Fixed Asset Schedule defines ‘all the types of equipment, software and other properties’ that the company needs to acquire during the time of its establishment. In order words, fixed asset schedule is a complete list which contains the details of the fixed assets of the company which are not readily replaceable in the short run. Some of the common examples of fixed assets could be machinery, furniture and fixtures.
This fixed assets schedule is important to maintain because it is highly critical in understanding the accounts of the company. The fixed assets are not disposable in short time therefore it is important to keep a check on their costing and their utility over time so that the company does not have to procure any significant losses due to mismanagement of these schedules. To achieve it, there are company auditors who routinely check on the balance of the account on the fixed asset and trace the items listed to the general ledger balance. Since these assets are fixed which means that they find importance in the production process of the company, there are some points which could be taken into account for a better management of these schedules.
Along with the fixed assets in check, their accountability has to be maintained as well. Many companies rely on their own auditors to do so but sometimes the manual job of these people may come across as non-efficient. TRANS-series come into the picture when such issues arise. This is highly reliable when a fixed assets schedule has to be considered.
As it is known to most of the company owners that their fixed assets are prone to depreciation, it becomes important for them not to indulge in practices which can further catalyze the process without giving them a fair opportunity to dispose of their assets on time. TRANS-series is opted as the accounting system by multinational companies to avoid such complexities which could arise during the general audit of the company.
. The General Ledger system of TRANS-series provides sub-modules which accommodate all the features required for the same including fixed assets schedule. The accounting system has been developed on the basis of the level of implementation it can achieve for the companies.
Why opt for TRANS-series?
There are several reasons which make this accounting system trustworthy. The model of TRANS-series has been designed by incorporating loan management system, fixed assets management system, receivables management system, payable management system, budget control system and consolidated accounting system. These are the components of General Ledger system. Below is listed the outline of how the accounting system works.
As the process of the TRANS-series is online, it can be conducted for companies from different locations. The language setting can be changed into English and Japanese. The users can use their TRANS-series globally as a ‘standardized accounting system’ from multiple locations.
The support of IFRS is important to understand in the accounting process for public companies.
TRANS-series has been specifically designed for the companies involved in the shipping business so that it can play a role in helping the companies grow on a world wide scale.
The system is completely unbiased and is therefore good for companies which requires authentic audit for their accounts without any mismanagement happening in the process. As we are aware that many companies try to hire auditors to do their audit so that they can be relied on for the entire process. But this approach comes with a big burn in the company’s pocket. It is unlikely that any agency would not seek maximum profit during the process of audit. Also, it should be better avoided to involve a third party to avoid mismanagement and lessened efficiency. Adding to it, it is not possible for an agency to understand the internal operational cost as correctly as someone from the company would.
For fixed assets the problem during accounting is relatively more difficult. If a machine has been used irregularly, it is important to calculate the accounts according to that time frame. Manual accounting tends to miss out some of the most important aspects of it. Apart from that, it is important to take into consideration the acquisition, sale, disposal or depreciation slip when valuing the fixed assets. TRANS-series is competent to do the mentioned works to meet the objective of the accounting of fixed assets.
Over time the system of TRANS-series has become popular across Japan and Singapore. But now, it is gaining popularity in different countries as well. Due to the dedicated team at TRANS-series, many shipping companies have been able to efficiently manage their accounts and expand their companies in different countries. It is important to not just have a verifiable accounting but the process is also important to plan for the expenditures that would come in the following year. Since fixed assets are important to any company, it is important for the owners to know their use and their depreciation over time so that the disposal of the product can be easy. It is important to plan the expenses of the company especially when the owner wants to expand the business. Accounting becomes crucial in this process so that the company can run without procuring heavy losses. TRANS-series is a solution to all these concerns owing to the reliable system.
Receivable Management – A Complete Billing Platform
What are Receivables? Receivables are the dues a customer owes to the business, in exchange of services s/he gets from.....Read More