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
AssetAccountant™ – saving you from spreadsheets since 2019
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 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
