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Cover Your Assets

Cover Your Assets. Kaye Boone, PMP Moore & Van Allen, PLLC. Steve Odum Bricker & Eckler, LLP. LawNet, Inc. 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.”. Examples.

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Cover Your Assets

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  1. Cover Your Assets Kaye Boone, PMP Moore & Van Allen, PLLC Steve Odum Bricker & Eckler, LLP LawNet, Inc.

  2. 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.”

  3. Examples Office Supplies Computers Furniture Dictation Equipment Copiers Servers Scanners PDA’s Printers Cell Phones Artwork

  4. Reasons to Track Assets • Insurance Purposes • Financial Purposes • Inventory • Tax

  5. Reasons to Track Assets • Find it when you need it • Maintenance records • Stock Items (things not in use) • Insurance Purposes • Financial Purposes

  6. Who is doing the tracking? Scanners IT PDA’s ACCOUNTING Furniture Cell Phones Computers FACILITIES Printers Copiers Office Supplies Artwork Dictation Equip

  7. Financial Applications: BNA/Tax Management Best Software Comprehensive Microsystems Creative Solutions (CSI) Franklen Computer Sys Intuit MoneySoft PRO-WARE WorthIT Software HelpDesk Applications: Track-IT HEAT Other: Microsoft Access Microsoft Excel VisionFM Various Software Programs

  8. Problems…… - Duplication of effort - Inconsistencies - Inefficient!

  9. Good, Better, Best

  10. A GOOD System Bricker & Eckler

  11. Bricker & Eckler • Cost guideline • Two people are authorized to make capital purchases • Purchases are coordinated with finance • Best Software (FAS), Excel, Access

  12. Bricker & Eckler • Tag number • Item Description • Serial # • Location • Date Acquired • Vendor Name • Cost

  13. Bricker & Eckler • Fixed Asset Software • Computes depreciation • Computes the gain or loss when an asset is sold or disposed of • Tracks the location of the asset for inventory and insurance purposes

  14. Best Practices • Records all assets immediately • Tag all assets upon arrival • Communicate changes

  15. So you’ve decided to implement • a BETTER system

  16. 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.

  17. Challenges • Assets move – often! • Without RFID, tracking assets will ALWAYS require manual updates • More than one department and / or office is involved and each has their own agenda

  18. Cover Your Assets • ……. we all know what CYA really means!

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