Recent Articles

Federal audits necessary in dealing with missing military hardware

Governments have a responsibility to keep track of their assets, especially those that have been donated to them. Fixed asset management may be a necessity in this sort of situation, but auditing records may also be in the best interest of those who feel equipment may have already been lost. This is especially the case when the assets are military hardware such as vehicles and armaments. Proper donation and allocation can make a difference when determining whether weapons are being used for their intended purpose. It's even more important when items go missing or are lost for different reasons. Missing…

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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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Gaining the upper hand in tangible property regulations

In 2013, the IRS announced new regulations regarding tangible properties. This is an important aspect when managing fixed assets, since these properties make up a significant portion of any business' current value. Understanding how these new regulations work will help companies save money through tax deductions and write-offs. The complexity of the rules can be a burden, but getting a grasp on what must be capitalized and what can be depreciated over the course of the history of the property can result in a better assessment of the company's value. This will ultimately result in significant savings overall through better asset accounting….

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Michigan police department looks to recover missing fixed assets

Implementing an asset and inventory management program is beneficial for a number of reasons. Organizations relying on fixed assets for business purposes already realize how common of an occurrence that loss, theft or damage of these items can be. Having a system in place that can help decision-makers quickly identify affected items and institute a recovery or replacement plan is advantageous. Not having a system of this kind in place can create a problematic situation that can often be difficult to rectify. A recent report from The Saginaw News highlighted the recent disbanding of the Oakley Police Department in Saginaw…

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