Tax departments and auditors are accountable for keeping up-to-date depreciation schedules and calculating the present year's depreciation expense. This task is usually done through spreadsheets, which are unfortunately prone to roll-over errors and inconsistencies.
Due to its significance to audit departments, it is essential for senior leadership of any organization with fixed assets to institute a reliable and automated method of fixed asset depreciation. This will help to improve accuracy, streamline processes and reduce the possibility of errors.
Unlock Time Savings with Cascade
Maintaining and computing fixed asset depreciation reports can be a lengthy and laborious undertaking, often requiring a large accounting team. Cascade workflows offer a practical solution to this challenge, automating the calculation of fixed asset depreciation liabilities in a visually illustrative step-by-step manner. This not only saves time, but also enables accounting staff to reallocate their resources to more analytical and discerning tasks, rather than having to spend their time on the tedious and repetitive processes associated with preparing an accurate fixed asset depreciation report.
Streamline Your Fixed Asset Depreciation Reports
A Cascade workflow provides a reliable, repeatable process for preparing fixed asset depreciation liabilities accurately and consistently. This ensures that the useful life regulations and depreciation methods are kept up-to-date and applied uniformly. Furthermore, implementing and applying new requirements are simplified, saving substantial time and effort.
In the event of a regulation reversal, Cascade workflows provide an expedient way to calculate depreciation reversals and produce precise financial statements. This eliminates the need to manually reconcile prior depreciation entries, saving additional time and resources. This is done without expending significant effort and time to manually reconcile prior depreciation entries.
Input
An Import from Integration tool directly links the workflow to a fixed asset register, creating a cohesive system with a unique asset identifier, asset description, in-service date, acquired value amount, depreciation method, and useful life. This union allows for greater accuracy and efficiency in the tracking of fixed assets, streamlining the process and eliminating tedious manual labor.
Exception Reporting
The Deduplicate and Join tools offer the accounting department a comprehensive approach to exception reporting.
These two tools work together to identify and resolve assets with duplicate unique identifiers. The Deduplicate tool isolates any assets with duplicate unique identifiers, while the Join tool enables the accounting team to isolate and report the assets to the owner of the fixed asset register.
This combination of tools provides an efficient and reliable way for the accounting department to confirm the accuracy of their tax liability reports. By isolating assets with duplicate unique identifiers, the accounting team can be sure they have identified any discrepancies in the tax liability being reported.
Apply Depreciation Methods
Depreciation methods can be intricate and subject to frequent change. To ensure that a consistent rate of depreciation is applied across analogous assets with comparable depreciation methods and useful life, the workflow designer has adopted the use of a New Table tool. This tool is used to track the relevant depreciation methods for their accounting team’s records.
Reporting Results
Data Apps are an invaluable tool for making data readily available to accounting professionals, upper management, and colleagues. With their help, users can easily access and share multiple tables, extract visualizations and reports, and perform self-service data analysis. Such an arrangement provides a range of practical insights that are otherwise unavailable to these individuals. The potential for these applications is immense, allowing for enhanced decision making and better informed business strategies.
