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Supply chain management plays a crucial role in the success of businesses across various industries. However, it comes with its fair share of challenges that can impact efficiency, profitability, and customer satisfaction.  In this article, we will explore the top five challenges in supply chain management and provide effective strategies to overcome them. By addressing […]

Just-in-Time (JIT) inventory management can revolutionize your business operations by optimizing inventory levels, improving efficiency, and minimizing costs. By implementing JIT principles and leveraging the power of real-time data analysis, you can achieve seamless supply chain integration and meet customer demands with precision. Embrace the benefits of JIT inventory management and propel your business towards

Do you know the key differences between managing fixed assets for a government agency and a private organization? Government agencies are required to follow the Government Accounting Standards Board (GASB) pronouncements to account for and manage fixed assets, whereas private organizations must adhere only to General Accepted Accounting Standards (GAAP). This article explores how government

Are you looking to improve your organization’s asset management strategies and optimize your financial performance? This article explores how organizations can use the SAP Asset History Sheet Report to manage asset lifecycles, from acquisition to retirement. It could discuss how the report can be used to track asset transactions, impairments, depreciation, and disposal, and highlight

Taxes on tangible personal property assets – also known as “fixed assets” – represent a significant portion of a business’s state and local tax obligation. One of the challenges in managing property tax is properly identifying and reporting all the assets that are subject to tax, as well as properly allocating the correct depreciation schedule.

To capitalize it or not?! That’s the question! The U.S. GAAP requires the capitalization of costs when incurred a future economic benefit. While, in some cases, the decision of whether to capitalize or not is unclear, an equipment purchase is a straightforward case to capitalize the costs. Want to learn more about Asset Accounting and

If you’re a controller, supply chain financial manager, property managers, or an asset manager, you probably know how challenging to manage and track your fixed assets can become. From office equipment to production machinery, there are valuable assets that need to be tracked and managed properly for financial reporting, tax, operations, and regulatory compliance. One

Fixed asset management best-practices and RFID tracking technology enhance proper accounting, valuations, and financial reporting. Fixed assets like vehicles, machinery, computers, furniture, and equipment often represent the largest item on the balance sheet as the “long-term tangible assets”. One of the challenges of fixed asset management is manually managing and tracking asset transfers, disposals, and

IAS 41 “Agriculture” establishes the accounting standards for agricultural activities. This standard specifies how to recognize, measure, and disclose the assets and liabilities of agricultural activities. It also provides guidance on the accounting treatment for biological assets, such as crops, livestock, and trees, and agricultural produce at the point of harvest. The introduction of IAS