Fixed Assets Accounting. Stuck in the Past.
|
|
- Audra Goodman
- 5 years ago
- Views:
Transcription
1 Fixed Assets Accounting Stuck in the Past.
2 Executive Summary Every corporate tax professional knows the importance of fixed assets accounting, and how, when handled correctly, fixed assets depreciation can be a significant source of corporate tax savings. After all, the average property, plant, and equipment (PP&E) of the top Fortune 5 companies averages in the hundreds of billions of dollars. 1 Yet, this area of accounting is often neglected when it comes to improving efficiency and accuracy. To determine the current state of fixed assets management in large enterprises, Bloomberg BNA sponsored a study in late 216. The objective of the study was to uncover: How companies are managing their fixed assets The challenges they face in fixed assets accounting The practices they ve adopted to address their challenges The extent of manual fixed assets management and its impact on the enterprise Here are a few highlights: Staying up to date on tax law, rules, and regulations is the biggest challenge: Just over half of the respondents (55.4%) cited keeping track of tax law changes as the top challenge. Fixed assets accounting requires significant operational resources: Nearly three-quarters of respondents (71.3%) employ between 6 and 25 dedicated professionals focused on entry and management of fixed assets for accounting and tax purposes. The majority of companies lack a robust fixed assets solution: Only about one-third of companies (37.6%) are using a dedicated fixed assets solution. Manual fixed assets accounting is timeconsuming: On average, nearly half (46.8%) of fixed assets teams spend 4-5 days per month (or nearly one-fourth of their time) on spreadsheet and database maintenance for fixed assets; over a third (34.2%) spend 6-15 days. Spreadsheets and manually managed databases are perceived as risky: Almost two-thirds of respondents (63.3%) are concerned about data entry errors, while nearly half (48.1%) are worried about spreadsheet formula or link errors. Missed tax benefits is a close third (44.3%) concern. As you can see (since the numbers add up to more than 1%), many respondents had multiple concerns about spreadsheets. About the Survey In September 216, the software products group at Bloomberg BNA worked with an independent firm to survey just over 1 finance executives at USbased corporations. Slightly more than half of the respondents (56%) held vice president, controller, or C-suite level positions, with the majority of the remainder being directors or managers. Enterprises represented in the survey were from a wide range of industries including manufacturing, business services, technology, financial services, healthcare, real estate, retail, telecommunications, and transportation. All participants were part of their company s team that manages a minimum of 2, assets, with 3.7% of respondents managing one million assets or more How many assets does your company have? 9.9% 21.8% 2, to 74,999 75, to 249,999 25, to 599,999 6, to 999,999 1,, % 11.9% 3.7% 1 Bloomberg BNA 181 S. Bell Street, Arlington, VA , 1
3 Still Complex after All These Years Fixed assets management has always been a complex area within the corporate tax function and our survey shows that the challenges the tax department faces haven t changed much over time, even if solutions exist to help them address the issues. As previously stated, survey respondents chose keeping track of the latest tax laws, rules, and regulations as their top challenge (55.4%). Coming in at a close second (51.5%) was maximizing benefits from depreciation deductions and asset expensing. Capitalizing, tracking, and depreciating assets for GAAP and tax purposes and transferring fixed assets-related information from ERP systems into the fixed assets system were the third- and fourth-ranked challenges, respectively, for the enterprises in the survey. 6 4 What are the biggest challenges in managing fixed assets? 43.6% 55.4% 45.5% 51.5% It Takes How Many People to Manage Those Assets? Given the challenges and complexity of managing fixed assets, corporations can potentially miss out on opportunities for significant tax savings. In an attempt to prevent this, the survey shows that companies are dedicating large teams to the fixed assets effort. Our survey showed that nearly three-quarters of respondents (71.3%) employ between 6 and 25 dedicated professionals focused on the management of fixed assets for accounting and tax purposes. A small percentage (7.9%) employ more than 26 dedicated staff for fixed assets work. In an era where automation has increasingly streamlined accounting processes and eliminated manual efforts, why does it take so many dedicated professionals to manage corporate fixed assets? The answer lies in our next line of questioning: how companies perform fixed assets management. How many professionals in your organization are dedicated to the entry and management of fixed assets for accounting and tax purposes? % Transferring fixed assets-related information from ERP systems into the fixed assets Keeping track of the latest tax laws, rules and regulations Capitalizing, tracking, and depreciating the assets for GAAP and tax purposes Maximizing benefits from depreciation deductions and asset expensing % 2.8% 7.9% Bloomberg BNA 181 S. Bell Street, Arlington, VA , 2
4 The Wrong Tools for the Job With the growing importance of fixed assets management, many companies have turned to their enterprise resource planning (ERP) systems and other non-tax focused accounting systems for help. Our survey shows that ERP systems are the most-used technology tool (76.2%) by enterprises for managing and recording fixed assets. However, while these solutions deliver efficiency and accuracy gains for many parts of the accounting process, they lack tax-specific functionality required for end-to-end management of fixed assets for tax purposes. That missing functionality forces companies to supplement the ERP with manual spreadsheets and homegrown databases for calculations, management, reporting, and more. In fact, 54.5% reported using custom database applications and nearly the same amount reported using manual spreadsheets. Only about onethird (37.6%) are using a dedicated fixed assets solution, which can address tax-specific fixed assets management requirements. How do you currently manage and record your fixed assets? % 54.5% Spreadsheets ERP system Third party app 76.2% 37.6% 9.9% Databases (such as Access) Dedicated fixed assets software Other 1% We already know that three quarters of respondents employ as many as 25 professionals to juggle their respective set of fixed assets tools. Now let s look at how having the wrong tools impacts their productivity. Spreadsheet Maintenance Versus Strategic Analysis Our survey results show that on average nearly half (46.8%) of fixed assets teams spend 4 to 5 days per month (or nearly one-fourth of their time) on spreadsheet and database maintenance for fixed assets. More than a third of the respondents (34.2%) report spending 6 to 15 days each month maintaining data. In other words, teams are spending an inordinate amount of time on manual spreadsheet and database management, leaving precious little time for planning, analysis, and strategic guidance of the business On average, how much time in a given month does your team spend on spreadsheet and database maintenance for fixed assets? 15.2% 46.8% 1-3 days 4-5 days 6-15 days 16+ days All the manual work is necessary because companies are using spreadsheets to support complex calculations and tracking. These spreadsheets are not automated and certainly not integrated into an organization s ERP or other systems. While 55.7% of respondents indicate that they use spreadsheets and manual databases for reporting, more than one-third also use them for: Reconciling tax depreciation with general ledger balances Transforming data to import into tax systems Calculating state depreciation Managing tax-only assets 34.2% 3.8% Bloomberg BNA 181 S. Bell Street, Arlington, VA , 3
5 Analyzing assets for cost segregation Managing repair expense assets How do you use spreadsheets and manual databases for the management of fixed assets? (top 1 results displayed) % 41.8% 39.2% 35.4% 34.2% 3.4% Primary tool for fixed assets management Manage repair expense assets Cost segregation assets Manage tax only assets Federal bonus depreciation calculations State depreciation calculations 74B book assets 2.3% Transforming data to import into tax systems Generate reports for fixed assets data 43% 55.7% Reconcile tax depreciation with general ledger balance Spreadsheets Mean Risky Business (and Sleepless Nights for the CFO) 35.4% Analyst firm Aberdeen Group estimates that 93% of organizations attempt to use spreadsheets for planning, budgeting, and forecasting. 2 Spreadsheets and manually managed databases continue to be go-to tools for fixed assets management as well. However, our survey respondents perceive a myriad of risks inherent in using spreadsheets and custom databases What risks do you associate with spreadsheets and manually managed databases for fixed assets? 48.1% 26.6% 44.3% 39.2% Spreadsheet formula mistakes or link errors Lack of internal control for tax depreciation Missed tax benefits 63.3% Incorrect tax rule application (risk of audit and IRS penalty) Manual data entry errors 34.2% 34.2% 29.1% 24.1% Material misstatement in financial statements from tax provision Opportunity cost not best use of tax professional s time Lack of tax documentation and audit trail for audit defense Negative cash flow impacts due to inaccurate calculations Missed Opportunities for Tax Savings Considering that the most frequently used approaches (ERP systems and spreadsheets) provide little to no insight into current tax laws, it s not surprising that potential fixed assets savings in the form of immediate or accelerated deductions are often missed. But what does that mean for the bottom line? Depending on asset cost, potential deductions could equate to millions of dollars of tax savings that could be used for other strategic efforts. As an example, new or renovated buildings as well as major building improvements are often put into service at the longest possible service life, when in reality, a shorter life may be allowed, and in some cases, the full deduction taken immediately. 2 Beyond Spreadsheets: Taking Planning, Budgeting and Forecasting to the Next Level, Nick Castellina. Aberdeen Group. January Bloomberg BNA 181 S. Bell Street, Arlington, VA , 4
6 Taxable Income (before depreciation deduction) Lost Tax Cash Opportunity Scenario 1 Scenario 2 $2,, $2,, Asset Cost $1,, $1,, Depreciation Period 39 years 5 year First Year Deduction $28,3 $2,, Taxable Income $19,791,7 $18,, Corporate Tax Rate 35% 35% First Year Taxes Due $6,927,1 $6,3, The example above shows over $6, in tax cash savings in the first year as a result of segregating an asset into the shortest qualifying recovery period. After the 5 year period in Scenario 2, the tax cash savings realized is $2.72 million and does not take into account state taxes. In addition to missed opportunities for tax savings, there is the specter of penalties for miscalculations or incorrect application of tax law. As noted previously, more than one-third of respondents felt that the use of spreadsheets for fixed assets management put them at risk of an audit and/or IRS penalty. Manual processes can also delay closing and severely hamper real-time visibility into current and projected tax positions. Tax Teams Need Dedicated Fixed Assets Management Software It s no longer enough to simply throw existing solutions at the fixed assets problem. The volume of tax data produced in today s modern company is too much to handle via manual processes. For tax teams grappling with this issue, the question at hand becomes, How can we ensure that our fixed assets accounting practices are up to par, while minimizing the resources required? accounting and tax compliance systems eliminates redundant and manual data entry, reconciliation, and manipulation. Fixed assets data remains synchronized with the ERP, up-to-date, and accurate. For large enterprise companies, a robust, end-to-end fixed assets management solution provides significant benefits, including: Increased tax cash flow Reduced time and effort to manage fixed assets Faster close Reduced audit risk A holistic view of all fixed assets Greater peace of mind through improved accuracy Conclusion Even today, despite the automation of most accounting processes, fixed assets management is a complex, time-consuming accounting function that typically suffers from an extremely high level of manual effort. Our survey shows that organizations continue to rely on these high-effort, high-risk manual processes to manage fixed assets tax data, calculate federal and state depreciation, reconcile depreciation with the general ledger, manage repair expenses, and report on fixed assets. With the right fixed assets management solution, corporate tax teams can identify the most beneficial tax treatment under current and new regulations and uncover tax savings in the form of accelerated deductions. BNA Fixed Assets from Bloomberg BNA can help your tax team overcome its fixed assets challenges. BNA Fixed Assets, is an easy, efficient, and cost effective way for you to manage the complete fixed assets lifecycle from purchase to retirement. A robust, integrated solution simplifies the process of managing the fixed assets lifecycle, from construction and purchase through retirement. Integration with Bloomberg BNA 181 S. Bell Street, Arlington, VA , 5
7 42% Average US Corporate Tax Rate Among Highest in the World With US businesses paying among the highest corporate taxes in the world, currently at 42.1% (with a combined federal and assumed state tax rate of 7.1%), accelerated fixed assets deductions and planning opportunities to preserve tax cash are finally catching the attention and focus of the C-suite. About Bloomberg BNA Fixed Assets BNA Fixed Assets provides you with the ability to document your depreciation and amortization policies (including bonus depreciation) through Asset Type templates, and allows you to automate the enforcement and implementation of these policies when performing data entry for fixed assets. This eliminates potential errors from misclassifying assets, automates the process of entering assets, enforces the use of a company s depreciation and amortization policies, greatly reduces the volume of data required to enter each asset into the system, and, above all, guarantees compliance with GAAP rules and IRS regulations. BNA Fixed Assets provides automatic annual updates of its fixed assets management software. What s more, it speeds the data entry process by allowing you to copy and paste data for multiple assets from an Excel spreadsheet into BNA Fixed Assets, for greater efficiency and accuracy. With BNA Fixed Assets, you ll benefit from having the best solution on the market today to maximize productivity, comply with GAAP rules and IRS regulations, and meet all of your financial and tax reporting requirements. Learn more about BNA Fixed Assets at /fixedassets. About Bloomberg BNA s Software Products Bloomberg BNA software products provide unique insight, actionable information, and smart tools in the areas of corporate tax, fixed assets, individual tax planning, and tax compliance resources. With category-leading software and top-rated technical support, we are the solution of choice for professional firms and corporations of every size. More than 7, customers, including the IRS, depend upon Bloomberg BNA s software products for the highest degree of tax, regulatory, and compliance expertise available in the market. About Bloomberg BNA Bloomberg BNA, a wholly owned subsidiary of Bloomberg, is a leading source of legal, tax, regulatory, and business information for professionals. Our network of more than 2,5 reporters, correspondents, and leading practitioners deliver expert analysis, news, practice tools, and guidance the information that matters most to our customers. Bloomberg BNA s authoritative coverage spans the full range of practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety. Though intended to provide accurate and authoritative information, this publication is provided with the understanding that it does not constitute tax, legal, accounting, or other professional advice or service. This publication may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of Bloomberg BNA. 216 BNA Software, a division of Tax Management Inc. All rights reserved. FA1-WH rc Bloomberg BNA 181 S. Bell Street, Arlington, VA , 6
White Paper Tips for cashing in on tax reform opportunities today.
White Paper Tips for cashing in on tax reform opportunities today. How early planning can deliver early benefits. Introduction For the first time in a long time the stars are aligning for comprehensive
More informationEASING THE BURDEN OF SALES TAX COMPLIANCE:
EASING THE BURDEN OF SALES TAX COMPLIANCE: >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper Tackling Sales Tax Compliance With every taxing jurisdiction in the United States including Puerto Rico,
More informationCorporate Tax Analyzer. The essential software for corporate income tax management.
Corporate Tax Analyzer The essential software for corporate income tax management. Corporate Tax Analyzer From compliance and analysis to IRS negotiations, you know that corporate tax management today
More informationBNA Corporate Tax Analyzer. The essential software for corporate income tax management.
BNA Corporate Tax Analyzer The essential software for corporate income tax management. BNA Corporate Tax Analyzer From compliance and analysis to IRS negotiations, you know that corporate tax management
More informationState Tax Analyzer. The essential software for multi-year corporate state income tax analysis.
State Tax Analyzer The essential software for multi-year corporate state income tax analysis. Powerful and Accurate State Tax Analysis. Today corporate tax management requires comprehensive professional
More informationIncome Tax Planner. The most trusted, widely used tax planning software.
Income Tax Planner The most trusted, widely used tax planning software. Makes Tax Planning Effective, Accurate, Efficient. Analyzing the full, potential tax implications of life and financial changes such
More informationSTRATEGIC IT FINANCE. 6 best practices for. Executive summary. Empowering IT Finance to align spend with business priorities.
6 best practices for STRATEGIC IT FINANCE Empowering IT Finance to align spend with business priorities. Executive summary For many IT Finance teams, manual budget processes make it difficult to see where
More informationCONTENTS. Introduction 2. Survey Highlights 3. Survey Demographics 5. Processes 10. Challenges 17
CONTENTS Introduction 2 Survey Highlights 3 Survey Demographics 5 Processes 10 Challenges 17 INTRODUCTION Solvency II is the most significant regulatory change ever to be implemented throughout the European
More informationALTERNATIVE MINIMUM TAX The Undeniable Fact... AMT Matters and Why
ALTERNATIVE MINIMUM TAX The Undeniable Fact... AMT Matters and Why DAVID N. MCPHERSON, JD, LL.M, PRODUCT MANAGER >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper Introduction Each year, relatively
More information2017 WAKEFIELD RESEARCH REPORT. What Companies Know About Sales Tax Compliance. Wakefield Research uncovers the highs and lows from the tax pros
2017 WAKEFIELD RESEARCH REPORT What Companies Know About Sales Tax Compliance Wakefield Research uncovers the highs and lows from the tax pros One would think that managing sales and use tax would be old
More informationBEST PRACTICES FOR DISTRIBUTION PLANNING IN RETIREMENT LESLEY J. BREY, CFP, CFA, AIF
BEST PRACTICES FOR DISTRIBUTION PLANNING IN RETIREMENT LESLEY J. BREY, CFP, CFA, AIF >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper Introduction Ask anyone nearing retirement about their biggest
More informationSage Fixed Assets from A to Z
Sage Fixed Assets from A to Z Rattana Vongxay Channel Account Executive II Sage Fixed Assets Deb Nugent Senior Consultant II BKD Technologies Sage Fixed Assets History Fixed Asset Management Software Since
More informationTax compliance for the holiday season 2016 Edition. (With Holiday Readiness Checklist)
? Tax compliance for the holiday season 2016 Edition (With Holiday Readiness Checklist) Long before the holiday lights and seasonal music make their appearance in stores, retailers are busy preparing for
More informationDefining your digital strategy in a disruptive world
REPORT Defining your digital strategy in a disruptive world UK Insurance Underwriting Digitisation Study 2017 MAY 2017 Introduction In January 2017, LexisNexis Risk Solutions released a comprehensive study
More informationChapter 23 Audit of Cash and Financial Instruments. Copyright 2014 Pearson Education
Chapter 23 Audit of Cash and Financial Instruments Identify the major types of cash and financial instruments accounts maintained by business entities. Show the relationship of cash in the bank to the
More informationNAVIGATING THE BUDGETING SOLUTION LANDSCAPE Enhanced Capabilities Must Match Specific Needs
NAVIGATING THE BUDGETING SOLUTION LANDSCAPE Enhanced Capabilities Must Match Specific Needs ISG ISG WHITE PAPER 2013 Information Services Group, Inc. All Rights Reserved INTRODUCTION Government and education
More informationTHE EXECUTIVE S GUIDE TO SALES TAX RISK: Hits and Misses among Industry Peers
2015 WAKEFIELD RESEARCH REPORT THE EXECUTIVE S GUIDE TO SALES TAX RISK: Hits and Misses among Industry Peers Findings from the Wakefield Research Survey on Sales and Use Tax Management The Executive s
More informationTHE 2O15 INSURANCE INVESTMENT BENCHMARK SURVEY REPORT. conducted by
THE 2O15 INSURANCE INVESTMENT BENCHMARK SURVEY REPORT conducted by CONTENTS Introduction 2 Survey Highlights 3 Operational Tools 5 Operational Processes 19 Investment Environment 29 Demographics 39 The
More informationINFOSYS SOLUTION FOR CLAIMS LEAKAGE REDUCTION
INFOSYS SOLUTION FOR CLAIMS LEAKAGE REDUCTION Claims management is the foundation on which the edifice of the insurance business is built. Although a large contributor of cost to an organization, it is
More information7 STEPS TO BUILD A GRC FRAMEWORK FOR BUSINESS RISK MANAGEMENT BUSINESS-DRIVEN SECURITY SOLUTIONS
7 STEPS TO BUILD A GRC FRAMEWORK FOR BUSINESS RISK MANAGEMENT BUSINESS-DRIVEN SECURITY SOLUTIONS TO MANAGE INFORMATION RISK AND KEEP YOUR ORGANIZATION MOVING FORWARD, YOU NEED A SOLID STRATEGY AND A GOOD
More informationCORPORATE INVESTMENT. for Treasury & Accounting Professionals RESULTS AND ANALYSIS. conducted by
CORPORATE INVESTMENT for Treasury & Accounting Professionals conducted by RESULTS AND ANALYSIS INTRODUCTION at U.S. corporations face numerous investment and accounting challenges: historically low interest
More informationCIBC Smart Investment Solutions Modern portfolios made simple
CIBC Smart Investment Solutions Modern portfolios made simple The market is always changing how do you stay on track? With CIBC Smart Investment Solutions all-in-one portfolios, finding a modern approach
More informationMortgage Power An Asset in the Making
Mortgage Power An Asset in the Making By Lloyd J. Streisand Lloyd J. Streisand, Division Vice President & Senior Loan Officer, founded the Streisand Team at Sterling National Bank. Lloyd is a CPA. He and
More informationSpotlight: Robotic Process Automation (RPA) What Tax needs to know now
May 2017 Spotlight: Robotic Process Automation (RPA) What Tax needs to know now We introduce you to Tax Function of the Future A Focus on Today, our new series that spotlights topics that are relevant
More informationStreamline and integrate your claims processing
Increase flexibility Reduce costs Expedite claims Streamline and integrate your claims processing DXC Insurance RISKMASTERTM For corporate claims and self-insured organizations DXC Insurance RISKMASTER
More informationWHITE PAPER. Processing Investments in Associates using Oracle E-Business Suite. Pravin Sekhani, Principal Consultant, Infosys Abstract
WHITE PAPER Processing Investments in Associates using Oracle E-Business Suite Pravin Sekhani, Principal Consultant, Infosys Abstract International Accounting Standard (IAS) 28 requires organizations to
More informationT A B L E of C O N T E N T S
INFORMATION SECURITY AND CYBER LIABILITY RISK MANAGEMENT THE FIFTH ANNUAL SURVEY ON THE CURRENT STATE OF AND TRENDS IN INFORMATION SECURITY AND CYBER LIABILITY RISK MANAGEMENT Sponsored by October 2015
More informationA BPM Partners White Paper How to Leverage Consolidation Functionality in Budgeting and Planning
A BPM Partners White Paper How to Leverage Consolidation Functionality in Budgeting and Planning Many companies use workarounds, but would benefit from robust consolidation capabilities. July 2017 2017
More information2 UNLOCK TRAPPED VALUE WITH BLOCKCHAIN: TRANSFORMATIVE POWER FOR BUSINESS OPERATIONS
There s good news for companies seeking ways to use digital technologies to improve their value chains. Blockchain is emerging as a powerful tool for dramatically restructuring how companies work together
More informationBlackLine Intercompany Hub
BlackLine Intercompany Hub CNH Industrial Modernized with BlackLine. We had to find a better way to gain comfort in the completeness and accuracy of our financial statements. JENNA STENGERT, SENIOR CORPORATE
More informationData Management - Keeping Pace with Tax Technology Advances. By Irish McIntyre. onesource
Data Management - Keeping Pace with Tax Technology Advances By Irish McIntyre onesource Keeping Pace with Tax Technology Advances introduction A few years ago, the tax department at Lehigh Hanson Inc.,
More informationEasy guide to superannuation
Easy guide to superannuation 2 Contents Understanding super obligations as an employer 3 Keeping records 4 Offering employees a choice of super funds 5 Superannuation Guarantee for employees 70 and over
More informationonesourcetmincome tax
onesourcetmincome tax Express TAX & ACCOUNTING onesource income tax express provides comprehensive tax compliance capabilities that automate federal and state tax compliance processes. onesource income
More informationReduce cost and streamline lending processes through pre-closing automation
Reduce cost and streamline lending processes through pre-closing automation find problems early validate data boost accuracy save money Catching potential compliance violations before you fund a loan saves
More informationTHE ULTIMATE GUIDE TO Exemption Certificates for Sales Tax Compliance
THE ULTIMATE GUIDE TO Exemption Certificates for Sales Tax Compliance Contents Introduction... 1 The Exemption Certificate Challenge... 2 The Basics of Sales Tax Exemptions... 3 When Exemptions Get Complicated...
More informationWorldwide tax reporting in the shared services age: seizing the opportunity and managing the risk. 14 May 2013
Worldwide tax reporting in the shared services age: seizing the opportunity and managing the risk 14 May 2013 Disclaimer Ernst & Young refers to the global organization of member firms of Ernst & Young
More informationNew rules call for new actions: Tax authority mandates drive disruptive change. Spotlight on Latin America. Tax
New rules call for new actions: Tax authority mandates drive disruptive change Spotlight on Latin America Tax New rules call for new actions: Tax authority mandates drive disruptive change Introduction
More informationIntegrating Actuals into Financial Plans
Integrating actuals into the planning cycle is usually a zoo. Financial and operating results are spread across multiple databases. Actual results and plan detail are at different levels. Lack of underlying
More informationFRx FORECASTER FRx SOFTWARE CORPORATION
FRx FORECASTER FRx SOFTWARE CORPORATION Photo: PhotoDisc FRx Forecaster It s about control. Today s dynamic business environment requires flexible budget development and fast, easy revision capabilities.
More informationChapter 22 Audit of the Capital Acquisition and Repayment Cycle. Copyright 2014 Pearson Education
Chapter 22 Audit of the Capital Acquisition and Repayment Cycle Identify the accounts and the unique characteristics of the capital acquisition and repayment cycle. Design and perform audit tests of notes
More informationINSIGHT REPORT RECONCILIATION INDIVIDUAL CLIENT SEGREGATION IN PRACTICE MANAGING THE OPERATIONAL IMPACT OF EMIR
INSIGHT REPORT RECONCILIATION INDIVIDUAL CLIENT SEGREGATION IN PRACTICE MANAGING THE OPERATIONAL IMPACT OF EMIR Contents 1 A new era for derivatives operations 1 EMIR comes into effect 2 Client segregation
More informationShelbyNext Financials: Payroll Best Practices
ShelbyNext Financials: Payroll Best Practices (Course #F216) Presented by: Bill Ballou Shelby Training Manager 2018 Shelby Systems, Inc. Other brand and product names are trademarks or registered trademarks
More information1040 ANALYST MAKE IT PERSONAL YOUR ROADMAP TO PROVIDING PERSONALIZED FINANCIAL SERVICES
1040 ANALYST MAKE IT PERSONAL YOUR ROADMAP TO PROVIDING PERSONALIZED FINANCIAL SERVICES TABLE OF CONTENTS A UNIQUE ADVANTAGE 1 THE 1040 ANALYST DESIGNED WITH YOU IN MIND 2 INNOVATION YOU CAN DEPEND ON
More informationThe Importance of Operational Transfer Pricing
The Importance of Operational Transfer Pricing Presentation to TEI, NJ Chapter November 8, 2013 DRAFT For Discussion Purposes Only IRS Circular 230 Notice: To ensure compliance with the requirements imposed
More informationFinancial Advisory Services TRANSACTION & VALUATION SERVICES
Financial Advisory Services TRANSACTION & VALUATION SERVICES Meet Weaver Founded in 1950, Weaver is the largest independent accounting firm in the Southwest. With nearly 600 employees in nine U.S. offices,
More informationEffective Corporate Budgeting
Effective Corporate Budgeting in 8 Easy Steps This ebook will offer 8 easy and easy and proven steps for improving your corporate budgeting and planning process. You will see that by making a few small
More informationPoint of impact distribution for animal strike claims
Bulletin Vol. 31, No. 14 : September 2014 Point of impact distribution for claims Summary The Highway Loss Data Institute (HLDI) has been reporting on s, covered under comprehensive coverage, since 2008.
More information1040 ANALYST. Your Roadmap to Providing Personalized Financial Services
1040 ANALYST Make It Personal Your Roadmap to Providing Personalized Financial Services table of contents A UNIQUE ADVANTAGE 1 THE 1040 ANALYST DESIGNED WITH YOU IN MIND 2 INNOVATION YOU CAN DEPEND ON
More informationPreparing for the New ERM and Solvency Regulatory Requirements
OWN RISK AND SOLVENCY ASSESSMENT Preparing for the New ERM and Solvency Regulatory Requirements A White Paper from Willis Re Analytics Insurance solvency regulation is moving into new territory. Insurer
More informationHOME LOAN OPTIMISER HOW TO GET THE BEST OUT OF YOUR HOME LOAN
HOME LOAN OPTIMISER HOW TO GET THE BEST OUT OF YOUR HOME LOAN 2 CONTENTS Choose the right loan 3 Seek a mortgage broker to stay informed with competitive products 8 Maximize the effect of your repayments
More informationPensions Administration Software. Supporting in-house administration excellence
Pensions Administration Software Supporting in-house administration excellence The pensions landscape The UK pension market has gone through significant change over the past decade and complex reforms
More informationA winning relationship. You, your advisor, and Schwab
A winning relationship You, your advisor, and Schwab Your advisor s expertise and Schwab s custody services come together to help protect your assets and support your investment goals. In this guide: An
More information23 rd Annual Health Sciences Tax Conference
23 rd Annual Health Sciences Tax Conference Accounting for income taxes: developments and hot topics for for-profit providers December 9, 2013 Disclaimer EY refers to the global organization, and may refer
More informationSURVEY OF GOVERNMENT CONTRACTOR SALES EXPECTATIONS
SURVEY OF GOVERNMENT CONTRACTOR SALES EXPECTATIONS 2017-18 Executive Summary... 03 Introduction... 05 Profile of Government Contractors Surveyed... 06 TABLE OF CONTENTS Onvia Government Contractor Confidence
More informationWORKFORCE MOBILITY BENCHMARK REPORT: VEHICLE EDITION
WORKFORCE MOBILITY BENCHMARK REPORT: VEHICLE EDITION 2017 CONTENTS INTRODUCTION 2 KEY FINDINGS 3 MARKET CHALLENGES 4 METHODOLOGY 6 Respondents by Industry 7 Respondents by Annual Revenue 7 Respondents
More informationYour success is built on rock-solid tax advice and strategy.
Your success is built on rock-solid tax advice and strategy. Keep your foundation strong with Lexis Advance Tax. Being almost right is never good enough. Now you can be confident you ve covered more, searched
More informationManaging operational tax risk through technology
Managing operational tax risk through technology EY Africa Tax Conference September 2014 Panel Daryl Blakeway Director Tax Performance Advisory Leader EY South Africa Anthony Davis Director Tax Performance
More informationAsia Tax Forum. TAX TRANSFORMATION Unlocking the value of data, processes and people with TECHNOLOGY
TAX TRANSFORMATION Unlocking the value of data, processes and people with TECHNOLOGY Presented by Kim JaeSon Vice President, (Asia) Tax & Accounting Thomson Reuters HEAD OF TAX A HEAD FULL OF RESPONSIBILITIES
More informationSAGE 100 ERP TIPS AND TRICKS BANK RECONCILIATION Presented by Target System Technology, Inc.
SAGE 100 ERP TIPS AND TRICKS BANK RECONCILIATION Presented by Target System Technology, Inc. (copyright 2015) Sage 100 ERP Standard and Sage 100 ERP Advanced are register trademarks of Sage Software. Crystal
More informationASSET MANAGEMENT AND CLASSIFICATION
ASSET MANAGEMENT AND CLASSIFICATION David Ryan Selena Longway Director Principal True Partners Consulting LLC SC&H Group LLC Chicago, IL Sparks, MD David.Ryan@TPCtax.com SLongway@SCandH.com LEARNING OBJECTIVES
More informationAffordable Care Act Management Put ACA compliance on autopilot WORKFORCE SOLUTIONS
Affordable Care Act Management Put ACA compliance on autopilot WORKFORCE SOLUTIONS The Affordable Care Act brings unprecedented changes to workforce management and compliance. In order to properly manage
More information10 Ways to Maximize Your Social Security
10 Ways to Maximize Your Social Security Little-Known Filing Strategies to Help You Get Every Penny You Are Entitled to By Matthew Allen, Co-Founder, Social Security Advisors Most Americans haven t heard
More informationFixed Assets Management: What You Need to Know
Fixed Assets Management: What You Need to Know Fixed Assets Management: What You Need to Know by Nancy Faussett, CPA 1.0 Introduction 3 2.0 Defining a Fixed Asset 4 2.1 Defining a Fixed Asset 4 3.0 Critical
More informationBUSINESS OWNER SERVICES
Wealth Management Solutions BUSINESS OWNER SERVICES Business owners face unique challenges. By articulating your concerns and prioritizing your goals, you can shape a plan for the future. Whether you re
More informationCase Study: Rapid Policy Administration Replacement at Philadelphia Insurance Companies July 2011
Case Study: Rapid Policy Administration Replacement at Philadelphia Insurance Companies July 2011 SUMMARY Philadelphia Insurance Companies completed a thorough search for a policy administration system
More informationHow 33 companies are resolving the state sales & use tax challenge while realizing significant business benefits with the purchasing card.
No matter how they recorded sales and use taxes with purchasing cards, no company in this study was assessed a penalty and all reported savings, many of $1 million or more. * How 33 companies are resolving
More informationLENDER SOFTWARE PRO USER GUIDE
LENDER SOFTWARE PRO USER GUIDE You will find illustrated step-by-step examples in these instructions. We recommend you print out these instructions and read at least pages 4 to 20 before you start using
More informationMind the Retail Mortgage Gap. To Close More Loans, First Close the Gap
Mind the Retail Mortgage Gap To Close More Loans, First Close the Gap Mind the Retail Mortgage Gap Table of Contents Executive Summary Shifting Lending Landscape............. 2 An Industry Riddled with
More informationTax Department Trends. Tuesday, November 28, 2017 Wichita Country Club Doug Watson - Director Evan Malcom - Manager
Tax Department Trends Tuesday, November 28, 2017 Wichita Country Club Doug Watson - Director Evan Malcom - Manager Presenters Doug Watson Director doug.watson2@us.gt.com 612 677 5260 Evan Malcom Manager
More informationFixed assets: Why they re about more than depreciation
Fixed assets: Why they re about more than depreciation www.blytheco.com 949.583.9500 solutions@blytheco.com Accountability Whether you re reporting to senior management, a government agency, internal/external
More informationWHAT IF THERE WAS A TOTAL END-TO-END P&C SOLUTION FOR POLICY, CLAIMS AND BILLING?
Solution brief Thunderhead.com AND GUIDEWIRE INTEGRATION WHAT IF THERE WAS A TOTAL END-TO-END P&C SOLUTION FOR POLICY, CLAIMS AND BILLING? CENTERS OF EXCELLENCE, OR ISOLATED SILOS? Historically, Property
More informationWhat is Your SIS Doing When You re Not Watching? Monitoring and Managing Independent Protection Layers and Safety Instrumented Systems
What is Your SIS Doing When You re Not Watching? Monitoring and Managing Independent Protection Layers and Safety Instrumented Systems Bill Hollifield Principal Alarm Management and HMI Consultant What
More informationPreparing for your first 401(k) plan audit
Preparing for your first 401(k) plan audit 2017 2018 CONTENTS 02 INTRODUCTION 03 04 06 08 DOCUMENT GATHERING AND ORGANIZATION FIDUCIARY RESPONSIBILITY OPERATIONAL COMPLIANCE INTERNAL CONTROLS 11 FINANCIAL
More informationEuroclear FundsPlace. Your specialist global market infrastructure and innovative fund solution providers
Euroclear FundsPlace Your specialist global market infrastructure and innovative fund solution providers About Euroclear Euroclear is the financial industry s trusted provider of post-trade services. We
More informationChapter Finance Guidelines. Chapter Finance Guidelines
Chapter Finance Guidelines Chapter Finance Guidelines This section on chapter finance is designed to offer clear guidelines to chapter officers in the key area of chapter finance. The information included
More informationMaking Tax Digital A roadmap for small businesses
blow abbott chartered accountants Making Tax Digital A roadmap for small businesses www.blowabbott.com Index Page What is Making Tax Digital? 3 When is it happening? 4 What are the upsides and downsides?
More informationJohn Sallese Sales and Use Tax Compliance Expert
John Sallese Sales and Use Tax Compliance Expert Avalara Avalara Avalara streamlines the sales tax lifecycle Tax rates SaaS $ Remittances Customer invoice systems ERP, Ecommerce, POS / MPOS, Payments,
More informationAsset Management Strategies Like-Kind Exchange Solutions
Asset Management Strategies 1031 Like-Kind Exchange Solutions A winning strategy for the next generation of corporate asset management. Section 1031 Like-Kind Exchanges (LKEs), once limited primarily to
More informationA Custom Retirement Plan Benchmarking Report For ABC Company
[1.1] A Custom Retirement Plan Benchmarking Report For ABC Company [Date] John Smith Firm Name 000.000.0000 AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family
More information11/6/2017. How to Use Federal Regulations to Protect Your Revenue from MCOs. WHO WE ARE DISCLOSURE OF COMMERCIAL INTERESTS.
DISCLOSURE OF COMMERCIAL INTERESTS I have commercial interests in the following organization: sb2 inc. Chad Bogar, Owner/CEO/Managing Partner sb2 inc. is a law firm dedicated to providing excellent and
More informationYear-end tax planning strategies
PHOTO BY NODEROG/ISTOCK Year-end tax planning strategies Getting clients ready for tax season journalofaccountancy.com How do you turn payroll into a high prof it-margin service? Put your payroll processing
More informationFull file at
CHAPTER 2 QUESTIONS 1. The accounting system generates a variety of reports for use by various decision makers. Among the most common are generalpurpose financial statements, management reports, tax returns,
More informationValue Added Tax Specialists
Value Added Tax VALUE ADDED TAX Value Added Tax Specialists Brendan F. Moore, President, Ryan International, European and Asia-Pacific Operations, leads a team of seasoned value added tax professionals
More informationChapter
CHAPTER 2 QUESTIONS 1. The accounting system generates a variety of reports for use by various decision makers. Among the most common are generalpurpose financial statements, management reports, tax returns,
More informationPreventing payroll mistakes with these top 5 tips
Preventing payroll mistakes with these top 5 tips 2 Contents TIP 1 Check employee details for accuracy 4 TIP 2 Reporting and reconciling to improve accuracy 5 TIP 3 Keep up to date with payroll tax changes
More informationTAX TAX & ACCOUNTANCY & ACCOUNTANCY
TAX & ACCOUNTANCY Open and friendly approach We are local to you, with a free initial consultation. Happy to meet you out of hours too. Up-front pricing Fixed fees, payable monthly, no surprises. Easy
More informationMortgage Origination Done Better: Improving Data Quality and Making Compliance Checks More Efficient and Effective With Automation
Presented by Sponsored by Mortgage Origination Done Better: Improving Data Quality and Making Compliance Checks More Efficient and Effective With Automation Digital loan origination processes can still
More informationDirect Deposit with RFMS. Automated Care Cost Payments
Direct Deposit with RFMS Implementing direct deposit of resident checks can be a daunting task. Most banks will not provide enough detail reporting to allow you to identify individual direct deposit items
More informationCHAPTER 2 QUESTIONS. revenue, and expense accounts of the
CHAPTER 2 QUESTIONS 1. The accounting system generates a variety of reports for use by various decision makers. Among the most common are generalpurpose financial statements, management reports, tax returns,
More informationNavigating Solvency II. The Clearwater Guide to Success
Navigating Solvency II The Clearwater Guide to Success The process of validating data is as important as the data itself. - EIOPA Final Report June 2015 Solvency II requires insurers to provide deeper
More informationGuide to the Budget Worksheet for Pre-ERA Planning
Guide to the Budget Worksheet for Pre-ERA Planning Contents: Introduction to the Worksheet Pages 2-8 Creating a budget with the Worksheet Pages 9-22 Modifying F&A rates in the Worksheet Pages 23-24 Adding
More informationBudget FREQUENTLY ASKED QUESTIONS. August 7, Budget Configuration and Dashboard Information What is Budget?...1
Table of Contents Configuration and Dashboard Information... 1 1. What is?...1 2. What are the benefits of?...1 3. Who is for?...2 4. What data informs?...2 5. In what markets is available?...2 6. What
More informationAccounting Workbook. Questions BONUS CHAPTER
BONUS CHAPTER 3 Accounting Workbook Here, we give you 25 questions you can use to test your understanding of what you ve learned in this book. We ve chosen at least one question from each chapter in Idiot
More informationVisionVPM General Ledger Module User Guide
VisionVPM General Ledger Module User Guide Version 1.0 VisionVPM user documentation is continually being developed. For the most up-to-date documentation please visit the VisionVPM website at www.visionvpm.com
More informationIGNITING GROWTH. Strategies for Life Sciences Companies to Stay Ahead of Changing Revenue Recognition Guidelines
IGNITING GROWTH Strategies for Life Sciences Companies to Stay Ahead of Changing Revenue Recognition Guidelines What the New Guidelines Mean for Life Sciences Companies 04 Overview 05 Why the Urgency?
More information2018 Predictive Analytics in Healthcare Trend Forecast
2018 Predictive Analytics in Healthcare Trend Forecast 60% of healthcare executives forecast that using predictive analytics will save their organization 15% or more over the next five years Among those
More informationChurch Accounting Icon Systems Inc.
IconCMO Church Software by Icon Systems Inc. All rights reserved. No parts of this work may be reproduced in any form or by any means - graphic, electronic, or mechanical, including photocopying, recording,
More informationCombining Financial Management and Collections to Increase Revenue and Efficiency
Experience the commitment SOLUTION BRIEF FOR CGI ADVANTAGE ERP CLIENTS Combining Financial Management and Collections to Increase Revenue and Efficiency CGI Advantage ERP clients have a unique opportunity
More informationHow to Use Tax Strategies to Offset Dealership Construction Costs Six-figure offsets are possible if you plan carefully
How to Use Tax Strategies to Offset Dealership Construction Costs Six-figure offsets are possible if you plan carefully With Stephen Bedell, CPA of Crowe Horwath LLP Moderated by Mike Bowers, of DealersEdge
More informationBlockchain innovation in wealth and asset management. Benefits and key challenges to adopting this technology
Blockchain innovation in wealth and asset management Benefits and key challenges to adopting this technology Contents Overview... 1 What is a blockchain?... 2 Applications of blockchain to wealth and asset
More information