing tasks with fixed asset registers at the tax time crunch

The absorbing tasks that await you include:

  • Coming to terms with the fact that many client GLs and ERPs don’t support separate tax and accounting registers
  • Deciding to export much of it to Excel and work out tax treatment manually yourself
  • Wishing you could delegate this to junior staff
  • Chasing up clients to fill in gaps in the information provided
  • Importing into your system of choice in order to produce accurate tax schedules
  • Populating returns and lodging (phew)
  • Following up with clients to advise them that they’ve destroyed their balance sheet value by using tax rules to calculate accounting depreciation
  • Updating client systems with accurate information
  • Hoping that it’s in a better state next year

Our powerful import tools make it possible to migrate your existing asset registers in as little as 60 seconds.

Avoiding the fixed asset register tax time crunch

What if it was possible to store all of your client’s fixed asset data in one place and:
  • Automatically calculate depreciation for accounting and tax side-by-side
  • Delegate purchases, disposals and journals to junior staff (or clients) throughout the year
  • Project depreciation into the future for budgeting purposes (bonus)
Having avoided the fixed asset register tax time crunch – your end of year task list might look more like this:
  • Reviewing your junior staffers’ efforts and congratulating them for doing such a great job keeping their registers up to date
  • Generating tax schedules with a single click
  • Populating returns and lodging (phew) 
  • Enjoying a well-earned holiday

Sound too good to be true? Can you really avoid the tax time crunch?

We’d love the opportunity to prove it to you.  Contact us to find out how!
Photo of Suzanne Walker- Clear Path Accounting Team Member

We love using AssetAccountant. The time savings for every client’s depreciation entries means not only is profit increased on every job, but our additional team capacity can be directed to more valuable work. There is literally no risk in the investment of AssetAccountant software.

Suzanne Walker - Director, Clear Path Accounting

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