Category: Fixed assets for SMB

Warren Township fired department replacing damaged fixed assets

Protecting fixed assets needed for business purposes should be a top priority for any organization. Without these tools, it can be virtually impossible to accomplish tasks and meet goals. As a result, having an asset management program in place is a sound strategy for any entity that relies on certain tools in order to get things done. According to a C&G Newspapers report, Warren Township, located in suburban Detroit, is still reeling from a major flood that caused millions of dollars in damage to commercial, public and private property. The Warren Fire Department lost critical emergency management tools needed to…

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How a blizzard can affect physical asset use and recovery

This past week, a major snowstorm blanketed the northeastern United States, covering an area from New Jersey to Maine. While New York City was spared the worst, other metropolitan areas including Boston and Providence, Rhode Island, were hit hard with 24 inches of snow or more, as reported by Boston.com. Many businesses were closed due to travel bans on major roadways. While snowstorms have less immediate impact on fixed assets, businesses should still be taking great care that these properties don't get damaged as a result of severe weather. Making sound asset decisions is also important as well, both at the business…

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NFC: The future in asset tracking?

Tracking fixed assets is an essential in any business. There are a lot of things that can happen to them, especially if they're mobile equipment that can be used anywhere on company property. Having proper and secure tags is a must, especially when conducting inventory or searching for essential items that are needed for an event or for specific projects. As a consequence, new advancements in tagging technology are greatly appreciated. One particular item has been picking up speed due to its connection to smartphones, tablets and other mobile devices. This process is called near-field communication, and it has a…

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Dealing with inventory write-offs

Fixed asset management requires a significant amount of accounting practices that run in conjunction with inventories, reviews and tracking. This is because these properties have values that contribute to the overall financial picture of the company. Without proper depreciation and amortization, how much a business is worth can be misstated, both in financial statements and on tax returns. That could lead to significant losses, either through legal penalties or missed opportunities. But what happens to assets that no longer have a use in the company, or are simply no longer available? These assets have to disposed of in a certain fashion,…

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Why companies should avoid using spreadsheets for asset management

There are many ways to manage fixed assets and inventory. However, many methods just don't work. The use of pen and paper can cause a variety of issues, not the least of which have to do with coordination, duplication and keeping records. When computers came into play, many businesses thought this would solve all their problems with inventory. However, while the programs did increase accuracy, the end result was still riddled with all-too-human errors, some of which went undetected until after a disaster struck. This is especially the case with what many programs consider the primary asset tracking method, the spreadsheet….

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