Category: Accounting software and technology

Natural disasters call for the use of fixed asset accounting software

Fixed assets can suffer damage as the result of human error, but there are also situations that occur that are beyond the control of anyone. Such was the case in Detroit last month. In a single day, the metro area saw as much as 4.57 inches of rainfall, according to a report from The Detroit News. That amount was just shy of the record set 89 years ago in 1925 when the city got 4.74 inches in late July. All told, the flooding caused as much as $1.1 billion in damages, forcing the governor of Michigan to declare the city…

Read More

LoJack’s latest construction theft report uncovers valuable data

No matter where you live, you probably don't have to look very far to find a residential or commercial construction site. It seems that structures of varying sizes are appearing everywhere, signaling that the building industry has once again regained strength after the devastating effects of the Great Recession, which crippled economies all over the world. However, all construction sites have one thing in common: Valuable fixed assets are often left unsupervised and unguarded overnight. Many of these items are necessary to ensure that building projects are completed on time. When things go missing, it can severely hamper this goal. Thieves…

Read More

Valuable sports equipment for disabled athletes, youth league participants stolen

Thieves routinely look out for ways to pilfer valuable fixed assets for their own gain. Material theft is an issue faced by organizations across a wide range of industries, making it extremely important to ensure that steps have been taking to minimize the threat. Organizations typically invest sizeable sums of money in the purchase of fixed assets. Steps to protect them should be taken that helps to minimize any instances of theft, loss or damage.  Thieves steal materials used by disabled athletes and kids In March, a report from the Sacramento Bee highlighted the theft of materials that allowed disabled athletes to compete in certain…

Read More

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…

Read More

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…

Read More