The Changing Face of Asset Verification

The major technological shift in assets identification, verification and tagging systems in the past decade caught most assets and facilities managers by surprise, but few key trends may be signs of things to come in the property management industry.

The intention of this blog post is to provoke your thought regarding some of what I call the worst corporate accounting scandals in history as well as some of their more immediate consequences and the need of changing attitudes regarding fixed asset management practices.

These are more than just internet stories of white collar criminals. They are fraud schemes that resulted in loss of billions taken from corporate and investor coffers. Companies were forced into bankruptcy, costing hundreds of jobs, reputations were ruined and families were torn apart.
These are just a handful of events; some of the events we have just read about were in some manner due to failure of developing solid procedures for proper asset verification.

Like always, the global reaction to such has been the culmination of a continuous series of changes in asset management practices. The changes have encompassed strong regulatory frameworks and advancements in physical asset verification technologies.
Auditors have increasingly become intolerant to poor asset verification practices. It is no longer considered acceptable for a company to go for two years without getting its fixed assets verified at least once.

Additionally, physical verification of fixed assets has been made mandatory by corporate laws of many countries. In case of some countries it is now mandatory for the Auditors to report on maintenance of proper records, physical verification and substantial disposal of fixed assets.

No doubt, it is now becoming obvious that in future those responsible for the maintenance of proper records and physical asset verification will be more likely called to account when there is such a scandal, and it can be seen by recent trends, it is likely that it will not be companies but individuals like facility managers and financial controllers.

Does the process of asset identification, tagging and reconciling fixed assets every period stands out as an area of administrative burden and glaring inefficiency? Outsourcing has become one of the catch-cries by companies offering fixed asset verification solutions aimed at lowering direct costs.

Free Zica Accountancy Programme Download


Zica_Graduates
Long after regional accountancy degrees have been conferred and careers have been launched, many folks just can’t seem to quit school. For them, life provides an overstuffed cornucopia of educational opportunities that don’t necessarily require hefty loans and navigating different professorial strategies.

Those with a lust for learning who happen to also enjoy testing the limits of what the accountancy profession in the region is offering in 2012 definitely don’t have to worry about finding new resources to guide them. The accounting profession is undergoing significant change and new opportunities are opening up for non-accounting professionals wishing to enter the field of accounting. Hundreds, if not thousands, of accountancy schools are out there just waiting for prospective students to request this free information.

In today’s article, I want to share a completely free resource, the ZICA Student-Handbook New 2012 Syllabus. A guide to all Zica Accountancy Programme for students.

There has never been a greater need for this new zica accountancy programme new syllabus in the accounting profession than now, Download a free copy of zica syllabus. It is completely free to download.


If you found this download useful please leave your comment. We value your contributions on this website.

Start your own business with a certified Computer Technician Course

Technician_Repairing_Computer
You've heard everyone going on and on about a flailing economy that is expected to soon rise. You've waited long and hard for this rise to occur, but it hasn't come. With the presidential elections around the corner, you can expect great changes to sweep the country in the coming months. Some of you are going to sit and wait for it, while some of you are going to be bitten by the entrepreneur bug and do something about it.

This is a great time to start selling yourself on your own, especially if you're skilled in specialized jobs like that of a computer technician's. In fact, with the advent of social networking and online marketing, offering your skills as a computer technician may not require much start-up, marketing or buying costs at all!

Almost all small business and home owners rely on their computers to serve them well. It's harder for smaller establishments to afford large contracts with multi-service technician companies, so an independent provider like you would be just the answer they need. So what are some of the things you should know before starting your own computer technician training business?

1. Get certified. Most people won't trust a quack technician to come into their homes and touch their computers unless they've heard glowing recommendations about your service, or can see that you've been trained formally. For those with no training, computer technician training from an online vocational school can really help your sellability!

2. Keep up-to-date on the latest developments, especially in computer technology. Nothing is changing as rapidly in our times as the electronic realm of work. Doing an online computer technician certification in new and emerging technologies and methods every once in a while is a good idea.

3. Put yourself out there, but know your limitations. Don't bite more than you can chew. Your clients will appreciate that you stick by your word. Take time to experiment on new technologies and operating systems. Don't experiment on a live customer's computer if you can't help it.

4. Take time to understand your market, and be patient for results. You'll need to understand how your competitors work, and pitch your services at an advantage for your potential customers. Offer discounts, trials and satisfaction guarantees if you're confident about your service, but just be patient until you see loyalty and customer referrals doing the work for you.

5. Expect to put in long odd hours. This will especially be applicable if you are servicing home PC where owners may have time for you to visit their home only after their work hours.

6. Be professional. Dress well, and invest in your own business cards and company letterheads. It will add a sense of accountability to your profile.
Go ahead; take a chance on your own business if you're feeling lucky, adventurous or just plain tired of waiting for someone else to do the work for you. Being an entrepreneur has its own heady highs, and once you get a feel for it, we bet you won't look back!

Author Bio :
Nancy is a 36-year old stay at home mom of two. She worked as a medical assistant for five years before taking a break to be with her children. She loves to do the extensive research on the vocational training industry. She also writes about different ways to start-successful Business. Her other interests include gardening and baking. She stays with her husband and two daughters.

Greatest Benefit of Outsourcing Fixed Asset Services

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Large businesses in Africa are waking up to the potential of outsourcing fixed asset accounting services to yield substantial savings in company tax and insurance premiums. In this article, we’ll look at the benefits of outsourcing Accounting services and how Outsourcing your physical inventory makes fixed asset tracking more manageable and accurate.

We all want to spend less time on inventory accounting tasks but we don’t want to take the plunge into the world of savings. After all a task you undertake with internal staff feels like a natural resource. But when it comes to data collection it’s all about time, and time is money.

Despite fixed asset tagging and reconciliation services becoming increasingly mainstream and acceptable in Africa, for many organizations it is still tempting to tackle asset inventory by themselves.

Of course, that’s not to say that the only companies that are embracing fixed asset accounting services are international companies. There are some fantastic success stories of local banks and utility companies in the region that have successfully carried out physical asset verification projects. Their success is down to the fact that they took steps to free themselves from the limitation of working with internal resources alone.

Most companies conduct a physical inventory once a year. It really doesn’t have to be said but I will say it anyway. Physical asset inventory is an expensive process that very few employees enjoy.

If you gave employees a choice between participating in the company’s annual physical inventory and going for a corporate cocktail party. Which one would they choose?

The thought of spending the better part of a weekend out of office in unbearable hot and dusty warehouse or traveling to remote sites, trying to count every piece of asset, finding materials that you can’t really identify, and searching for “ghost” assets is not what most employees would like to do.

If you ask any one who has ever taken part in a physical inventory count he’ll probably say, because the Finance Manager or the accountant required the figures.” They don’t see any advantage in doing a good job or being accurate. Most feel that the accountant is only going to use the numbers we give him on some reports that no one is going to look at.

Yes, management knows the fact. They know that large inaccuracies in fixed asset reporting may cause flaws in the overall accuracy of corporate financials, posing a threat to the management team as they are responsible for ensuring regulatory compliance and they also know clearly that sound fixed asset management can yield substantial savings in company tax and insurance premiums. But if the people counting don’t realize the importance of accurate inventory balances, the chances for obtaining errorless counts far fetched.

This is where physical inventory service outsourcing fits in. Asset tagging and reconciliation services offer a structured organization to a company's fixed assets, which provides an accurate record for the following accounting and administrative purposes

• Financial reporting
• Capital expenditure planning
• Insurance requirements
• Accountability and control
• Compliance with Audit requirements
• Accurate perpetuation of the system

I guess you are now thinking about physical inventory outsourcing option seriously? Why not? Here are some good reasons to consider outsourcing your next physical inventory.

If you don't have the dedicated staff available to get the job done accurately and you are required to take periodic physical inventories of your fixed assets, then consider outsourcing.

However, even if you do have the resources...outsourcing fixed asset accounting services allows you to let your employees focus on their existing responsibilities. At least one person will need to take the time to learn how you use your new fixed asset tracking system; however, everyone else is spared from the tedious physical inventory process. Most importantly you will work with a team that understands your accounting needs.

In most cases good physical inventory service providers make extensive investments in technology, methodologies, and people. They barcode inventories and reconcile all your fixed assets, provide fixed asset tracking software, supply asset labels and barcode scanners. When they are done, you'll have a customized system in place that will make all your future physical inventory of fixed assets simple and more accurate.

Why not leverage the expertise and knowledge of the professionals in companies that specialize in asset management solutions?

How Professional Tax Software Can Benefit Even The Smallest Business

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Professional tax software can be a powerful tool for many businesses and organizations. Since it can be challenging to navigate the murky world of taxes on one’s own, it’s important to have the resources to quickly and efficiently process tax information. The following guide explores how professional tax software can benefit even the smallest business.

Taxes can be a challenging requirement of everyday life. While taxes pay for roads, schools and other infrastructure, it can be challenging to pay a significant amount of one’s business income towards taxes.

In addition, it can be challenging to understand how tax regulations evolve over time. Since the government amends the tax code on an annual basis, it can be difficult to understand how new deductions and taxes loopholes can impact a business’s bottom line.

It’s also important to understand the expenses associated with a professional accountant. While an accountant can be a good choice for a larger business, it may not be practical for all smaller businesses and organizations. In many cases, a professional certified public accountant (CPA) can cost thousands of dollars a month in payroll. This may not be a cost that all businesses can afford.

In many cases, smaller businesses will hire budget accountants to manage their finances. While a part-time accountant is a lot cheaper than other options, they do have several significant disadvantages. In many cases, a part-time accountant doesn’t have the same training or experience as a full-time accountant. In addition, he or she may not know enough information about a business to make intelligent decisions. This may cause a business to pay higher tax rates than is necessary.

Deductions can also be a tricky issue for many businesses and organizations. The 2011 tax code contains over 832,083 words. This is longer than almost all books. Since one person can’t read this much information or his or her own, it may not be possible for a single individual to have a comprehensive understanding of the global tax code.

In addition, deductions have to be approved every year by the government. Since deductions usually expire after a certain amount of time, deductions that were valid one year may not be valid the next year. This can make it tricky to understand how deductions change and can make it difficult for businesses to maximize their potential deductions.

With professional tax software, it’s possible to quickly and easily manage the financial needs of a company. Since professional tax software is updated on an annual basis, there is no need to worry about missing deduction or unpaid taxes.

In addition, professional tax software comes with built-in auditing tools. Since it can be challenging to audit financial information on one’s own, it’s important to have tools that can do this automatically. By auditing tax information before it’s submitted, it’s possible to reduce the risk of an IRS audit in the future.

It’s also important to understand how professional tax software can help a business save money. In addition to reducing the risk of an audit, professional tax software can help a business save money on payroll. By avoiding additional payroll costs associated with an accountant, it’s possible for businesses and organizations of all sizes to save money.

About the Author: Tim Thomas has had 10 years of experience in tax accounting with TaxWorks. He could tell you that the industry has evolved and there are now things to help with efficiency, such as small business tax software. No matter how you prepare your personal taxes, as a business it is a good idea to have the best possible tax software in order to be as efficient and accurate as possible.

How to Transition Your Business to the "Cloud"

Cloud_Computing_Diagram
Unless you are a super tech savvy business owner, the term “The Cloud” can seem foreign and intimidating. When it’s suggested to transition your business to The Cloud it can become even more confusing and difficult to understand. So to transition your business to The Cloud, we must first understand what the cloud is and what it can do to benefit your business.

What is the Cloud?

The Cloud is a term for the part of technology that insures that information we send over the web is correctly routed to the proper destination. The cloud of today was created over time due to a need for storage, databases and software. Before the cloud, information was saved to floppy disks and then taken to its recipient. However, that was not economical for businesses so servers were created. These server networks were able to share information easily throughout offices but presented a problem if information was needed to be shared with sister offices that were not on the same office server. To solve this problem, wide area networks were created. These networks run through lines (now internet lines) provided by cable and phone services. When information would be sent out through these wide area networks, many people didn’t understand where the information went, appearing as though information was sent into the sky and somehow ended up in the right spot. It was this thought process that developed the name “the Cloud.” So the beginnings of the Cloud essentially insured information sent ended up in the intended destination.

As time progressed, businesses housed servers and databases that assisted the cloud in sharing information. The idea to have databases and servers that connect directly to the cloud soon were developed, thus creating economical computer solutions for business owners.

Companies were created to house databases and servers that allowed direct storage within the cloud. This eliminates the need for individual businesses to have servers and databases within the offices. Soon other companies were created that had software on their servers and provided a service of software on the Cloud. Service as a Software (SAAS) allows companies to access software on the cloud instead of installing software on every computer within the business. This also eliminates the need for updating every single computer within the company, as the SAAS company updates the software without hassle to business owners. One software application the many businesses are familiar with is accounting programs such as QuickBooks. By using the QuickBooks program on the Cloud, it allows businesses QuickBooks remote access to finances at anytime and anywhere there is an internet connection. It also eliminates the need for constant, time consuming updates.

Transitioning your Business

Now that you have a better understanding of what the cloud is and how it can assist businesses, let’s talk transitioning.

Depending on your business, transitioning to the cloud can be an exciting innovation or met with distain. If you are a company that embraces in technology, transitioning to the cloud will be easy and fun. If you are a company that has used the same programs for years, you may be met with some opposition from employees. The best way to transition employees to a new system is to host educational conferences with information and training on the new way to share data and access software within the company. Many may doubt crossing over to the cloud but it easily places all business needs in a simple, one stop format. The cloud offers amazing opportunities for applications and the use of those applications from anywhere. Whether from a phone, desktop, laptop or tablet, your employees will be able to access all they’d need to sustain your companies work model. Once employees are aware of how much simpler work tasks will be by using the cloud, they often times embrace the cloud and never look back.

Another part of business transition to the cloud is excess servers and hardware. Once you’ve moved to the cloud, offices now have no need for the computer servers and hardware they once used. While transitioning, look into recycling or donation programs for your unused hardware and servers.

Lastly, hire a professional (often times the company providing your cloud services has someone) to help cross over and integrate your business’s existing systems to the cloud. This will save time and hassle and start you on your way to Cloud business practices.

The Result of a Transition to the Cloud

Businesses that transition to the Cloud experience increased efficiency in sharing information and using software systems. A perfect example is the remote access QuickBooks provides over the cloud. It results in access from any computer within the company to assist in accounting effectiveness. Businesses that transition also experience lower operating costs and ease of information sharing between employees and customers.

Levion is an integration for QuickBooks for Windows that allows remote access to QuickBooks. Levion allows the user access from any device with an internet browser. Levion joins your existing QuickBooks functionality with the mobility and availability that QuickBooks remote access login allows. Levion is not a QuickBooks app—it is QuickBooks re-imagined.

Author Bio: James has provided guidance for many years to entrepreneurs and has become very educated with Quickbooks remote access. Levion is a particular company that allows the users access from any device with an internet browser. Levion helps you work alongside your existing QuickBooks.

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