Category: Fixed asset management

How to protect fixed assets from theft

Heavy equipment theft poses a significant threat to businesses. In 2013, 11,486 thefts of fixed assets were reported around the country, which was a 5 percent increase from 2012, according to a report from The National Insurance Crime Bureau. Texas had the highest number of reported thefts, with North Carolina and Florida following. Mowers, loaders and tractors were the three mostly commonly stolen types of equipment, and John Deere items were the most targeted. In addition, only 21 percent of stolen heavy equipment items were recovered, which made it expensive for insurance companies, rental agencies and equipment owners to get…

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Potential for floods needs to factor into fixed asset management

Fixed asset accounting is threatened immediately following a natural disaster. Businesses in certain regions need to be aware of potential threats to their operations. In addition, some areas may be vulnerable to damages at particular times of year. For example, regions may be at risk of flooding during the spring, which could damage computers, electronic fixed assets or other machinery.  While facilities located near rivers, streams and other bodies of water are already aware of flood risks, most of the northern part of the U.S. had a very snowy winter in 2015. Snow melt also presents a heightened flood risk. As spring…

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Why data security matters in fixed assets

Fixed asset management seems to be the last place that would need data security. After all, it's merely a record of what assets are currently in the books. However, because there is valuable material involved, especially when equipment or furnishings aren't necessarily bolted to the ground, there are security needs that have to be considered. That goes not only towards external security, such as cameras and alarms, but also data security from within the asset accounting software. By taking the right precautions, companies can avoid risky business strategies that end up costing them a lot of money. Understanding the losses To give…

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Oil reserves demonstrate a lesson on the value of fixed assets

Surprisingly, there are many aspects of fixed assets that businesses don't realize. More importantly, most of these fixed assets have values placed on them that can wildly vary. Without proper asset accounting, even a sure calculation could end up being costly during tax season or in financial reports. One of these is oil reserves, which is not just limited to governments but also oil and gas companies, as well as transportation companies that conduct fuel hedging practices. The recent decline on the price of oil is likely to harshly affect these companies as their financials start trickling in during the coming weeks….

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Keeping fleets in line with wireless vehicle management

For many companies, fixed asset management often includes control over a fleet of vehicles. This is especially the case with businesses that specialize in transportation, but it can also include those who have vehicles to deliver goods, such as construction contractors or larger corporations that may shuttle employees around. Either way, there is a need to have good control of fleets over the course of any situation, for it limits exposure to liabilities and keeps these critical assets safe from damage. One way of attaining this is through fleet management systems, and wireless vehicle management linked with fixed asset software can…

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