Category: Accounting software and technology

Tips for properly arranging fixed asset management software databases

Many companies understand the need to implement a system to manage their fixed assets. These steps include accurate inventory asset tracking and accounting depreciation to know when the most opportune time for repair, replacement or maintenance of items will be. The process, as a whole, is a tedious one. However, it can be made easier with software that paints a much clearer picture for decision-makers than the use of spreadsheets that are prone to inaccurate information being input as a result of human error.  When a company decides to use asset management software, it needs to ensure that every item has been carefully organized within the database. Keeping the data properly categorized…

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The importance of removing ghost assets, calculating depreciation

Fixed asset management practices are a multi-step process with considerations that need to be taken in a number of areas. The first, and arguably the most important, is having a clear picture of all the items a company owns while also knowing their whereabouts and how they are being used. One of the biggest problems for many organizations is failing to accurately identify items that have become lost, damaged or stolen. Compounding this issue is that items that are no longer being used are still being carried on an organization's books in many instances. These materials are commonly referred to as ghost assets. Bloomberg BNA highlights…

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Why companies need an asset tracking system

Investments made in acquiring fixed assets of any kind can be costly. Whether these items are sold in retail transactions or used to bill clients for services rendered, it's important to know where these items are at all times. When fixed assets are lost or stolen, that's one less piece of inventory that can be used to make money, and companies are often forced to pass the additional costs along to customers, which leads to dissatisfied clients who may take their business elsewhere. This is a situation that every company relying on fixed assets should work to avoid. It also highlights both the…

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Auto thieves targeting vulnerable car rental and auction businesses

Almost any company can be a victim of fixed asset theft. No matter the business, when valuable items are taken, it can pose an operational nightmare for business functions. Not only does the process of filing insurance claims come into play, but items must be replaced, incurring an additional cost for the business that ultimately takes revenue from the bottom line. This highlights the importance of organizations to implement a strong asset management program to protect themselves from suffering losses of material investments. Car rental companies are becoming the frequent targets of organized gangs of automobile thieves, according to Government Security News. These…

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Construction prone to fixed asset theft

No company is immune to having its fixed assets stolen. This is why many organizations have established asset management programs to monitor and keep track of the materials they own. However, construction is the one industry that is especially prone to theft of valuable tools and equipment. Oftentimes, work sites are left unsecured. This presents a prime opportunity for thieves to come in and take whatever they want. Typically, contractors and business owners don't realize fixed assets have been stolen until the day after the theft has occurred. This can be detrimental for many projects, as decision-makers have to scramble to find replacements, which…

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