Tuesday, January 22, 2013 under Fixed asset management

While the outlook for the economy is still hazy, many companies expect to expand and hire at least modestly this year. Coupled with the fact that new businesses continue to emerge constantly, a significant amount of U.S. entities will likely relocate to new offices and factories.

When companies move operations and workplaces to new locations, keeping track of property can be a daunting task. Equipment managers and other decision makers have the responsibility of overseeing each fixed asset is properly packed, stored, shipped, unpacked and put back to use. Items owned by a company range from large operational machines and vehicles to computer keyboards and phone cords. Because these varied items may be fragile and organizations likely own multiples of certain fixed assets, undergoing a move could lead a business to lose an item to misplacement, theft or damage if it doesn’t effectively manage its property.

Stay on track with software
Fixed asset management solutions can help companies ensure items are tracked correctly and property value remains intact throughout a move. Software provides companies with a reliable system to determine the relationships between items, which can speed up the moving process by making it more efficient. In addition, software helps companies avoid leaving items behind, losing them during shipment orĀ forgetting them in storage indeterminately.

Inventory tracking software manages information related to make, model, parent relationship, book value, purchase information and depreciation history on every single fixed asset. This can help companies and movers better understand the type of protective packaging or temperature limits necessary to keep each item safe during transit, which will keep property from depreciating unnecessarily.

If companies decide to implement a barcode system as well, they can access information quickly by scanning an item. This eliminates the amount of time movers and employees need to spend packing, unpacking and setting up fixed assets for work.

When companies track information manually, they risk reporting inaccuracies in accounting sheets, which can lead them to overspend on taxes and insurance. In addition, spreadsheets – even encrypted ones – are at risk of being hacked, which can lead to the spread of confidential information and theft.

If companies use software, however, data is kept in a centralized and secure location. In addition to makingĀ information more comprehensible, the technology keeps information safe. This is extremely important when companies are moving.