As well as building a capable platform in a recovering US economy which can allow businesses to compete, company accountants have to ensure they keep up-to-date with the SARBOX compliance requirements for their sector.   CEOs and CFOs must be in a position to personally certify that the company’s books and records do not contain untrue statements and fairly represent the company’s results or face severe penalties for non-compliance, false declarations and other SARBOX violations.

For that reason alone it’s wise to invest in an up-to- date asset tracking package. The intricate level of accounting required in US legislative and business environment means spreadsheets can quickly become complex and difficult to verify.It can be also be difficult to integrate a spreadsheet with other enterprise systems and tracking asset changes or producing a clear audit trail.The diffulties caused by a lack of adequate inventory depreciation software packages extend beyond possible SARBOX compliance issues. What happens if your company has to make an insurance claim for example?Without ample asset tracking packages inventory management software programs it’s perfectly possible that a ten-year old PC might still be on the asset register.  The insurance assessor would smell a rat and far more inclined to challenge every other item on the register.

The event that caused the initial claim moves from being trivial to life-threatening to the company because the inability to confirm the existence and location of an asset will delay the insurance compensation payment.The sole self-protection for US corporations is to use a highly accurate, highly verifiable asset register which will act as a legal and physical defence. With this single record in place, it is a simple process to ensure any changes, such as scrapping, selling or relocating an asset, are updated within the system.