While it is an essential tool to protect against shrinkage, fraud or over- or under-insurance, fixed asset accounting is one area of the enterprise that is often not appreciated as it should be. Yet inadequate fixed asset controls can result in inaccurate earnings statements and losses to theft or fraud. In fact, according to a study by the Association of Certified Fraud Examiners (ACFE), manufacturing is among the industries most frequently affected by theft and fraud. And in more than a third of these cases involving manufacturers, tools, equipment and other assets were stolen.
Furthermore, in this conservative lending environment, accurate accounting and asset accounting in particular can determine whether a business can secure financing for operating capital, growth or further capital investment. The ratio of fixed assets to liabilities can be one of the most bankable elements of the business, and having full visibility of assets on the general ledger … download to read more.
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