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Closing the Books on Fixed Assets Best Practices for Fixed Asset Managers

Every year, whether a company’s financial reporting is based on a calendar year or a fiscal year, the time inevitably comes to close the books. For many companies, December 31st marks the end of their fiscal year, leaving less than 75 days to submit tax returns by the March 15th deadline. And though many companies file extensions for their tax return, they need to finish out the year to get the financial statements in order and tie up loose ends so the information for the next year can begin to be recorded. In all, the year-end process can often be time-consuming and cumbersome, so many procrastinate, and avoid it until the last possible minute

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Every year, whether a company’s financial reporting is based on a calendar year or a fiscal year, the time inevitably comes to close the books. For many companies, December 31st marks the end of their fiscal year, leaving less than 75 days to submit tax returns by the March 15th deadline. And though many companies file extensions for their tax return, they need to finish out the year to get the financial statements in order and tie up loose ends so the information for the next year can begin to be recorded. In all, the year-end process can often be time-consuming and cumbersome, so many procrastinate, and avoid it until the last possible minute

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