Ristech Company is both delighted and honored to announce the addition of a new SupraScan Quartz A0 scanner at the prestigious McGill University Library in the historic city of Montreal, Quebec.
McGill University, a crown jewel of Canada's university system, has offered high quality education to Canadian and international students around the world for nearly 200 years. Over the past two decades, the institution has embarked on an ambitious digitization program that currently features several sophisticated devices for capturing the rare bound content and other treasures of its acclaimed library.
The SupraScan Quartz A0 now gives them the ability to scan sizeable, fragile bound texts as well as large, antiquated single sheet maps and drawings up to 33" x 46" in size. These antiquities would normally be secured deep within large dark drawers and publically available only through painstaking handling and care. The superior imaging technology of the Quartz will shed permanent light on these hidden gems and allow new eyes from around the world to enjoy all the beautiful facets that they have to offer.
Ristech to Attend ARCL Conference, March 22-25 2017
Spring fever is in the air and new digital imaging projects are in full bloom. What's more, high quality digitization has never been so streamlined, efficient and affordable! Come visit us at this year's ACRL convention in Baltimore, Maryland. Stop by booth 1504 to view our exciting line of manual, semi-automated and automated digitization products, including our KABIS II+ which offers 23 megapixel, high resolution digital images at speeds of over 1,700 pages per hour!
Benefits of Purchasing New Equipment under the Recent U.S Tax Changes
There has never been a better time for scanning service bureaus and other small businesses to thrive as now. The new U.S tax laws are exceptionally favorable when purchasing office and other equipment; this is set to save businesses hundreds of thousands of dollars!
Viewed by experts as a complement to PATH (Protecting Americans from Tax Hikes), the new tax regulations will contribute immensely towards saving small businesses over $620 billion by 2025.
As permanent incentives, the changes target the procurement procedures with the intent to streamline operational budgets. Unlike before, these tax provisions are not subject to the whims of lawmakers, fostering a stable and more confident business environment.
Scanning Service Bureaus
As companies gather more big data in this IoT age, scanning documents becomes time-consuming and tedious. If you are a scanning service bureau, the purchase and maintenance of scanners and other equipment is a breeze under enacted tax guidelines.
Section 179 in the U.S Tax Code grants taxpayers the option to enlist certain property and equipment under expenses. These are then deducted from income tax, drastically lowering purchase prices.
When purchasing scanners and other select office supplies, bureaus can now write off cumulative costs over several years! If you have a lean operating budget, this huge relief can be extended throughout the equipment’s projected lifespan.
Typically, scanning equipment depreciates with time, mincing away its value with each use. Rather than purchase a photocopier for $10,000, business can make $1,000 deductions annually over ten years.
Simplifying the Deduction Process
As a business owner, the thoughtful deduction process allows you to write off entire purchases within the same year they are made! Currently, the maximum amount deductible is $1 million, well within the realization of small and medium enterprises.
Initially, the maximum amount deductible was $10,000, leaving businesses with huge deficits from each new equipment purchase.This incentive motivates American small businesses to invest and grow further.
Equipment Covered Under Section 179
To accord scanning service bureaus more leverage, wholesome deductions to all equipment costs annually translates into more purchasing power. However, IRS has strict definitions for equipment covered by this new tax provision.
The equipment must be acquired by purchase, for business use, and eligible. Computer equipment, printing presses, and off-the-shelf Software Office Machines fit this description. As long as the equipment is new to you’, the deduction also applies to previously used supplies.
Note: While the new tax regulations curtail annual deductions at $1 million, small business investments are limited to $2 million within the same period. Beyond this, deduction is reduced by the dollar. Should annual investment in assets hit $2.5 million, the 179 tax provision will cease being beneficial.
Development and Research
Research facilities need top-tier scanning equipment to make the most of each hypothesis. In recognition of the unique role they play in supporting startups, the new tax laws, tax credit has been revised permanently.
If yours is a startup, claiming credit against your payroll tax liability offers you boundless growth opportunities. In recognition of the stiff competition and amazing innovations arising from startups, the new tax laws create a level playing field.
Upon request and review, a business can take a deduction on the purchase of qualified equipment beyond what is typically available. In 2018, the bonus will drop to 40% before stooping to 30% a year later. This provision will then cease; there is still time to make the most out of it!
This bonus, unlike the 179 deductions, is only applicable to brand new equipment. Combining bonus depreciation with the section 179 expensing will have huge impacts on business’ profit margins going forward.
Hiring Less, Automating More
Under the new Tax Cuts and Job Act, the reduced threshold for purchasing equipment is set to see a 20% reduction in payroll costs. The labor-replacing machinery, such as advanced scanners, is taking the retail industry by storm. In a mere 10 years, 7.5 million jobs will be automated!
The reduction in short term taxes has been warmly welcomed; businesses acknowledge that money is worth more now than in the near future. As these provisions begin phasing out in five years, more retailers are expected to offer more automated services.
With new and automated equipment, retailers will be saving $14 more by cutting-down on the workforce, a 20% increase from 2017.
Investing in Scanning Equipment
If the prices remain as they are, businesses are advised to accelerate purchase of equipment. The new tax savings are readily applicable sooner than later, leaving you with fewer obligations. Immediate expensing under the new tax plan is especially beneficial to capital-intensive businesses.
Even as small businesses reap big, the long-term effects of the tax break are still anyone’s guess. Could this instigate a capital-investment hangover as later as 2022? The lawmakers have combated a potential future recession with the five-year provision.
Immediate Expensing Has Worked Before
Prior to the tax bill, immediate expensing had been tried but not at this maximum level. Small businesses are expected to do impeccably well as these unprecedented levels roll out! Some business lobby groups, however, want this provision made permanent altogether.
To boost productivity and increase investments, an extended expensing period will give businesses the absolute confidence to place even larger stakes. Scanning Service Bureaus, categorized as corporate organizations, will be enjoying a tax rate drop to 21% from 35%.
Businesses Get to Keep Larger Shares of Their Incomes!
Small Businesses Reap Big With permanent deduction provisions, enticing perks, and the expensing incentives, scanning services and other small businesses are off to a good start.
While businesses will eventually lose the bonus depreciation, other incentives might be in the offing by 2022.
Planning your business investments and expenses will be more rewarding, thanks to the accommodated tax laws enacted. This level of predictability is already seeing huge interest in other capital-intense business setups.
Before You Go
Purchasing new equipment is a substantial investment; planning out well in advance is crucial to success. Have the new tax laws proven beneficial to you yet? Let us know in the comment section.
If you would like to learn more about the newly enacted tax laws and ho w they will impact your business, get in touch.Your prosperity in business is our biggest motivation. We look forward!
Yewon Son was in first-year engineering when she developed a plan with five others to save the University of Toronto's rare books from the library’s condensation problem. When 750,000 volumes of rare books are imperiled by condensation, it’s time to think outside the building.
Since at least 2004, the Thomas Fisher Rare Book Library — which houses books including all four of Shakespeare’s folios and a papyrus from the time of Christ — has had a condensation problem. The insulation inside the library has been slowly degrading and condensation has been building up, according to Loryl MacDonald, interim director of the Thomas Fisher Rare Book Library. This also resulted in fluctuations in the temperature, something that can be detrimental to books that need climate controlled environments.
The problem landed in the lap of Yewon Son and her five classmates. Son, a 21-year-old U of T student, was18 at the time and had only recently finished high school... Read More...
FADGI and Metamorfoze - two sets of preservation standards you should know about
FADGI and Metamorfoze are two sets of preservation standards and metrics developed within the last decade to provide comprehensive numerical analysis of accuracy and quality of digitized image output from a wide array of imaging devices. FADGI (Federal Agencies Digitization Initiative) was first developed in the United States in 2007 as a collaboration between federal agencies to ensure best practices and superior quality for the digitization of still images and audio/visual content. Metamorfoze was developed through a partnership with the National Library of the Netherlands and the National Archives as a series of digital preservation guidelines for two dimensional materials and now is used across Europe and elsewhere in the world.
Both FADGI and Metamorfoze use a tiered rating system to evaluate the quality of digitized content. FADGI uses a rating of 1-4 stars, with one star being the lowest quality and 4 representing the highest (preservation level) quality. Metamorfoze uses three separate categories that correspond to FADGI's 4,3 and 2 star ratings, respectively: Metamorfoze (the highest, or preservation quality), Metamorfoze Light, and Metamorfoze Extra-Light.
Using an integrated method of physical imaging targets and an official, computer-based analysis software known as Goldenthread, FADGI captures and analyses a wide array of color, light resolution and detail metrics at the device and/or object level and separates them into several distinct categories. These categories measure lighting and luminance uniformity, RGB color accuracy, white balance, tone response, spatial frequency response, image noise, color registration, and sampling frequency. From images of an industry accepted test target captured from a specific imaging device, Goldenthread plots the data as a series of charts and graphs which then compares the results alongside a baseline set of industry accepted values in order to determine a final rating.
FADGI ratings can be used to determine a specific digitized output's suitability for display and/or preservation. A four star rating signifies stringent, preservation-level content; a superior comparison of color, tone and detail accuracy between the original, still image and its digitized counterpart. A three star rating signifies fairly accurate digitized content that would be suitable for full color re-printing through most commercial printers as well as high-success optical character recognition (OCR) and searchability. A two star rating may indicate an image suitable for average OCR accuracy and as a means of reasonably accessible online access. A one star rating reflects subpar image quality that would be strictly for direct reference to the original, physical item or for limited, textual purposes only.
While primarily as a means of assessing overall performance of both linear and area array imaging technologies as well as quantifying consistent image quality that meets baseline parameters and other technical specifications, FADGI standards can also be used to better configure and adjust variable digital image capture devices to improve overall image quality. Settings in regards to lighting, color space, lens type, focus, shutter speed, exposure time, ISO speed, aperture setting, and white balance of camera sensors and planetary imaging devices can be objectively analyzed and fine-tuned to optimize capture content as well as streamlining the pre- and post-capture processes involved in the digitization workflow.