Category: Fixed assets for SMB

Detroit firemen and Florida church have fixed assets stolen

Protecting fixed assets should be of primary importance for any organization needing certain items for business purposes. When these materials aren't available to be used, it can be a tremendous setback to operations. In addition to loss or damage, theft is a primary area of concern when it comes to fixed assets. Thieves are always on the hunt for an opportunity to take valuable tools and other items and then resell them on the underground market, putting the organization suffering the loss at a severe disadvantage. A recent article from the Detroit Free Press highlighted the theft of two saws from…

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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…

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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…

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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…

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Thieves target multiple businesses, steal valuable fixed assets

Fixed asset theft is especially problematic for businesses that rely on specific tools in order to complete tasks. Without these items, companies run the risk of losing revenue due to clients soliciting similar services from competitors. Additionally, these businesses can develop a negative reputation in the marketplace because of circumstances that are in many instances beyond their control. Thieves typically target companies whose asset management practices are rudimentary, to say the least. This lack of preparedness contributes to hundreds of thousands of dollars in losses that can often be difficult for companies to overcome. A report from the San Antonio Express-News…

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