Lucasys

Fundamentals Friday 📚 Tax Provisions Tax provisions are accounting entries that reflect a company's estimated tax liability for a given period, typically quarterly or annually. They are an important part of a company's financial statements, ensuring that the financial results accurately reflect the tax obligations. Tax provisions involve the estimation and recording of current and deferred tax expenses and are essential for complying with tax laws and financial reporting standards. #fundamentals #friday #tax #accounting #utilities #regulated #industry #software #service #luca #systems

Thursday Tech Talk 📣 Streamlining the Depreciation Process Lucasys Depreciation software revolutionizes your depreciation process by addressing the core problem of complexity and inefficiency. By focusing on intuitive workflows and automation, we’ve developed a solution that eliminates the burden of managing depreciation, while fully incorporating all necessary processing and reporting requirements for your business. Once fixed asset data is available, Lucasys Depreciation automatically computes the associated tax impacts, removing the need for manual configurations and clarifying previously opaque processes. With Lucasys Depreciation, your organization is empowered to focus on high-value functions such as tax planning and analysis, ensuring greater efficiency and accuracy in your financial management. #techtalk #solution #software #depreciation #complexity #inefficiencies #workflows #automation #processing #reporting #data

💡 Want-to-know Wednesdays 🔹Tax Depreciation Solutions🔹Here's what you want to know: Lucasys Depreciation software revolutionizes the way you think about your depreciation process. By focusing on intuitive workflows and automation, we’ve created a solution that takes the burden out of depreciation, while incorporating all of the processing and reporting requirements needed for your business. As soon as fixed asset data is available, Lucasys Depreciation automatically computes the associated tax impacts. No more manual configurations or opaque depreciation processes. With Lucasys Depreciation, you can be confident that your organization will be empowered to perform high value functions like tax planning and analysis. Schedule a demo today! https://lnkd.in/g4g3vXzC #taxdepreciation #software #service #solutions #demo

🔦 Team Member Spotlight: Stephen Strang: Co-Founder and Chief Technology Officer Stephen has over 12 years experience developing and delivering software solutions across a wide array of industries including rate-regulated utilities, financial institutions, and consumer product goods. In his role as CTO, Stephen has responsibility for the development and architecture of the company’s software products, as well as oversight of its security functions. Prior to Lucasys, Stephen was an engineering lead at AnswerRocket, leading the DevOps and Security teams as well as contributing to the architecture and development of AnswerRocket’s business intelligence platform. Stephen also previously served as Manager of Professional Services at PowerPlan, Inc. Stephen graduated with highest honors from Georgia Tech with a degree in Industrial and Systems Engineering. Stephen lives in Cumming, GA with his wife and two daughters. #team #spotlight #professional #utilities #software #saas #leadership

Monday Motivation from the father of accounting. #luca #systems #pacioli #accounting #utilities #tax #software #services

Fundamentals Friday 📚 Tax Basis and Cost Recovery Tax Basis refers to the amount of a taxpayer's investment in property for tax purposes. This amount is used to determine gain or loss on the sale or other disposition of the property and to calculate depreciation, amortization, and depletion deductions. Cost Recovery refers to the process of recouping the investment in an asset over time through tax deductions. This process includes several methods, primarily depreciation, amortization, and depletion. #fundamentals #friday #tax #accounting #utilities #regulated #software #service #luca #systems #amalgam

Thursday Tech Talk 📣 Ensuring Financial and Regulatory Efficiency for Fixed Assets Lucasys customers face the critical challenge of optimizing the financial performance of their fixed assets while navigating complex regulatory requirements. From work order creation to unitization, depreciation, and asset disposition, these tasks demand meticulous management and precise data. The burden doesn't stop at accounting and financial reporting. Our customers, operating in regulated industries, must also adhere to stringent regulatory standards and accurately track the impact of fixed assets through to customer rate setting. Lucasys Fixed Asset software addresses this core problem by providing compliance-as-a-service, ensuring that your rate-making and accounting processes remain seamlessly synchronized. Trust Lucasys to streamline your operations and help you meet both financial and regulatory demands with confidence. #techtalk #solution #software #compliance #service #fixedasset #accounting #reporting #regulatorystandards #compliance #synchronized

💡 Want-to-know Wednesdays 🔹Fixed Asset Solutions🔹Here's what you want to know: Lucasys customers depend on the financial performance of their fixed assets. From work order creation to unitization to depreciation to asset disposition, our customers rely on Lucasys software to collect, track, and analyze the cost components of their fixed assets. As regulated companies, our customers’ jobs don’t end with accounting and financial reporting. Our customers also need to meet unique regulatory requirements and track their fixed asset impacts all the way through the setting of customer rates. Lucasys Fixed Asset software provides compliance-as-a-service that you can trust to keep your rate-making and accounting in sync. Schedule a demo today! https://lnkd.in/g4g3vXzC #fixedassets #software #service #solutions #demo

🔦 Team Member Spotlight: Daniel Chang, Co-Founder & Chief Operating Officer Daniel has 15 years of experience leading consulting organizations and delivering value in the enterprise finance space. Daniel’s expertise includes implementing, integrating, developing, and converting tax technology systems with respect to fixed assets, provision, and cost recovery for over 100 enterprise customers. Prior to Lucasys, Daniel was a Senior Manager with Deloitte Tax, LLP and led the national depreciation, analytics, and reporting function. Daniel also served as Director of Professional Services at PowerPlan, Inc. Daniel is a Project Management Professional and graduated with highest honors from Georgia Tech with a degree in Industrial and Systems Engineering. #team #spotlight #professional #utilities #software #saas #leadership

🔦 Team Member Spotlight: Vadim Lantukh, Co-Founder and Chief Executive Officer Vadim has spent over 15 years leading teams to solve challenges at the intersection of finance and technology. During this time, Vadim has worked with over 50 enterprise organizations to improve data quality and reliability and automate critical business processes. In his role as CEO, Vadim has responsibility for the strategy and direction of the company, as well as oversight of Lucasys product management and professional services functions. Prior to founding Lucasys, Vadim served as Partner, Managing Director, and Practice Lead for Regulated Capital Consultants, LLC and Director of Professional Services for PowerPlan, Inc. Vadim graduated with highest honors from Georgia Tech with a degree in Industrial and Systems Engineering. He lives in Cumming, GA with his wife and five children. #team #spotlight #professional #utilities #software #saas #leadership