Fixed
Asset Management Topics
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Sarbanes-Oxley Act of 2002 and FAS Asset Inventory
The
Sarbanes-Oxley Act of 2002 begins a new era in corporate governance.
Strict rules to ensure accurate financial reporting put tremendous
pressure on public companies to document all internal procedures
for gathering and reporting financial results before the fast-approaching
deadlines for compliance. Sarbanes-Oxley seeks to reduce corporate
financial fraud and mismanagement while providing reassurance to
investors.
Under
the new regulations, CEOs and CFOs must personally certify the integrity
of financial reports, as well as the procedures and systems used
to create them. Public accounting firms must also attest to the
validity of the financial reports and assessments. Both executives
and their accounting firms can be held criminally liable for accounting
inaccuracies, making the stakes higher than ever for everyone involved
in financial reporting.
Who
is affected by Sarbanes-Oxley?
Public
Companies
Sarbanes-Oxley
currently applies to public companies that are registered with
the Securities and Exchange Commission. Most of these companies
are headquartered in the United States, but a number of foreign
companies with significant operations in the US will also be affected.
Some aspects of Sarbanes-Oxley are already in full effect. The
requirements of Section 404 must be met by large public corporations.
Private
Companies
Although
private companies are not required to comply with Sarbanes-Oxley,
there are excellent reasons for them to consider its implications.
Any private company that aspires to go public will become subject
to the act upon filing a registration statement with the SEC in
anticipation of an IPO. Additionally, any company that might be
acquired by public companies or that has significant business
partnerships with public corporations will need to assess the
impact of Sarbanes-Oxley on future and current business relationships.
Many private companies are already implementing "best practice"
aspects of Sarbanes-Oxley.
Nonprofit
Organizations
Like
private businesses, many nonprofit organizations are interested
in applying the best practices principles of Sarbanes-Oxley to
their financial procedures. Though Sarbanes-Oxley has not yet
been applied to nonprofits, failure to provide adequate visibility
into the financial management of nonprofits could result in a
similar regulatory environment being enacted in the future. Some
states are already considering this type of measure for nonprofit
organizations.
FAS
and Sarbanes-Oxley
FAS
fixed asset management solutions address each of the key areas of
internal control for financial software systems. The following white
paper was designed to help Best Software customers in public or
private companies and nonprofit organizations understand and document
the internal controls over fixed asset management provided within
FAS solutions, as well as explain the control procedures in place
at Best Software over development and testing of the software.
Sarbanes-Oxley
Act White Paper | FAS
Asset Inventory | Asset
Inventory Services
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What's New in the 2005.1 FAS
Tax Update
The
2005.1 Tax Update contains changes to FAS Asset Accounting, FAS
Asset Accounting for SQL Server, FAS FirstStep and FAS FirstStep
for Peachtree, and FAS Asset Inventory.
This
fall Congress passed both the America Jobs Creation Act of 2004
and the Working Families Tax Relief Act of 2004, which contain several
provisions related to fixed assets. This tax update includes improvements
to existing product features as well as changes to keep in compliance
with the latest tax laws and IRS regulations. >> READ
MORE
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Best Software, Inc. Resumes the Use
of Sage in the United States
Irvine,
Calif. - March 16, 2005 - The Sage Group plc (”Sage”)
announced today that, after a three-year hiatus, it intends to resume
use of the Sage name and mark in North America, enabling Sage to
better leverage its worldwide strengths. >> READ
MORE
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ABRA HR and Payroll
Is
your company facing any of these administrative workflow issues?
- Increasing
need to handle payroll in-house
- Greater
number of employees and employee demands
- Administrative
burden
- Increased
number of billing statements and eligibility reports
Abra
Suite gives you the control you need to process payroll accurately
and quickly. This dynamic software suite can optimize your entire
operation by providing the following advanced capabilities:
- Integrates
payroll, HR, recruiting and benefits administration
- Improves
business decisions with advanced business analyses and reporting
- Ensures
ongoing compliance with changing government mandates
- Generates
a solid ROI that goes right to the bottom line
If
you believe that your HR and/or Payroll department could value from
the ABRA software products, please forward this information onto
your HR and Payroll Manager. >> READ
MORE
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