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WHITE PAPER DOWNLOAD

THIS WHITE PAPER EXAMINES THE FUTURE OF FIXED ASSET DEPRECIATION AND HOW
SOFTWARE AS A SERVICE (SAAS) IS THE FIRST STEP IN THIS TECHNOLOGY-DRIVEN SHIFT.
THE MOVE TO SAAS NOT ONLY MAKES IT EASIER AND LESS RISKY FOR THOSE RESPONSIBLE
FOR DEPRECIATING FIXED ASSETS, IT OPENS THE WAY TO EVEN MORE EFFICIENCY AND
INNOVATION.

IT OUTLINES WHERE THE FUTURE LIES, WHY SAAS IS REPLACING OLD-FASHIONED
SPREADSHEETS AND OTHER DESKTOP SOFTWARE, FEATURES CASE STUDIES AND INTERVIEWS
WITH INDUSTRY EXPERTS.


THE FUTURE OF FIXED ASSETS

As an accountant once said “nobody volunteers to manage fixed asset
depreciation”. It’s a time consuming compliance task that’s not seen as a
rewarding one. But it’s full of pitfalls and risks.

Depending upon the size of the organisation, the work can be done by a qualified
bookkeeper, an in-house accountant or an unqualified clerk. Or it can be
outsourced – to an accountant, a tax expert or an auditor. Outside of the very
largest businesses, there is no single job description for the role of managing
fixed asset depreciation.

Organisations have to digest a huge range of accounting conventions and tax
rules when considering how to best depreciate their assets. And, as seen in
responses to COVID-19 around the world, governments regularly change the rules
associated with asset depreciation for economic and political reasons. This
means there is a requirement to be up to date not just year after year but also
within periods when government policy can change with very little notice.

And, of course, the more assets you have and the more complex your operations,
the greater the risk of errors and falling foul of tax laws.

Despite these pitfalls, many businesses, both large and small, use spreadsheets
to manage their fixed asset depreciation. This means that, apart from
spreadsheet formulas, there is almost no automation. As has been the case for
decades, most of the depreciation work is done manually.

Fixed asset depreciation is ripe for a technology-driven change to make the task
easier and more risk-free. But it’s not just the process of calculating
depreciation that’s changing, it’s the whole nature of fixed asset management
itself.

Artificial intelligence, data mining, real-time geolocation of assets using GPS
navigation systems and other technological innovations are about to radically
overhaul how fixed assets are managed and depreciated. This new world of asset
management is almost unrecognisable from the way assets are managed and
depreciated now.

AssetAccountant™ Australia/ New Zealand

Phone: (+61) 1300 984 378

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a cloud option for fixed asset depreciation which has a strong integration with
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Matt Pisarski - Global Business Development, Intuit Quickbooks


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