Massachusetts refines Department of Capital Asset Management laws
July 16, 2012
As budgets tighten in a lackluster economy, so do the standards and practices used to keep track of finances and fixed assets
. Some of the hardest hit entities in the last few years have been state and local governments, as well as the federal government.
As the State House News Service reports, the Massachusetts State Senate recently passed a government reform bill that will demand better accounting and oversight of public assets, revenues and performances.
According to the source, part of the legislation will bring all former laws pertaining to the Department of Capital Asset Management under one, unified bill. This will improve accounting and keep all managed assets better controlled.
When the recession first hit, Massachusetts had to cut a significant amount of budgetary obligations, such as state healthcare funding. While much of this came from reductions in tax revenues, the state, like many organizations, came to realize that it was time to refine its accounting practices.
Organizations of all sizes can benefit from asset management software, which managers can use to ensure that all compliance requirements, depreciation
calculations and more are being carried out properly.