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To help entrepreneurs get their act together before they talk to investors.

Need Finance Assistance?

To help entrepreneurs get their act together before they talk to investors.

Need Finance Assistance?

To help entrepreneurs get their act together before they talk to investors.

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Tax Planning
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Boca Raton Accounting

Almost every business has assets, and most have what are called fixed assets. Many CPAs or accounting firms keep track of a company’s fixed assets as part of their accounting services. Otherwise, the business is responsible for that task so they are up to date when it comes time to submit their information to an accountant or CPA. Typical fixed assets are things that are used in the business such as buildings, machinery, vehicles, and computer equipment. Sometimes it includes the office furniture.

Difference in assets and fixed assets

The main difference between fixed assets and assets for accounting purposes are how large they are and whether they are long term. Regular assets can include bank accounts, cash, accounts receivable, and inventory. Usually fixed assets are larger items bought for long-term use or investment. Fixed doesn’t mean that they are stuck in one place, but rather they can be mobile and used in different locations, like vehicles.

Very large businesses need a way to keep track of their assets, so they will often use software that keeps tabs on what they own, where it is, the original cost, the amount of depreciation, and other pertinent information that they need to keep details of. The software will produce reports that they can hand in at tax time, as well as for their own in-house uses.

Keeping track of this information can help reduce expenses, down time, prevent theft, and calculate tax and depreciation more accurately. If they have their own fixed asset accountant, their job is to keep track of all assets from the time they were purchased right up until they are sold or disposed of. Some fixed asset accountants have a CPA background or training, others do not. Having a strong attention to detail is a prerequisite for this type of work.

Fixed assets are tracked by their depreciation because as they age, they lose value. This means they aren’t expensed just once in a given year, they are expensed a percentage of their value over time, following a schedule. The assets are often used in reports to determine how healthy a company is, and to help when determining what new assets to buy, which ones to hold, and which ones to sell. Different types of businesses will have large amounts of fixed assets, while some not so much.

A good accountant will help a business owner set up the business with the right form of business in the beginning. They will also either recommend good accounting software or manage the business accounting for them. Large businesses either hire their own in-house bookkeeping department or outsource it to the CPA firm.

A CPA and his staff should be available to answer accounting, tax, and finance questions throughout the year, not just at tax time. Tax time is usually the worst time to consult with an accountant because they are busy with income tax preparation, and because those types of questions should have been answered before the end of the prior year. That way the business knows what end-of-year deductions they should set up or consider taking.