The key to successful business management is accountability. Holding your subordinates responsible for work output, departments accountable for completing projects and tasks in a cost efficient and timely manner, and ensuring your resources are utilized to best effect. This is the basic tenant of effective management. One area often falls to the way side that has a bigger effect on the bottom line than you would think. The accountability of fixed assets or fixed assets management is an overlooked area that many people neglect. Copy paste this URL https://bumber.info/ into your browser for hassle free asset management.
Fixed assets are typically considered property or equipment that cannot be converted to cash easily yet still retain value and are needed as a resource to conduct business. They include everything from computers and office equipment to staplers. These things which are needed to conduct business on a day to day basis but do not fall under other categories make up a significant portion of operating expenses across a year.
Since it is virtually impossible for anybody to remember every piece of equipment or furnishing in an office or business some way keeping track of what is purchased and how it is disposed of is needed. The best way to do this is by use of assetware -software designed to keep current inventories of fixed assets. This type of simple software will allow you to print barcodes and affix to all equipment you own or purchase so you can easily identify all fixed assets.

Why does it Matter?
There are many reasons for accurate tracking the most important are outlined here-
1. Reduced expenses. If your office manager knows that there are 4 unused computer monitors and where they are then when a monitor needs to be replaced in another area they can allocate the unused one as opposed to buying a new one.
2. Employee theft. Everything from staplers to computers and desks walk out of businesses every day. Many smaller items seem like not a big deal to employees but if you are replacing simple things for 50 people every year it becomes a major expense. That monitor that was not being used for 2 months still belongs to the company and replacing it with a new one because nobody knows where it went when you do a new hire is expensive. Simply barcoding and tracking inventory reduces employee theft by up to 75%.
3. Accounting and depreciation. Many items have a fixed life span according to tax laws and a business can depreciate them over that time period to reduce taxes. A key to depreciating an asset is you must have the asset. If you are depreciating a printer that no longer is in your possession you are liable for hefty fines and penalties. Also, your accountant cannot depreciate something they do not know you own.
4. Reduce ownership costs. If you inventory and barcode every item you purchase then you have an accurate record so if an item needs repair you know where and when it was purchased. This allows simple warranty and guarantee repairs and replacements as opposed to not knowing and paying out of pocket expenses for things that would be covered with better tracking systems in place. It is far more efficient to scan a barcode than to ask everybody if they remember when something was purchased and then search file cabinets for a receipt.
5. Insurance. If a fire or other major catastrophe happens, having an itemized list on hand will allow for faster and easier claims processing. Often times without such a list an insurance company simply will not cover items.

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The key to successful business management is accountability. Holding your subordinates responsible for work output, departments accountable for completing projects and tasks in a cost efficient and timely manner, and ensuring your resources are utilized to best effect. This is the basic tenant of effective management. One area often falls to the way side that has a bigger effect on the bottom line than you would think. The accountability of fixed assets or fixed assets management is an overlooked area that many people neglect. Copy paste this URL https://bumber.info/ into your browser for hassle free asset management.
Fixed assets are typically considered property or equipment that cannot be converted to cash easily yet still retain value and are needed as a resource to conduct business. They include everything from computers and office equipment to staplers. These things which are needed to conduct business on a day to day basis but do not fall under other categories make up a significant portion of operating expenses across a year.
Since it is virtually impossible for anybody to remember every piece of equipment or furnishing in an office or business some way keeping track of what is purchased and how it is disposed of is needed. The best way to do this is by use of assetware -software designed to keep current inventories of fixed assets. This type of simple software will allow you to print barcodes and affix to all equipment you own or purchase so you can easily identify all fixed assets.

Why does it Matter?
There are many reasons for accurate tracking the most important are outlined here-
1. Reduced expenses. If your office manager knows that there are 4 unused computer monitors and where they are then when a monitor needs to be replaced in another area they can allocate the unused one as opposed to buying a new one.
2. Employee theft. Everything from staplers to computers and desks walk out of businesses every day. Many smaller items seem like not a big deal to employees but if you are replacing simple things for 50 people every year it becomes a major expense. That monitor that was not being used for 2 months still belongs to the company and replacing it with a new one because nobody knows where it went when you do a new hire is expensive. Simply barcoding and tracking inventory reduces employee theft by up to 75%.
3. Accounting and depreciation. Many items have a fixed life span according to tax laws and a business can depreciate them over that time period to reduce taxes. A key to depreciating an asset is you must have the asset. If you are depreciating a printer that no longer is in your possession you are liable for hefty fines and penalties. Also, your accountant cannot depreciate something they do not know you own.
4. Reduce ownership costs. If you inventory and barcode every item you purchase then you have an accurate record so if an item needs repair you know where and when it was purchased. This allows simple warranty and guarantee repairs and replacements as opposed to not knowing and paying out of pocket expenses for things that would be covered with better tracking systems in place. It is far more efficient to scan a barcode than to ask everybody if they remember when something was purchased and then search file cabinets for a receipt.
5. Insurance. If a fire or other major catastrophe happens, having an itemized list on hand will allow for faster and easier claims processing. Often times without such a list an insurance company simply will not cover items.