Dallas-based Romco Equipment Co., a construction-equipment dealer representing several major lines including Volvo, Hitachi and Ingersoll-Rand, has engaged Accruit, LLC, of Denver, to design, implement, and administer an innovative repetitive like-kind exchange program. This process will reduce Romco's tax bill on the replacement of the company's rental equipment fleet and will dramatically improve cash flow.
"We have already generated significant cash flows from our new like-kind exchange program and we chose Accruit because it has integrated its qualified intermediary and cash management services,” said Craig Burkert, Romco's chief financial officer said. “They have wrapped comprehensive services around their asset tracking software application to create significant efficiencies in the administration of our like-kind exchange program."
Accruit is the only fully integrated, Web-enabled qualified intermediary in the U.S. providing full like-kind exchange management services, the company said. “The Accruit Exchange Manager, fully automates the like-kind exchange process — from transaction and cash management to complete asset and tax depreciation tracking,” explained Craig McSavaney, Accruit's CEO. "Coupling the application with Accruit's team of client service managers provides Romco with a truly hands-off LKE solution."
Romco Equipment is No. 77 on the RER 100.