Do you still use spreadsheets to track and account for your fixed assets? Did you know that relying on spreadsheets for fixed asset accounting can actually do more harm than good to your business?
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Fixed asset depreciation is an art and a science which many public accountants and experienced business managers consider integral to both accurate financial reporting and business planning. In fact, fixed asset planning should be considered part of your overall strategic plan, not just a function of the accounting office.
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The value of your business is tied up in your assets. Your assets, however, consist of more than the inventory stored on your warehouse shelves and the revenue from the sale of said inventory.
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A vital and oftentimes overlooked task for business is the tracking of fixed assets such as technology, cars, furniture, etc. A fixed asset is any tangible item valued at least $500. Accounting for each of these items for some large companies can be quite a task. However, there is data collection software that can streamline this process for you. In fact there is fixed asset tracking software that will allow you to scan barcode labels to capture and catalog the information accordingly.
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How much time do you devote to fixed assets management? If you are like most businesses, fixed assets management is not your top priority. In fact, in comparison to other business critical tasks, fixed assets management can seem like an afterthought.
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