Fixed asset accounting is an integral part of any business' operations. It allows for safeguarding, monitoring, replacing, insuring, and reporting fixed assets for financial and tax purposes.
Businesses neglect their fixed asset accounting because, directly after their acquisition, management views related depreciation expenses as non-cash transactions and reports them below operating net income. This is an out-of-sight, out-of-mind phenomenon.
We have also observed that many businesses are notoriously understaffed in their accounting departments in terms of headcount and talent. Consequently, fixed asset accounting becomes the least and last area of accounting to receive attention, if at all.
This is where Your Fixed Asset Accountant (YFAA) comes in.
YFAA is not a bookkeeping service or an accounting firm. We provide only fixed-asset accounting services to businesses, governmental agencies, and not-for-profit organizations.
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