Category: Fixed assets for SMB

Implementing a proper auditing strategy

When running a large business with multiple properties and a significant amount of equipment, it's important for companies to conduct asset accounting with as much clarity as possible. In this way, not only do employees have access to the correct equipment, but they also have an accurate value of the company for shareholders, regulators and tax agencies. Thus, a regular audit is necessary to get an understanding of a company's fixed assets. However, auditing is a long process and requires a considerable level of detail to cover everything on hand. Developing a strategy for internal audits may prove useful in the long term…

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Why equipment fails

Among the most important fixed assets a company may have is its equipment. These machines represent a core component of the business, and in some verticals, represent the firm's infrastructural capital. It's necessary to monitor and protect these assets through fixed asset management. However, equipment can and will fail, sometimes prematurely. Properly predicting possible causes of equipment failure, combined with preventative maintenance, can help manufacturers, contractors and other small-to-midsized enterprises maintain steady operations because the machines keep running. It can also help in understanding the depreciation value of such equipment to help mitigate an eventual loss. In order to attain that…

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Overall equipment effectiveness a vital asset management tool

In manufacturing, machines and equipment are incredibly valuable assets for the companies that own them. They do a lot of the work in creating the products that are made on a daily basis. Keeping them in top shape can have a great impact on productivity. As company assets, they also require great care and maintenance so their depreciation value is consistent. Using additional metrics to get a better measure of the equipment's usage can help create more accurate depreciation calculations. It can also help develop more effective maintenance schedules so as to keep them running. That's why overall equipment effectiveness has…

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Hawaiian municipality have $86,000 in fixed assets stolen

Fixed asset theft, unfortunately, isn't an uncommon occurrence. Between lax security measures and determined thieves, any items can be taken illegally. This crime is even easier to commit when an asset and inventory management system hasn't been put in place. According to a recent AP report, officials from Kauai County in Hawaii are working to understand how more than $86,000 in fixed assets owned by the municipality were stolen. The items that were taken included a generator worth $36,000, plumbing and office tools worth $10,000 and a Ford F-250 pickup truck listed at $40,000. "It's pretty amazing and egregious that…

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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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