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In today’s globalised marketplace, the UK business accounting environment is complicated by the international connections that may place or may need to be initiated when establishing relationships with overseas suppliers and customers. If you are a UK subsidiary of a US listed company or a UK company doing business in the USA, you may have to comply with Sarbanes-Oxley.

Finance departments are also being held increasingly accountable and with the ever-changing requirements of Sarbanes-Oxley, IFRS, GAAP, the Turnbull Guidance and the need for an effective system to control fixed asset accounting has never been greater.Whether in relation to reporting or providing a secure audit trail, organisations have to ensure they remain up-to-date with the current international compliance requirements for their sector.Many accounts departments still rely on spreadsheet which can handle simple calculations and are still a practical tool for management wanting to make “what-if” decisions. However the level of accounting complexity demanded today requires investment in asset tracking software systems that are easy to integrate with other enterprise level systems, tracking asset changes or producing a clear audit trail.

Using specialist and tailor-made inventory management software that can control, track and record the changes that occur in an asset’s lifetime saves time and money by eliminating the need to manually enter or update each asset.They can also provide a seamless interface with leading general ledger products, thus retaining the value and usefulness of any prior software investment you may have made. Any number of historic or current cost accounting books can be set up to allow different values and currencies to be associated with individual assets meaning that keeping track of your physical and IT assets is fully compliant, no matter which territory you do business in or which legislative environment dictates your reporting procedures. And all that makes exporting and overseas trading easier, quicker and cheaper.