Process: Fixed Assets – Excel® for Depreciation

Construction site at sunset

Are you still using Excel® for your depreciation and amortization?  For a few hundred dollars or so, you could have a real program that would cut time, increase accuracy, avoid worksheet errors, compute all types of depreciation for book, tax, etc. all at the same time.  Ask your auditor or outside accountant for a recommendation.  Do it now, don’t wait!  Unless you have only a handful of assets. If you have few assets then it may not be justifiable to spend even a few hundred dollars on a depreciation program.  But once you get above 20 or so, you might take a long hard look at it.  Or, work a deal with your accountant to put your assets on their system since they probably have a system that is fully capable of doing more than you will ever need.  Make sure that this is not going to cost too much.  Every time you add an asset you will have to let them know so they can update their system.  Make sure that whatever you end up purchasing will have the ability to grow with you.  System conversions are never fun.

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