Articles Tagged ‘Business asset advice’

Asset Inventory – 6 Times Business Owners Benefit

Monday, July 25th, 2011

Small business owners are known for juggling projects, doing multiple tasks at the same time and rarely having enough time in the day to do everything they know they should do. This results in many items getting placed on a to-do list that rarely receives attention. An asset inventory is one of those tasks.So why should a business owner have an inventory of all the personal property they own?

1. Be Properly Insured

As the business grows, you often add assets without paying much attention. A laptop here, a new printer there and before you know it, you’ve increased the value of your assets. There are a large number of desks, chairs, printers, cameras, file cabinets – the list goes on – that are expensed. This means they aren’t on a depreciation schedule; therefore, these purchases aren’t listed anywhere.Creating an inventory list and updating it annually or as you purchase items will help make sure you are properly insured. The asset list will show you the value of your personal property, thus knowing how much your insurance coverage should be.

2. Recover from a Disaster Quickly and with a Maximized Claim Settlement

Your asset list helps you remember what you owned (and the photos will prove ownership), thus assists you in filing a maximized claim. Since you already have this list, you’ll be able to file your claim quickly. This enables you to purchase new furnishings and equipment quickly so you can get back to doing business.

3. Storage – Prevent Duplicate Purchases
If you don’t have a list of the items in storage, you’ll most likely forget what you own. This can cause duplicate purchases, resulting is unnecessary expenses. A business owner purchased over $2000 worth of furniture, only to find that he had the exact same items in a storage facility. Your inventory list will prevent these unnecessary expenditures.

4. Personal Property Tax Return

Unfortunately, many business owners guess at the number they report on their personal property tax returns. read full article »

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