cover your assets kaye boone, pmp moore & van allen, pllc lawnet, inc. steve odum bricker &...
TRANSCRIPT
![Page 1: Cover Your Assets Kaye Boone, PMP Moore & Van Allen, PLLC LawNet, Inc. Steve Odum Bricker & Eckler, LLP](https://reader035.vdocument.in/reader035/viewer/2022072009/56649d945503460f94a7bae4/html5/thumbnails/1.jpg)
Cover Your Assets
Kaye Boone, PMPMoore & Van Allen, PLLC
LawNet, Inc.
Steve OdumBricker & Eckler, LLP
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What is an Asset?
Per Webster’s Dictionary: “…the entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.”
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Examples
Furniture
Computers
PDA’sServers
Copiers
Cell Phones
Scanners
Printers
Dictation Equipment
Artwork
Office Supplies
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Reasons to Track Assets
Insurance PurposesFinancial Purposes
InventoryTax
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Reasons to Track Assets
Find it when you need it
Insurance PurposesFinancial Purposes
Stock Items (things not in use)
Maintenance records
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Who is doing the tracking?
FurnitureComputers
Copiers
Dictation Equip
Scanners
PDA’s
Cell Phones
ArtworkOffice Supplies
Printers
IT
ACCOUNTING
FACILITIES
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Various Software Programs
Financial Applications:
BNA/Tax ManagementBest SoftwareComprehensive MicrosystemsCreative Solutions (CSI)Franklen Computer SysIntuitMoneySoftPRO-WAREWorthIT Software
HelpDesk Applications:
Track-ITHEAT
Other:
Microsoft AccessMicrosoft ExcelVisionFM
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Problems……
- Duplication of effort
- Inconsistencies
- Inefficient!
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Good, Better, Best
Good Each dept tracks assets based on their needs
Better Integrated system utilized by all departments
Best RFID (Radio Frequency Identification)
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A GOOD System
Bricker & EcklerBricker & Eckler
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Bricker & Eckler
Cost guidelineTwo people are authorized to make
capital purchasesPurchases are coordinated with
financeBest Software (FAS), Excel, Access
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Bricker & Eckler
Tag number Item Description Serial # Location Date Acquired Vendor Name Cost
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Bricker & Eckler
Fixed Asset SoftwareComputes depreciationComputes the gain or loss when an
asset is sold or disposed ofTracks the location of the asset for
inventory and insurance purposes
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Best Practices
Records all assets immediatelyTag all assets upon arrivalCommunicate changes
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So you’ve decided to implement a BETTER system
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Implementing a BETTER Solution
Evaluate your current system.Establish your goals / requirements.Establish a system for new
purchases going forward.Populate your database with existing
inventory information.
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Challenges
Assets move – often!Without RFID, tracking assets will
ALWAYS require manual updatesMore than one department and / or
office is involved and each has their own agenda
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Cover Your Assets
……. we all know what CYA really means!