Archive: Feb 2012

Q & A with Guest Blogger Robert Dawson – Part 2

1.  What is the most common mistake when managing fixed assets? Not managing your fixed assets or managing your fixed assets with the improper tool. To me those two are one and the same. For some companies, fixed assets are the 2nd largest expense after people related expenses such as salaries and benefits. Most companies spend a lot of time and money on making sure they’re hiring the right people. Doesn’t it make sense to utilize the right fixed asset management tool, especially when the cost to do it right is small when compared to the cost of doing it…

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Q & A with Guest Blogger Robert Dawson – Part 1

  1. In your opinion, why on earth would a company continue to use a spreadsheet for fixed asset accounting?  It seems like doing so would lead to countless errors! Perhaps they are not from earth! But seriously, I’m a big believer in using the right tool for the right job. To me, using a spreadsheet to track your fixed assets is like using as screwdriver to hammer a nail. Sure it will work, but you’ll save time and energy in the long run by using a hammer. You’ll also bend less nails and your screwdrivers will last much longer….

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Want to Cut Costs? Use Fixed Asset Software

Some companies associate the process of auditing their fixed assets with the idea that sinking significant time and money into the project is unavoidable. Although this is most likely true for those that take a manual approach to fixed asset management, automating the process by setting up a software-based system can yield dividends that are likely to surprise pessimistic companies. Once you’ve entered information about your assets into the software, the technology basically runs itself, negating the need for audits to be conducted from scratch every time. All you need to do is make sure the data is kept updated in order…

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Use Your Fixed Asset Register to Predict the Future

Fixed asset registers help your company keep its asset holdings in order and are a crucial part of a successful fixed asset management approach. Using asset management software allows companies to easily store a variety of different data in one place, including depreciation and amortization information, the expected useful life of an item, maintenance history, warranty details and location records for asset tracking purposes. In addition to using your company’s register to manage its asset holdings on a day-to-day basis, you can also use it to make predictions about future capital expenditures and disposals. For example, collating information about depreciation schedules allows you to forecast…

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Balancing Your Balance Sheet

Your company’s balance sheet is one of the most important documents it has. A balance sheet provides a snapshot of the assets, liabilities and owner’s equity held by a business at a particular time – usually the last day of the fiscal year, or the end of another accounting period. Balance sheets are an important indicator of how your company’s doing, and can be used to help determine whether actions such as expansion are advisable. They will be considered by potential lenders to gauge whether it’s wise to provide the company credit, and can be used to make predictions about…

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