Did you know that UltraTax CS contains an incredibly powerful asset module that auto-completes a lot of data entry for you—particularly when it comes to automatically completing state data entry based on federal?
The easy-to-use module contains an incredible amount of built-in guidance in the form of the Method Life Wizard, which automatically determines the appropriate depreciation method and life (per IRS Publication 946 et al.) from a plain-language drop-down list. For instance, even the most inexperienced staff member can simply select “Furniture or fixture—non-rentals” to have Fixed Assets CS automatically assign a method and life of MACRS and 7 years (as well as adjust it appropriately for state method/life differences, where necessary).
If you haven’t realized before this that you have a big opportunity to take your asset management to the next level, without any further complication of your process, now might be the perfect time to take a look at Fixed Assets CS.
Here are five ways UltraTax CS users can benefit from implementing Fixed Assets CS.
- Never re-do work between asset management and tax. Firms using an average asset management system in conjunction with their tax compliance system generally have to invest a fair amount of time keeping the two systems in sync. Whether by performing an import/export between the tax and asset systems, or actually re-keying values from one to the other, there’s generally a fair amount of work involved—which eats away at your efficiency and can lead to unsynced-but-filed returns that require an amendment later. UltraTax CS and Fixed Assets CS automatically share data with one another: make a change in one, and it’s instantly reflected in the other—no import required.
- Get granular with your reporting. Fixed Assets CS has an incredibly flexible reporting engine. Want to subtotal your assets by location, then by cost center? Done. Want a comparative Book/Tax report for all your tax clients, so you can instantly pinpoint the source of UltraTax CS’ automatic Schedule M-1 depreciation adjustments? Easy. What’s even better is that you can instruct Fixed Assets CS to push one or more reports into UltraTax CS so they appear in the Preparer and/or Client collation any time you print or preview, and even assign additional default reports to appear inside UltraTax CS for many of your clients at once. You may find that many of your staff rarely have to open Fixed Assets CS throughout tax season to access the additional reports they need.
- Eliminate re-entry of client-tracked depreciation detail. Of the nearly 20,000 customers using Fixed Assets CS, approximately 15% are corporations and other entities managing their own assets. Many of the firms using both UltraTax CS and Fixed Assets CS have maximized on this trend, replacing their large corporate customers’ existing asset management systems and homebrew depreciation spreadsheets with Fixed Assets CS. By doing so, at the close of each relevant period (whether monthly, quarterly or annually) these clients can securely send a copy of their asset data. Upon receipt, our firms can begin cleanup and review by instantly and simultaneously loading that data into both their own installation of Fixed Assets CS and UltraTax CS. Imagine what it would be like to eliminate all the year-end work of hand-keying or importing spreadsheet data into your asset management system and/or tax software. Plus, with the Method Life Wizard making it easier for your clients to select the correct method and life the first time around, you’ll generally have a lot less cleanup on your hands.
- Shift much of your asset work out of your busiest months. Fixed Assets CS allows UltraTax CS users to advance the depreciation period to the next year, leaving the current year tax data intact and providing an opportunity to get a head start on updating client asset data for any changes. Add new capital purchases and disposals, then provide updated depreciation projection reports to your clients at the drop of a hat. Did you know that Fixed Assets CS can also benefit more than just your tax practice during those “slower” months? If you’re providing bookkeeping to any of your tax clients with depreciable assets, Fixed Assets CS can also provide reports and journal entries on either a quarterly or monthly basis throughout the course of the year.
- Change options for some or all of your clients at one time. Fixed Assets CS provides template capabilities for both new and existing clients. This allows you to perform tasks for one or more clients such as adding or changing print profiles, inserting those print profiles into UltraTax CS previews, opting-out of prior or current period bonus depreciation, toggling between MACRS table and MACRS formulaic calculation methods, and many other options you might otherwise be touching on a client-by-client basis today. All these changes, like all client-specific changes in Fixed Assets CS, are also (and automatically) reflected in UltraTax CS.
An Additional Bonus for Accounting CS Customers
If you use Accounting CS, you can eliminate most of the effort required to make periodic journal entries by importing the entries from Fixed Assets CS; they come in each reporting period with just a few clicks. This procedure also helps ensure that your accounting application’s general ledger balances always coincide with your Fixed Assets CS depreciation detail records.
For more information on any of these products visit Tax.TR.com/CS, or call 800.968.8900.