Category: Fixed assets for SMB

The importance of removing ghost assets, calculating depreciation

Fixed asset management practices are a multi-step process with considerations that need to be taken in a number of areas. The first, and arguably the most important, is having a clear picture of all the items a company owns while also knowing their whereabouts and how they are being used. One of the biggest problems for many organizations is failing to accurately identify items that have become lost, damaged or stolen. Compounding this issue is that items that are no longer being used are still being carried on an organization's books in many instances. These materials are commonly referred to as ghost assets. Bloomberg BNA highlights…

Read More

Why companies need an asset tracking system

Investments made in acquiring fixed assets of any kind can be costly. Whether these items are sold in retail transactions or used to bill clients for services rendered, it's important to know where these items are at all times. When fixed assets are lost or stolen, that's one less piece of inventory that can be used to make money, and companies are often forced to pass the additional costs along to customers, which leads to dissatisfied clients who may take their business elsewhere. This is a situation that every company relying on fixed assets should work to avoid. It also highlights both the…

Read More

Auto thieves targeting vulnerable car rental and auction businesses

Almost any company can be a victim of fixed asset theft. No matter the business, when valuable items are taken, it can pose an operational nightmare for business functions. Not only does the process of filing insurance claims come into play, but items must be replaced, incurring an additional cost for the business that ultimately takes revenue from the bottom line. This highlights the importance of organizations to implement a strong asset management program to protect themselves from suffering losses of material investments. Car rental companies are becoming the frequent targets of organized gangs of automobile thieves, according to Government Security News. These…

Read More

Construction prone to fixed asset theft

No company is immune to having its fixed assets stolen. This is why many organizations have established asset management programs to monitor and keep track of the materials they own. However, construction is the one industry that is especially prone to theft of valuable tools and equipment. Oftentimes, work sites are left unsecured. This presents a prime opportunity for thieves to come in and take whatever they want. Typically, contractors and business owners don't realize fixed assets have been stolen until the day after the theft has occurred. This can be detrimental for many projects, as decision-makers have to scramble to find replacements, which…

Read More

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…

Read More