Fixed Asset Management (Live Online)

Starting with establishing the importance of good fixed asset information for managing company performance, this seminar will teach you the skills, information and insights on how to make the fixed asset function a key to enhancing the company's return on fixed assets. You will learn how to make the fixed asset database accurate, how to get the cooperation of line managers and how to provide essential data for a wide range of reporting needs.Who Should Attend:If you are new to fixed asset management, this is the course for you. If you are an experienced fixed asset accountant or manager, this is your refresher course.Make yourself an indispensable asset in your organization by mastering the essentials of fixed asset management. This seminar is the ideal power up for controllers, CFOs, accountants, fixed asset accountants and line managers with fixed asset responsibilities.How you will benefit:Establish a company-wide fixed asset policyCreate a fixed asset procedures manualConsult with the company's accounting and tax professionalsReduce the company's real and personal property taxesEnsure proper insurance coverage of fixed assetsHelp ensure complete insurance recovery after a disasterChoose effective fixed asset softwareChoose effective bar-coding hardware and softwareTake a fixed asset inventoryWhat you will cover:The nature and structure of the fixed asset databaseThe stakeholders in the accuracy of the fixed asset databaseFixed asset financial statement requirementsFixed asset income tax return requirementsFixed asset property tax return requirementsThe relationship between the fixed asset database and property insuranceHow to plan and execute a fixed asset inventoryThe definition of good fixed asset software and hardwareConstruction-In-Process (CIP) accounting and the fixed asset databaseCourse Outline:Learning ObjectivesProvide the Fixed Asset Manager with the Knowledge and Tools Necessary to Ensure That Enterprises Get the Optimum Return from Their Fixed Asset InvestmentProvide Others in the Enterprise with the Information They Need to Ensure Success in Managing the Enterprise’s Fixed Assets EffectivelyIntroduction to Fixed Asset ManagementDefine and Distinguish Between Fixed Assets and Intangible AssetsIdentify Internal and External Stakeholders Who Demand Effective Asset ManagementExplain the Job of the Fixed Asset Manager and the Significance of Your Role in the OrganizationFixed Assets in Financial StatementsUnderstand the American Rules for Recording Fixed Assets in Financial StatementsApply the Rules When Determining, for Financial Statement Purposes, an Asset’s Cost, Useful Life, Depreciation Method, Salvage Value, and Other CharacteristicsBe Able to Consult with Your Enterprise’s Financial Accountants on How to Use These RulesBe Aware That the Source of These Rules Is the FASB CodificationRecognize the Requirements These Rules Place on the Fixed Asset DatabaseUnderstand Where the IFRS Rules Are Different for Fixed AssetsFixed Assets on US Income Tax ReturnsUnderstand the Rules in the US Tax Code for Recording and Reporting Fixed Assets on US Income Tax ReturnsUse These Rules to Determine, for Tax Purposes, an Asset’s Cost, Useful Life, Depreciation Method, Salvage Value, and Other CharacteristicsUnderstand the Many Complex and Specific Rules for Different Types of AssetsBe Able to Consult with Your Enterprise’s Tax Experts on How to Use These RulesIdentify the Sources of These Rules—The US Internal Revenue Code and Various Internal Revenue Service PublicationsAppreciate Issues Relating to State and Foreign JurisdictionRecognize the Requirements These Rules Place on the Fixed Asset DatabaseFixed Assets on Property Tax ReturnsDistinguish Between Real and Personal Property for Taxation PurposesDiscover Potential Tax SavingsImplement Strategies for Reducing Property TaxesFixed Assets, Property Insurance, and Property MaintenanceUnderstand the Meaning of the Insurable Value of an Asset and How to Obtain ItKnow How to Work with the Enterprise’s Insurance Executive Regarding Fixed Asset InsuranceOwn the Importance of Having a Field for Insurable Value in the Fixed Asset DatabaseEnsure That Your Enterprise Has Adequate Proof of Loss Information Available for All Fixed AssetsUse the Fixed Asset Database to Assist in Property MaintenanceThe Fixed Asset Database and Fixed Asset ReportingComprehend the Detailed Fields Necessary in the Fixed Asset DatabaseCompare the Master List of the Fields in the Fixed Asset Database with the One Provided By Software VendorsUnderstand How to Structure an Asset ID NumberDecide Whether to Add Pictures of Assets to the DatabaseCreate an Asset Category List Appropriate for Your EnterpriseCreate a Tentative List of Necessary Fixed Asset ReportsManagement Tools for the Fixed Asset ManagerList and Own the Steps Necessary to Become a Successful Fixed Asset ManagerIdentify the Management Tools the Fixed Asset Manager Employs to Be EffectiveUnderstand the Impact Human Relationships Have on Fixed Asset ManagementIdentify and Evaluate the Hardware an Software Tools Necessary to Create and Maintain the Fixed Asset DatabaseOther Important Duties of the Fixed Asset ManagerResearch the Technologies Available for Tagging and Implement a Tagging ProgramTag, Inventory, and Track Company AssetsCreate the Forms Necessary to Control Asset Location and MovementUnderstand and Apply the 2013 IRS Fixed Asset Capitalization RulesUnderstand the Issues Pertaining to Recording Expensed Items in the Fixed Asset DatabaseFixed Asset SoftwareSearch for Good Software Vendors on the InternetUnderstand the Pros and Cons of Software That Your Fellow Students Are UsingList the Principal Technical and Vendor Requirements for New Fixed Asset SoftwareDraft a Request for Proposal for New Fixed Asset SoftwareUnderstand and Follow the Steps for Managing the Installation of New Fixed Asset SoftwareTaking a Fixed Asset Inventory and Inventory ReconciliationPlan to Take a Fixed Asset InventoryProduce a Fixed Asset Inventory PlanMake the Critical Decisions About Tagging, Barcoding, and Taking Pictures of AssetsSelect the Inventory-Taking TeamManage the Actual Taking of the InventoryReconcile the Inventory Results to the Fixed Asset DatabaseConstruction-in-Process (CIP) Management and ControlExplain the Difference Between Regular Fixed Asset Management and CIP ManagementList the Basic Tasks of CIP ManagementUnderstand the Special Software Used for CIP ManagementCraft a CIP Coding StructureTransfer CIP Information to the Fixed Asset DatabaseList the Basic Tasks of CIP ManagementNote: The emphasis in this seminar is on the management of fixed assets in for-profit companies.