We are almost into the new year and business owners are thinking about physical inventory and how to prepare for the next six months. There are so many time consuming business related duties to eat up the work day and to exhaust the mind on and off the clock. Being alleviated from just a few of these duties and worry would be worth how much to you as a business owner?
With all that will be going on in the new year, is there also an asset audit in your near future? Do you know what you have? Did you receive the big tick from your auditors last year for your asset register? It has been years since the last audit and you are not really sure how it will stack-up to your actual financial statement. Is there a possibility of invalid asset transactions, non-compliant asset valuation, and incorrect asset classification? Your businesses' assets are your bread and butter, wouldn't it be nice to have control and complete knowledge of your fixed assets?
Many questions have been introduced and the answer for the future of your business assets is ongoing rolling fixed asset audits. One huge expensive project every 2-3 years may not be the best way to go in today's fast paced, ever-changing business environment. Ongoing rolling fixed asset audits would be much more efficient and less expensive. It will provide you with much needed answers and take some of the worry out of business ownership allowing you to concentrate on core business.
There are many other benefits of ongoing fixed asset audits:
- Additions and disposals are captured periodically.
- Asset movement and transfers are recorded as they happen.
- Always be able to pull up needed information that is up-to-date.
- Plan and budget based on accurate data.
- Clear your books of assets you no longer have, an advantage to tax paying entities.
- Minimise Insurance premiums.
- Utilise existing assets, reduce costs on new purchases.
- Implement asset management plan.
- Manage spares and reduce down time with an accurate inventory.
If you would like to find out more about ongoing fixed asset audits and take control of your fixed assets, we have the answer contact us.
And by the way, Happy New Year from the team at Reduxo, wishing everyone a successful and prosperous 2014. We are certainly looking forward to a great year!