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Inventory management program vital for rental businesses

A fixed asset management program is recommended for any company. However, this solution is essential for rental agencies. Rental Equipment Register, citing a study conducted by Sandler Research, stated that the market for rental equipment used in oil fields is expected to have a compound annual growth rate of 14.5 percent over the next four years. As more companies increase drilling operations for both gas and oil, the need for suitable equipment that may be difficult to purchase but can be rented highlights the call for rental agencies to implement a suitable asset management program. Companies that rent drilling and other equipment can benefit from…

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Fires damage large food processing plant in Canada, small restaurant in Oregon

Whether fixed assets are lost, damaged or stolen, an asset management program is a perfect solution to quickly get a company back to operational efficiency. CTV News Windsor, a Canadian news outlet, recently reported on a fire that destroyed a large portion of a food processing company in Tecumseh, Ontario. Bonduelle is the largest company that makes canned and frozen vegetables in North America. CTV News stated that the blaze resulted in as much as $50 million in damages to equipment, the structure itself and the products that were consumed by the fire. In a situation like this, asset accounting software can be used…

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Theft of construction equipment represents $1 billion in annual losses

Construction companies rely on fixed assets of all sizes in order to complete projects. In many instances, these items are often left relatively unsupervised on construction sites, making it easy for thieves to come in and steal them. It is for this reason that an asset management program is necessary, especially in those areas where instances of theft are highest. A recent report from the LoJack Corporation, a company specializing in tracking and recovery of fixed assets, highlighted the 10 states with the highest instances of equipment theft with the top three being California, Texas and Florida. The report also…

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The importance of asset and inventory tracking software for construction companies

Theft of fixed assets is always an area of concern for any organization. However, better weather presents a prime opportunity for thieves to take valuable items used for business purposes. This is especially true within the construction sector. Citing data from the National Crime Information Center, NexTraq, a company that manufactures fleet management solutions using GPS, revealed that close to 1,000 fixed assets used for commercial purposes are stolen every month. NexTraq states that construction equipment has a higher chance of being stolen than sustaining damage from a natural disaster.  Additionally, larger fixed assets such as earth movers and other machinery used during building are five times more…

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Asset management programs help with recovery after accidents

In most cases, natural disasters are nearly impossible to predict. These events often happen suddenly and without warning. In many instances, the aftermath is severe damage and destruction to property and other fixed assets owned by organizations and individuals. For the former, an asset management program and a depreciation calculator can be helpful for trying to get back on track in the wake of a disaster. Lightning causes damage to schools A two-alarm fire, which took 120 firefighters to get it under control, destroyed a significant portion of a school in Waldorf, Maryland. Local ABC 7 News affiliate WJLA reports that John Hanson Middle School's Lifelong…

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