Recent Articles

Common spreadsheet mistakes when managing assets

Fixed asset management is not an easy task. It requires a lot of inspections, reporting and calculations to account for the depreciation of certain properties and equipment. As a consequence, there's a lot of paperwork to cover everything that needs to be assessed. Most companies still rely heavily on spreadsheets that require a lot of manual data entry. While programs like Microsoft Excel help handle extensive calculations, that doesn't change the fact that accountants can still make mistakes. These errors can cost companies millions of dollars. Using fixed asset software helps calculate depreciation, and other features can automate the entire process without having to make common…

Read More

Managing the damage from government-owned assets after severe weather strikes

Most state and municipal government agencies have a long range of fixed assets to manage on a regular basis. That includes property, equipment and other basic tools that may be needed to conduct daily work. It also includes roads and infrastructure that are necessary to keep towns running. This management often comes under pressure when severe or catastrophic weather strikes. As with property owners, it is up to government officials to properly assess what has been lost and what needs repair after a severe storm. As a consequence, it's essential for governments to have a fixed asset accounting system in place that monitors everything…

Read More

GPS tracking can alleviate theft

Vehicles represent a common type of fixed asset at many businesses. Being able to keep track of these vehicles is essential in fixed asset management. This is because they're often significant investments that are required for specific purposes. The construction sector needs to deal with managing these vehicles especially, but there are other heavy industries that require a major amount of light and heavy vehicles for regular use. Because of the work involved, there can be a greater risk for theft under many circumstances. This is why GPS tracking incorporated into asset management systems can help mitigate the effects of theft of…

Read More

Two large manufacturing companies relocating south to Texas

There are a number of reasons why a company would want to implement an inventory management system to help protect its fixed assets. The purchase of materials that will be used for revenue generation can become an expensive endeavor, particularly depending on the industry. Making sure these tools are accurately accounted for and protected from damage, theft and loss so they are available for use when needed is a critical focal point for businesses. However, there is another situation that calls for the use of aggressive inventory management practices: corporate relocations. When a company makes the decision to move its base of…

Read More

Tracking assets when disaster strikes

Companies need to prepare for the worst when dealing with inventory management. Sometimes, a natural disaster will occur at a headquarters, satellite offices or project sites. When that happens, it can not only cause significant property damage, but it can also make assets such as equipment break or go missing. Disaster recovery in business is often contingent on how much property and goods a company can recover after the fact and how much of it is still usable. Proper accounting after such an event also requires reassessing inventory to determine any items that are missing or damaged beyond repair. Equipment tracking and…

Read More