Performing a fixed asset inventory can be about as exciting as a root canal. But like any good root canal, a proper inventory can alleviate a great deal of pain—in this case, the pain of a surprise tax bite when an audit reveals that your property tax and fixed asset accounting departments disagree on the cost of your fixed assets.
By developing a strategy that addresses the distinct goals of both your property tax and fixed asset accounting departments, you can not only avoid the pain, but even experience some outstanding benefits, including:
- Meaningful fixed asset inventories
- Detailed support information for tax or internal accounting audits
- Reduced duplication of efforts