Category: Fixed asset management

Tracking assets when disaster strikes

Companies need to prepare for the worst when dealing with inventory management. Sometimes, a natural disaster will occur at a headquarters, satellite offices or project sites. When that happens, it can not only cause significant property damage, but it can also make assets such as equipment break or go missing. Disaster recovery in business is often contingent on how much property and goods a company can recover after the fact and how much of it is still usable. Proper accounting after such an event also requires reassessing inventory to determine any items that are missing or damaged beyond repair. Equipment tracking and…

Read More

Dealing with the costs associated with ghost assets

In managing a large number of fixed assets over time, companies may need to pay attention to the appearance of ghost assets, or assets that are on the books but no longer in use. The problem with developing records on fixed assets is that a lot of things can happen where an asset has a component replaced or repaired, thus meaning that it has been removed from the system. That can change the overall cost of the asset and make it higher than it actually is. As a consequence, there are a lot of different costs that are artificially created as…

Read More

Preparing for end-of-year fixed asset inventory audits

As the 2014 calendar year draws to a close, many companies are beginning the process of cleaning up any loose ends in preparation for the New Year. Organizations that rely on fixed assets for business purposes are especially focused on ensuring that all of their reporting is accurate and material investments properly tracked and accounted for in the event of an audit. This can be a very time consuming and tedious process, but one that is necessary in order to have streamlined operations. Tips for reconciling fixed asset inventory Every year, a company will experience damage, loss or theft of…

Read More

Corporate relocations call for asset and inventory tracking software

There comes a time when a corporation will make a decision to move its headquarters from one location to another. There are a number of different reasons for an organization to follow through with such a massive undertaking. However, similar to when people move from one house or apartment to another, moving for a corporation with a large inventory of fixed assets can be just as frustrating and time consuming. According to a Digital Journal report, Freightgate, a company that offers cloud-based mobile and computing applications for logistics companies, has undergone substantial growth since it began operations in the early 1990s. So…

Read More

Bay Area thieves steal millions in expensive fixed assets

When it comes to fixed assets, almost any item can be lost, damaged or stolen. Companies that invest large sums of revenue into the purchase of materials that will be used for business purposes shouldn't cut corners when it comes to ensuring these assets are well protected from all maladies that could potentially occur. Failing to take these steps could result in substantial financial losses that will be exacerbated because of the cost associated with replacing these fixed assets. NBC News affiliate KNTV​, which covers California's Bay Area, recently reported on a string of warehouse thefts. The news outlet stated that…

Read More