Category: Fixed assets for SMB

Differences between asset and inventory management systems

Fixed assets can be defined as any items a company purchases outright for business purposes. These material investments can either be sold for a profit or utilized in day-to-day tasks that a business can charge a client for services rendered. Regardless of the business function, the fixed assets themselves must be protected at all time. If not, it can have a severe negative impact on a company's ability to succeed in the marketplace and generate revenue that contributes to growth and the overall viability of the organization. However, these two distinct uses for material assets highlight the primary differences between an inventory…

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Northern California earthquake causes significant damage

There are a number of circumstances that can have a negative effect on fixed asset management. Unfortunately, there will be times when valuable items are stolen from an inventory, causing a company incurring additional costs to either locate or replace what is missing. In other situations, tools and other material investments can become misplaced, or else they'll suffer from age and attrition by growing old, and will need to be replaced. While these are causes to implement an asset management program, natural disasters also call for a business solution that will soften the operational blow by owners who are affected. In many…

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Reasons to implement an asset management program

Organizations need to ensure they are compliant with tax code changes made by the Internal Revenue Service regarding fixed assets. Enacted on January 1 of this year, the new rules focus primarily on repair of material investments and the appropriate deductions that are allowed by the organization. This was done to create a set of uniform and consistent guidelines for compliance that all owners of fixed assets can follow to ensure that they are operating within the established laws governing deductions for items used in business functions. The new policies instituted by the IRS are a good reason for a company to have an asset management…

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The benefits of standalone asset management software

A recent report from the South Jersey Times revealed that the city council in Vineland, New Jersey passed a proposal allowing the city to spend $4.8 million to improve many of its vital fixed assets. The funds were secured through a bond ordinance and the measure was passed unanimously by the city council, 4-0. "It's a great thing because, unfortunately, in many areas our vehicles have been depleted, buildings have been run down, and this is a move to make capital improvements to have our police in safe cars, have our firemen in safe fire engines and have our EMTs…

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3 advantages of asset management software

Companies that rely on fixed assets for business purposes have a clear understanding that these items need to be properly maintained, protected and accounted for at all times to ensure the viability of their operations. When it comes to implementing an asset management program, many decision-makers may not understand the value of proper accounting practices and how much money can be saved by utilizing the proper solution. There are a number of inventory management software packages on the market today, all designed to help companies maintain a level of profitability with respect to the use of fixed assets. However, before a…

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