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Introduction  Asset tracking and Fixed Asset programs play a critical role in managing and maintaining valuable assets within organizations across various industries. Two popular technologies used for asset tracking and fixed asset programs are Radio Frequency Identification (RFID) and barcodes. While both have their tracking characteristics, RFID has emerged as a superior option for asset […]

International Accounting Standard 16 (IAS 16) plays a crucial role in establishing consistent and transparent reporting practices for property, plant, and equipment (PP&E) across various organizations. Compliance with IAS 16 ensures that these tangible assets are recognized, measured, and disclosed appropriately in financial statements.  This article serves as a comprehensive guide to understanding and implementing

RFID Systems are a cutting-edge technology to inventory control and management. RFID, or radio-frequency identification, is essentially a tracking technology that uses radio frequency waves to remotely identify and manage objects. Manual data collection processes using barcodes and spreadsheets can be time-consuming and prone to errors, which leads to limited inventory visibility.   In this article,

From asset registration and maintenance planning to asset tracking and retirement, an EAM system streamlines asset management processes, improves efficiency, and enables data-driven decision-making.  In this article, we will explore the understanding and benefits of EAM, its evolution, and how it integrates with other systems, including IoT devices for real-time asset monitoring. What is an

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.