Improving inventory for better fixed asset management
If you’re responsible for managing your organization’s fixed assets, you know how challenging it can be to efficiently account for, inventory, and track everything. According to Aberdeen Group research, 80% of Fortune 500 companies list fixed assets as the largest line item on their balance sheet. It’s a critical task across all industries where even the smallest inaccuracies can lead to significant costs.
Here’s what’s at stake:
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Inaccurate Depreciation Calculations: Mistakes can lead to financial misstatements, potentially triggering compliance issues and audits.
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Lost or Untracked Assets: Missing assets can result in overpaying taxes or insurance premiums.
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Increased Administrative Burden: Manual tracking and reporting can be time-consuming and prone to errors, diverting resources from more strategic tasks.
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Financial Losses: Incorrect asset management can lead to costly write-offs, impairments, or unnecessary capital expenditures.