Hit Man
The Economic Crisis Means Asset Tracking More Important Than Ever
The deeper we get into this recession the more businesses and organizations are having to be clever with their finances to avoid going bust. Something that’s not often considered is holes in the way your business does its accounts which can lead to asset leakage. By making sure you have a good handle on the fixed assets your organization owns you can identify these leaks, put a stop to them, and save a surprising amount at the end of the tax year.
What are fixed assets?
To begin, it’s important to understand what I mean by a fixed asset. Any business owns two different types of assets. Items such as machinery and computers, as well as property and buildings, are known as tangible or fixed assets. Basically things you can reach out and touch, and are worth something. The other kind are intangible assets, such as patents or trademarks, or ownership of creative ideas. It’s the first kind we’re concerned with here.
What’s the point of worrying about my fixed assets?
You need to know about them, fundamentally, because its illegal not to – it needs to be part of your tax return. If you don’t know about them you could get in trouble. More importantly, if you have more information about them, you are able to make bigger cost savings. That means knowing where they are, how much they’re worth, and how much their value is depreciating. In a sense asset tracking is a way for a business faced with financial hardship to pull cost savings ‘out of thin air’.
How do you track and control your asset inventory?
Well first of all you need to make a record of each of your fixed assets. Now this part is probably something you’ve taken care of already, seeing as it’s a legal requirement and all. Most commonly this is recorded on a humble spreadsheet, but increasingly savvy organisations are using more sophisticated asset management software. Beyond simply auditing and recording items in your asset register, you need to be able to track each and every asset. By tracking I mean keeping a constant record of its location, movements, state of repair, value, etc.If you’re a one man or woman show that doesn’t mean much more than looking around the room and noting down the model of your computer and desk lamp. But the larger the organization, the more complex a task this becomes. And this is where dedicated asset management software really comes into its own. With it you are able to take care of the whole process with ease – auditing, creating an asset register, tracking, maintenance, and accounting. A professional package, most importantly, will have the ability to identify precisely where your organization could be making big savings. The real question is, how can you afford not to invest in it.
Hitman: Hitman.
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