The Hows and Whys of Inventory Tracking
If your company is looking to improve its inventory management system, there are a variety of options available. These range from simply adding bar code labels that will facilitate inventory tracking for specific items to setting up a passive or active radio frequency identification system. But why is it so important to have an inventory [...]
Are Your Assets Working For You?
Regardless of the size of your company or the field you work in, business owners are always looking to optimize their fixed asset depreciation programs, maintenance schedules, budgeting processes and procurement procedures with the goal of maximizing value and minimizing costs – something fixed asset software can help with. Managing your fixed assets effectively is [...]
Is Your Fixed Asset Management System Up-to-Date?
Do you know how financially accurate your fixed asset inventory system is? Companies that have manual inventory tracking methods in place tend to conduct full fixed asset audits less often than those that use inventory management software, due to the fact that exhaustive wall-to-wall inventories take up so much time. If that state of affairs [...]
Fixed Asset Management Policies and Procedures For Your Company
When drafting company policies related to fixed asset accounting, you should be sure to address every step of the fixed asset life cycle, from purchase planning and actual purchase to the retirement and disposal of the asset once its depreciation has been completed and it has reached the end of its useful life. Here are [...]
No Accounting for Clarity: Fixed Asset Abbreviations Explained
The fixed asset accounting process can get complicated, so there are a number of abbreviations in use for some common terms and equations related to fixed assets. FA Beginning with the basics, FA stands for fixed assets – namely, the permanent property of your business that’s considered a long-term fixture and is unlikely to be [...]