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FAQ

QUESTIONS / ANSWERS

Frequently Asked Questions !!

Have Questions? Here you'll find the answers most valued by our partners.

Service Related

Often, businesses fail to maintain their fixed asset accounts, including depreciation expenses, which shows the need for capital to replace nonfunctioning, deteriorating, and outdated equipment.

In addition, failing to report fixed-asset activity properly does not give business owners and managers a way to measure the effective use of fixed assets to meet their business’ financial goals.

Consequently, because of this failure, businesses are unable to obtain the proper return on their fixed-asset capital expenditures.

We take on the labor-intensive accounting work of maintaining your business’ fixed asset accounts and reconciling them to the subsidiary ledger or module (and spreadsheets for smaller businesses).

Our services are essential even if you have an internal bookkeeper or accountant or use external accounting services for your day-to-day accounting.

We have found that most accounting departments are short-staffed or lack the talent to maintain fixed-asset general ledger accounts.

We charge a competitive, hourly rate and are efficient and effective because we focus solely on fixed asset accounting as a service.

Most businesses have limited accounting personnel, yet fixed asset accounting is crucial for proper financial reporting and the maximization of the return on capital expenditures used to achieve their goals.

We work with all business sizes including governmental agencies.

Does YFAA utilize the Modified Accelerated Cost Recovery System (MACRS) to calculate tax depreciation?

Yes, we can accommodate any number of fixed assets. We have customized plans for businesses with more than 200 fixed assets.

Yes, reviewing repairs and maintenance expense accounts is a fundamental feature of each monthly subscription plan.

YFAA is efficient because we do not perform any other services. However, the time needed depends on the quality of the business records when the work begins.

We use the following main depreciation methods for financial reporting: Straight-Line, Declining Balance, and Sum-of-the-Years’ Digits.

Yes. We can maintain clients’ fixed assets using MACRS.

Administrative Related

There are no long-term contracts. You may end your subscription plan with a 30-day notice.

Yes, you may change your plan at any time. Unfortunately, we do not prorate the monthly subscription plan amounts.

Yes, you may cancel your subscription at any time.

Unfortunately, we do not provide refunds. However, no additional billing will occur after the plan cancellation.

We will adjust your subscription plan in the subsequent period to accommodate the new asset count.

General Information

YFAA offers premium services at competitive, hourly rates. Here is a list of our premium services:

  • Fixed Asset Accounts and Subsidiary Ledger Cleanup
  • Construction-in-Progress Schedules Maintenance
  • Policies and Procedures Development
  • Capitalization Policy Development
  • Internal Controls Development
  • Capital Budgeting Process Assistance
  • Pre-Audit Support: Roll-Forwards
  • Machinery and Equipment Appraisals
  • Personal Property Declaration Assistance
  • Physical Inventory
  • Asset Tagging Service
  • Donated Assets Valuation

We perform fixed asset accounting using our software. However, if clients prefer for us to update and maintain their fixed asset accounting using their accounting software, we will request limited access rights to their software.

Yes, YFAA will assist in producing auditors’ requested Prepared by Client (PBC) schedules including fixed-asset account roll-forwards.

Not-for-profit organizations have the same fixed-asset needs as for-profit organizations, and they often lack the personnel to keep their fixed-asset accounts current and up-to-date.

We operate as an extension of a business’ accounting department to work exclusively on its fixed asset accounting. We do not perform compilations, reviews, audits, or any other bookkeeping or accounting services.