Category: Fixed asset management

ADM establishes global headquarters to Chicago

There are a number of reasons for a company to implement asset and inventory tracking software. However, this kind of solution is invaluable when an organization moves its central office from one location to another. Archer Daniels Midland Company is an agricultural processing organization that established its roots in Decatur, Illinois, in 1939, according to The Quad-City Times. Thirty years later, ADM made the decision to move its research labs and corporate headquarters to Chicago. In that time, the company has grown to an operational staff of roughly 31,000 workers all over the world, with regional offices established in Shanghai, China,…

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How asset management software can benefit construction companies

When fixed assets are lost, damaged or stolen, it can have severe consequences for the owners of these items. In many instances, replacement is the most viable option. However, this can result in the company incurring additional costs, which may be passed down to consumers. Construction is an industry that relies heavily on fixed assets to complete a number of different projects. In many cases, both large and small pieces of equipment are used by general contractors and laborers on a construction site. However, one of the drawbacks is that many times, a number of  valuable pieces of machinery or other tools are…

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Differences between asset and inventory management systems

Fixed assets can be defined as any items a company purchases outright for business purposes. These material investments can either be sold for a profit or utilized in day-to-day tasks that a business can charge a client for services rendered. Regardless of the business function, the fixed assets themselves must be protected at all time. If not, it can have a severe negative impact on a company's ability to succeed in the marketplace and generate revenue that contributes to growth and the overall viability of the organization. However, these two distinct uses for material assets highlight the primary differences between an inventory…

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Valuable John Deere equipment stolen from Florida 4-H club

When fixed assets are stolen, it can have a crippling effect on an organization. When items go missing, not only is there a cost incurred with respect to replacement, but the equipment's intended purpose can no longer be served. This can have an especially negative impact when assets are used for revenue generation or educational purposes. The latter is a situation currently being faced by a 4-H club based in Ocala, Florida. According to a report from local ABC News affiliate WCJB-TV, $48,000 in John Deere equipment was stolen from Vintage Cattle Company. The farm is privately owned and works…

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Rental industry expecting significant growth in the coming years

Managing physical inventories can be a daunting task for companies that use various fixed assets for business purposes. Accounting for items of different sizes – while also ensuring that they are adequately maintained – is imperative for any business to maintain a high level of operational efficiency. These fixed assets are vital to the viability of the business, heightening the importance that they are available for use when needed. In order for an asset management program to be successful, it must include a number of different elements: tracking, a depreciation calculation and accounting for amortization. All of these are components of…

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