This webinar discusses the importance of having a fixed assets process and provides tips for managing fixed assets. The 1-hour presentation is given by Mary Orefice from Net@Work and Suzanne Pedone from IMS. They cover topics like building a fixed assets policy, disaster recovery, and preparing for an audit. The webinar recommends conducting an annual physical inventory and discusses software and labeling options for tracking fixed assets. Questions from attendees are answered at the end.
Right Money Management App For Your Financial Goals
Essential Fixed Assets Webinar
1. Live Webinar:
Webinar Audio:
You can dial the telephone numbers located on your webinar panel.
Or listen in using your headphones or computer speakers.
Welcome!
2. Webinar Details
• Presentation is roughly 1 hour
• All phone lines are muted
• If anyone has any questions during this webinar – please type them in your
Questions Box located at the bottom of your webinar panel
8. Who can benefit from a Fixed Assets process…
Whether you’re reporting to senior management, a government agency,
internal/external auditors, donors and executive boards, or the IRS, you’re
accountable for the status and value of your organization’s many fixed assets.
9. Ways to manage your Fixed Assets
Depreciation
Depreciation will maintain the
financial aspect of your fixed
assets. Maintaining tax laws
and compliance allowing for
audit trails of transfers and
disposals.
Tracking
Tracking will maintain the
physical inventory aspect of
your fixed assets. The sole
purpose is to conduct a
physical inventory through
labeling and scanning in order
to reconcile your assets. This
will prevent Ghost and
Zombie Assets.
Planning
Planning is typically the first
point of entry allowing you to
manage any projects like a
new location, software
implementation, or just a
budget. This is where you can
collect invoices, transactions,
and purchase orders and
place them in service as
spending is complete.
Reporting
Reporting allows for a
consolidated view of your
assets .
10. Disaster Recovery
Think about this…
10% of companies are affected by man-
made disasters
29.7% of companies are affected by
natural disasters
The U.S. Department of Labor estimates over
40% of businesses never reopen following a
disaster. Of the remaining companies, at least
25% close within two years.
Source: NFIB National Small Business Poll Source: NFIB National Small Business Poll
• About Small Business Information Darrell Zahorsky
• http://sbinformation.about.com/od/disastermanagement/a/
11. Great Lessons Learned from
Asset Tracking for Small &
Medium Enterprises
Suzanne Pedone, CEO & Founder
IMS, Inc. www.IMSolutions.net
12. Inventory Services - IMS
Wall to wall Most Efficient
➢ Rolling out over time - Assets Missed
Mobile asset for remote or field engineers
Assured consistency across the board
➢ Less people
Inventory Time Annually: Clean sweep is the best
13. Inventory Services – IMS
There shall be an annual inventory taken of fixed assets
owned by every Department. This inventory shall include, at
a minimum, a verification of the existence and location of
fixed assets owned by a Department. This inventory shall be
done on or about June 30th of each year for GAAP and non-
GAAP assets. E-brief bullets, discuss details verbally.
15. Inventory Services – IMS
• New laws
• New challenges in Security
• Weather shifts – for DISASTER recovery and planning
• New Asset types introduced
Policy updates needed
16. Inventory Services – IMS
Software – easy
steps - user
friendly
Less “chef’s in the
Kitchen”
Check in and
Check out
capability
Simple Solutions
17. Inventory Services – IMS
• Cost varies
• Functions easier annually
• Longer prep time
• Few products have longevity in Asset management
RFID
20. Inventory Services – IMS
Internal or External???
This policy can be carried out through a sound system of internal controls including: verification,
an appointment of a singular, accountable, responsible officer, a periodic inventory and an
independent audit and training.
✓Efficiencies
✓Cost Analysis
21. Inventory Services – IMS
Labeling Product:
▪ Adhesive
▪ Color coded
▪ Thickness of product
25. Thank You For Attending!
Mary Orefice | Net@Work
Account Executive - Compliance
Phone: 804-298-3810
morefice@netatwork.com
www.netatwork.com
Connect with
800-719-3307
www.netatwork.com
netatwork.com/blog
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Contact your Net@Work Account Manager for any questions or concerns.
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