Business Incorporation

If you are a company with connections to the US, you might be required to know about the Sarbanes Oxley act. If you are an American company and haven’t heard of it before, then you have already learnt something about it. It’s a United States act.

The Sarbanes Oxley act is an act that was signed into US law in 2002. It was designed to put a stop to the things that went on it Enron and Worldcom. Both of these companies announced that they had been running on fraudulent deals for several years. In that year, it wasn’t required for any companies to present their finance records.

What it does is it makes sure that the companies are run safely and lawfully, if it’s found that they are not, the owners are help resonsible for any wrong doing.

The act means that CEO’s and CFO’s are required to sign the books for the company. They must sign the books before handing them over to ensure that the information is true and it represents the earnings of the company.

If it turns out the records are incorrect, there are a number of punishments available for the Chief Officers that signed the records.

Like I said at the top, you might not be required to follow the act. Only companyies within the US, UK or Europe and have listings in the US stock exchange are required to follow the act. You should also be required to follow the act if your company is based in Europe and it;s a subsidiary of a US company.

Some companies find the Sarbanes Oxley act to be a real pain. Because the company is required to report every single business transaction, even the sale and purchase of company assets. This is where people have the problem because all the company’s fixed assets must before recorded.

The process of fixed asset accounting can be expensive and take time. If you do it yourself within the company it can take several months and can often result in errors. The most efficient way to get a complete audit of your assets is by hiring an external asset management company to do the job.

Unfortunately, it’s still not a cheap process to do. However, the majority of asset management companies will offer you different features to make asset auditing simpler in the future. Many of the companies also offer Sarbanes Oxley compliance software which will make the job even easier for you.

Hopefully you will now know what the Sarbanes Oxley act is and how you have to abide by it. No doubt you won’t like the sound of the act, but you can blame Enron.

Small Business Advice asset managemet, asset tracking, assets, business, sarbanes oxley

Whether you are a decision-maker in a large corporation, a small business owner, or simply a homeowner or renter with a lot of stuff, it might be a good idea to consider using asset tags to keep track of your assets. Asset tags in conjunction with a well-maintained database can help you keep a handle on all your valuable assets.

What are asset tags?

Asset tags are labels.Made from plastic, metal or polyester, and can be adorned with your company's logo or your company information.They are very durable, waterproof, and can be made to prevent easy and complete removal. That way nobody can take a tag off one piece of equipment and put it on another.

What are they for?

Asset tags can prevent or decrease employee theft, make keeping records easier and help with the process of filing an insurance claim in the case somthing happens at your company. Your bank may even require them to verify your assets for loan purposes.

Some examples:

• Your company buys all new computer monitors and distributes them to each employee.It is going to happen, an employee is let go or quits, and next thing you know that computer is missing. With no asset tag, you cannot know for sure exactly which one of those new monitors is gone. With an asset label and a well-maintained database, however, you can be sure that the monitor missing is the one assigned to that employee. If your database is robust enough you can also have easy access to any insurance or warranty you hold on the item.
• You have a fire at home and most of your possessions are lost. With an asset tag system along with an updated database, it’s a two-click process to get your claim information together for your insurance company.
• As an employee, you come into work one day and some of your equipment is missing. With an asset protection system, your employer can verify that you are not responsible for the missing items.

How can I make asset labels ad tags work for me?

Buying the tag is the first step. Beyond choosing the color, material, and look of your label, you will also have to decide if you want sequential numbering and barcodes.Suppliers would say use both, so that each tag will be unique and so you can use the barcode system to make your asset management program more powerful.

Even if you do not plan to use a scanning system right away, it is better to label once, even if you’re going to categorize twice. Additionally, using a scanning system is surprisingly easy. A little bit of legwork on the front end insures that your assets are tracked and managed. Just apply asset tags, scan and record their data into a database, and keep it updated as you add or remove assets from your inventory.

It doesn't matter if you are starting an asset management system at your business or your home, please don't forget that it starts with the asset tags.

Small Business Advice asset tags, assets, business, labels, tags