NEWS

Overlooking your fixed asset schedule might seem trivial, but it's a key aspect of financial management. In this blog post, we will take a look at the crucial role this plays in your business.

 

Benefits of Fixed Asset Schedule Reviews:

• Identifying discrepancies in your fixed asset schedule ensures that your financial statements reflect the true financial state of your business.
• Scrapping fixed assets can be claimed as a tax deduction, reducing your taxable income and potentially lowering your tax liability.
• By having up-to-date fixed asset information, you will be able to make informed strategic decisions, be it expansion, investment, or asset disposal.

 

Best Practices:

• Regularly review your fixed asset schedule to identify discrepancies promptly.
• Accurate documentation to record assets correctly.
• Professional advice is key to maintaining an effective fixed asset schedule.

 

Investing time in reviewing your fixed asset schedule is indispensable for sustaining your business’s financial health. As your trusted accounting partner, we’re here to assist you in navigating this process effectively. Don’t hesitate to reach out for personalised guidance tailored to your business needs. Taking proactive steps to manage your fixed asset schedule fosters your business’s resilience in New Zealand’s competitive landscape.

 

Disclaimer

This information is intended to provide general advice only.  We recommend you discuss your specific situation with your Accountant.