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BAASS Insights Technology Blog


Documenting Fixed Assets with Ease
by: BAASS Editor | January 12, 2016

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.

Small to medium sized organizations, although not required to track assets, can also benefit from automated data collection software. This is a great way to have assets and information on hand in the event it is needed to obtain a loan or gain additional funding for growth. Another thing to consider is the time saved when using automated data collection software in comparison to the hours spent using a manual process.

Once each item has been identified and cataloged, you need to calculate the depreciation of each asset and determine the correct expensing option for tax purposes. Then you can report on your business’ fixed assets.

A dedicated fixed assets management solution, can effortlessly solve the fixed assets equation and help you keep track of new and existing fixed assets. With the option to implement barcoding technology for data capture and fixed asset tracking, companies can be confident knowing their fixed assets are accounted for and managed well.

If you would like to discuss your requirements, BAASS can help.  We have several options to help you and your organization with fixed asset management. 

About the Author

Jennifer Davies, Senior Certified Consultant


Jennifer is an 18-year veteran of the Sage 300 ERP financial system. She has worked with a wide variety of organizations in the distribution, manufacturing, services, and non-profit sectors. Her attention to detail and organized nature enables her to develop a deep understanding of each client's business requirements. Jennifer is certified in Sage 300 ERP and Sage CRM, and has extensive experience with numerous add-on modules that integrate with Sage 300 ERP systems. A graduate of Sage University for Project Management and Consulting Academy she utilizes these proven methodologies on a daily basis as she engages with clients.
 

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