Lease accounting can be an exceedingly burdensome undertaking, especially when it pertains to journal entries, financial reports, and bank reconciliations. And when leased assets are

Fixed asset software is a crucial tool for businesses of all sizes. It helps companies manage and track their physical assets, such as equipment, buildings,

The recent introduction of new leasing standards such as ASC 842 and IFRS 16 has significantly impacted private companies, requiring them to change their approach

Section 179 depreciation and bonus depreciation: Tax incentives that can benefit your business Tax regulations are subject to frequent revisions and updates as policymakers respond

Why are Profit Centres Used in Financial Reporting? Businesses of all sizes have various reasons for wanting to separate different sources of profit and/or cost.

What is accumulated depreciation? Accumulated depreciation is a fundamental principle in accounting, especially in the areas of asset control and financial disclosure. It signifies the

Accounting Depreciation Vs Tax Depreciation for Assets Many accountants prefer to maintain a single fixed asset register for their clients’ businesses. And, since tax depreciation

In accounting, what is the definition of current assets? Current assets are the assets of a company that are anticipated to be transformed into cash

Here are some examples of which asset cannot be depreciated: Considering that a definition of fixed assets is: An asset used for generating business income

Making fundamental changes to fixed assets in your register In the above video, we’re going to look at all the fundamental changes you can make