Accounting software for mining companies

BusinessTech by Hashmicro. BusinessTech Hashmicro. BusinessTech By HashMicro. Sign in. Forgot your password? Get help. Password recovery. Products Accounting Industries Mining. By Anatha Ginting. January 20, Here are some of the benefits of accounting software for the mining sector: 1.

Profitability per project In mining project management, determining profit potential is very important. Calculation of asset depreciation Depreciation is the allocation of depreciation expense to tangible assets within a certain period. Amortization and accruals Amortization is also known as expenses for acquiring intangible assets such as patents, marketing rights, and computer software.

Financial reports Financial reports are useful in ensuring the availability of funds for expansion or access to new locations. Conclusion Financial management is one of the primary steps for mining companies in maximizing profits. Interest in getting savvy tips for improving your business efficiency? Strive to develop my writing skill and knowledge in terms of business, technology, and other relevant issues.

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Cart Overview. There are two of them. This can be a massive cost, running well into the millions of dollars. The mine needs to accrue for a liability for this cost as soon as it has a reasonable understanding of the amounts involved.

The other cost that can come up later in the life of a mine is environmental obligations. If so, it may be responsible for things like feasibility studies, cleanup costs, legal fees, and restoration costs. For example, a mining company buys a mine from another mine operator, and then the Environmental Protection Agency declares the area a Superfund site. In this case, both the current and former owners share responsibility for the cleanup.

Consequently, the amount of the environmental cleanup obligation will vary not just based on the latest cost estimate, but also on the ability of the other responsible parties to pay for their shares of the bill. This is a moving target for the accountant, who can expect to issue revisions to this accrued liability on a very regular basis.

Accounting for Mining. College Textbooks. Accounting Books. Finance Books. Operations Books. Articles Topics Index Site Archive. About Contact Environmental Commitment. Podcast Summary.