Fiscal Tax Year End

Recently we read a thought-provoking article from Small Business Trends on the subject of Fiscal Tax Year. Many of our clients utilize a fiscal tax year instead of a standard calendar tax year.  Why do they do this?

In a standard tax calendar, your company aligns their accounting periods with a regular calendar to end the year on December 31. By contrast, you can define your own start and end dates to establish your tax year for reporting with a fiscal calendar. If a fiscal calendar is critical to your business then C Corporation offers the most flexibility. Other types of business like sole proprietors, S Corporations, partnerships and LLCs typically use calendar tax years.

The article, written by Nellie Akalp, goes on to detail:

  • Advantages of Fiscal Year Reporting
  • Companies that can benefit from this selection
  • How to change your reporting calendar

For the complete article, click here.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Split Fixed Asset Data to Separate Companies

Large organizations change over time and you need software that can adapt to these changes. As companies are acquired or sold, their fixed assets are typically tracked in different software packages. Bassets eDepreciation includes a multiple client feature that can handle an unlimited number of companies in a single database.

There are instances where fixed asset data can just be added to an existing database without much trouble, but there are many other times when the differences in the data can make this problematic. These differences can include:

  • Fiscal or calendar tax year end
  • General Ledger structure
  • Depreciation schedules
  • Standard or variable calendar (445 accounting)
  • Short years
  • Unique master lists for data entry

To handle any of these differences in a single client is simply not possible. By allowing multiple clients Bassets eDepreciation enables each company to configure options to best meet their fixed asset requirements.

IT departments also approve of a single solution to track all your fixed assets. This ensures a single installation for updates and maintenance. On the backend, a consolidated database simplifies backup operations.

Questions or comments about this post? We invite you to respond in the space below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.