A significant trend has emerged in the utility landscape that demands attention and adaptation: the age of its workforce. The average age of employees in the industry consistently surpasses the national average. As veteran workers approach retirement, rate-regulated utilities are being prompted with both challenges and opportunities. As utilities confront their own business processes and explore the next generation of software solutions, Lucasys stands as an industry leader.
Read MoreImplementing new software systems is a challenging task for rate-regulated utilities given the scope and complexity of their operations. The importance of seamless implementation and accurate data conversion cannot be overstated. Lucasys Depreciation was designed to address the unique challenges faced by rate-regulated utilities and provides an effortless implementation process.
Read MoreLucasys Depreciation was designed to streamline depreciation for utilities, with advanced reporting and dashboard functionality that make it easier for financial and tax teams to stay compliant while saving time and effort. Calculating and tracking fixed asset depreciation can be a complicated and time-consuming process, especially for rate-regulated utilities. Large quantities of assets and strict accounting regulations add complexity to what should be a straight-forward process. Whether you're a finance professional, tax professional, or someone interested in learning more about how technology can simplify complex financial processes, Lucasys Depreciation has the answers.
Read MoreThe IRS has issued a new revenue procedure, Rev. Proc. 2023-15, providing a safe harbor method of accounting for natural gas transmission and distribution property repairs, maintenance, replacements, and improvements. This new method allows taxpayers to classify these costs as either capital or deductible expenditures, providing clear and bright-line rules to reduce the burden of compliance.
Read MoreLucasys Deferred Tax has modernized the management of deferred tax reversals by building a suite of intuitive and dynamic controls to streamline their management. Deferred tax balances and associated excess is tracked at a granular level to allow for complete calculation transparency, allowing for new insights into the accumulation and reversal of deferred balances.
Read MoreUtilities are bracing for a digital revolution, though according to a recent report most executives in the sector agree that their businesses are not prepared for it.
In the Digital Transformation and the Workforce Survey commissioned by EY Power & Utilities, nearly 90% of executives report having too few digitally savvy workers is frustrating their ability to adopt digital technologies. Not only is the problem of an insufficient workforce staring them in the face, by most of the respondents surveyed are lacking a plan on how to proceed. With near-universal agreement (94%) on the need for direct investment in technology and the workforce, utilities are soon to be left scrambling for solutions. The transformation of the power industry will be based on technology, but it will be driven by people.
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