Category: Fixed assets for SMB

Deadline for SBA Disaster Loan applications coming up

The deadline for U.S. Small Business Association disaster loans is approaching quickly in many regions. After a rocky winter and spring season in which many companies experienced property damage and loss due to inclement weather, organizations now have the chance to begin repairing. Businesses that experienced damage to fixed assets during winter and spring storms can soon apply for relief funds from the SBA. The SBA provides disaster loans for all types of businesses. If a company's fixed assets are damaged in a declared disaster, these organizations can apply for a low-interest loan to repair or replace the property that has…

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Current versus fixed assets

Growing companies will often be in the position to implement fixed asset management. However, there are many confusing aspects to this practice. Assets are generally referred to as property that a company owns, so what's the difference between fixed assets and current assets? Current assets are also known as short-term assets, which means they can be converted into cash within a fiscal year. In general, current assets are inventory the business intends to sell for profit. However, according to Morning Star, current assets may also refer to investments and accounts receivable. Prepaid expenses also count as current assets. In contrast, fixed…

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Fixed asset management helps growing businesses

There comes a point when small businesses need to consider fixed asset accounting practices. Once a business expands, it will likely need to acquire more fixed assets in various locations. Fixed asset accounting can help companies keep track of their fixed assets, remain compliant, and ensure their property taxes remain as low as possible. The goal of most businesses is to expand because it leads to higher revenue. However, companies need to be careful not to grow too quickly. There are many expenses associated with a larger business. The company will need to acquire more fixed assets in terms of…

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Baltimore fixed assets damaged in the wake of riots

Fixed asset management is helpful for businesses that are recovering from damage. Sometimes, unexpected events result in harm to business property. In this case, companies need to file an insurance claim. Fixed asset accounting gives companies an accurate idea of the value of the property that has been lost or broken. For instance, the rioting in Baltimore over the death of Freddy Gray caused damage to numerous businesses. According to the Small Business Administration, the cost of the damage to roughly 285 Baltimore businesses was estimated at $9 million. As a result, the SBA has announced an assistance package for…

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How to prevent fixed asset management fraud

All companies want to believe their employees are honest and loyal. However, employee thefts and fraudulent activity occur frequently. Two of the best defenses to prevent this sort of activity are thorough fixed asset management practices and a software platform that can achieve greater visibility and security. More prevalent than businesses realize A study from University of Cincinnati criminal justice doctoral student Jay Kennedy found 64 percent of small businesses have experienced employee theft, but only 16 percent reported it to the police. Cash was the asset most likely to be stolen, but 14 percent of thefts were tools and equipment. The report…

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