Keeping track of fixed assets is a major task for any long-term care facility. As furniture, equipment, and hundreds or thousands of other assets depreciate, you generally need to spend a significant amount of time documenting changes in their value for tax purposes.
But what if your EHR could automatically flow all of your journal entries into a fixed assets module that does this work for you? Well, the result would be less time spent on taxes, lower CPA charges, and bigger tax breaks. Much bigger.
Introducing Experience Care’s Fixed Assets module:
This innovative feature can be easily added to your system to give you more accurate readings of the monthly depreciation of your assets than would ever be possible using accounting tools, like Excel or QuickBooks, which only focus on inventory management. That difference in accuracy could translate to a substantial savings on your taxes. Furthermore, the Fixed Asset module will reduce the hours of your CPA, which means you can end up paying thousands less in accounting fees.
So How Does the Fixed Assets Module Work?
The Fixed Assets module is integrated with a General Ledger that automates a workflow of purchases, monthly depreciation, and associated expenses, and gives you access to a precise account of your tax-deductible assets with just a few clicks.
The Fixed Assets module also links new assets to Master Groups with General Ledger account codes and depreciation types for a quicker setup.
What if an asset is depreciating too quickly and you want to carry those tax breaks over to another year? Well, with the Fixed Assets module, you can suspend assets by putting them on hold. It’s as simple as toggling the on/off button to deactivate or activate as needed. And don’t worry— the Fixed Assets module will be sure to keep track of all the dates of inactivity.
The Key Features of the Fixed Assets Module
- Tracks the monthly depreciation of your facility’s fixed assets—like beds, furniture, nurse carts, computers, transport vans, ice machines, and kitchen equipment—in one place
- Posts accumulated depreciation and associated expenses automatically to General Ledger
- Links new assets to Master Groups with General Ledger account codes and depreciation types for a quicker setup
- Provides multi-facility accounting
- Provides online inquiries by item and depreciation schedules
- Handles multiple asset general entry
- Uses a unique asset tag code to identify and track assets
- Assigns like assets to groups by General Ledger accounts
- Provides open areas for free-form comments
- Offers online help for detailed explanations and procedures every step of the way
- Suspends assets by putting them on hold with the simple toggling of an on/off button
- Keeps track of dates of inactivity
Contact us here if you would like to test drive our user-friendly long term care software.
Flexible Tools for Tracking and Reporting Assets
The Fixed Assets Module helps you record changes in the value of your assets and maintain information on capital assets using the methods you prefer. This module offers a flexible system with a choice of depreciation methods and user-defined setup and controls.
Keeping track of vital equipment and assets is easy with online asset information maintenance, automatic asset depreciation calculations, and integration with General Ledger software.
Fixed Assets combines data and provides on-demand reports to help organize assets by:
- Comments
- Accounts
- Depreciation sets
- Responsibility centers
- Depreciation schedules
- Forecasts
- Preliminary depreciation schedules
- Tracking Information
- Location
Is Fixed Assets for You?
Why use a primitive solution that makes keeping track of your tax deductions difficult and makes mistakes that will cost you thousands or even hundreds of thousands of dollars? Why overpay for a CPA to do something you can get done with a few easy clicks on your EHR?
Contact Experience Care to have your Fixed Assets Module configured today, and get more accurate readings of your depreciating assets how you want them and when you want them.
For more on recent trends in long term care, read our blog and subscribe to the LTC Heroes podcast.
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