Recent Articles

How asset management software can benefit construction companies

When fixed assets are lost, damaged or stolen, it can have severe consequences for the owners of these items. In many instances, replacement is the most viable option. However, this can result in the company incurring additional costs, which may be passed down to consumers. Construction is an industry that relies heavily on fixed assets to complete a number of different projects. In many cases, both large and small pieces of equipment are used by general contractors and laborers on a construction site. However, one of the drawbacks is that many times, a number of  valuable pieces of machinery or other tools are…

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Differences between asset and inventory management systems

Fixed assets can be defined as any items a company purchases outright for business purposes. These material investments can either be sold for a profit or utilized in day-to-day tasks that a business can charge a client for services rendered. Regardless of the business function, the fixed assets themselves must be protected at all time. If not, it can have a severe negative impact on a company's ability to succeed in the marketplace and generate revenue that contributes to growth and the overall viability of the organization. However, these two distinct uses for material assets highlight the primary differences between an inventory…

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Northern California earthquake causes significant damage

There are a number of circumstances that can have a negative effect on fixed asset management. Unfortunately, there will be times when valuable items are stolen from an inventory, causing a company incurring additional costs to either locate or replace what is missing. In other situations, tools and other material investments can become misplaced, or else they'll suffer from age and attrition by growing old, and will need to be replaced. While these are causes to implement an asset management program, natural disasters also call for a business solution that will soften the operational blow by owners who are affected. In many…

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Valuable John Deere equipment stolen from Florida 4-H club

When fixed assets are stolen, it can have a crippling effect on an organization. When items go missing, not only is there a cost incurred with respect to replacement, but the equipment's intended purpose can no longer be served. This can have an especially negative impact when assets are used for revenue generation or educational purposes. The latter is a situation currently being faced by a 4-H club based in Ocala, Florida. According to a report from local ABC News affiliate WCJB-TV, $48,000 in John Deere equipment was stolen from Vintage Cattle Company. The farm is privately owned and works…

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Rental industry expecting significant growth in the coming years

Managing physical inventories can be a daunting task for companies that use various fixed assets for business purposes. Accounting for items of different sizes – while also ensuring that they are adequately maintained – is imperative for any business to maintain a high level of operational efficiency. These fixed assets are vital to the viability of the business, heightening the importance that they are available for use when needed. In order for an asset management program to be successful, it must include a number of different elements: tracking, a depreciation calculation and accounting for amortization. All of these are components of…

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