Cover Your Assets

Kaye Boone, PMPMoore & Van Allen, PLLC

LawNet, Inc.

Steve OdumBricker & Eckler, LLP

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

Furniture

Computers

PDA’sServers

Copiers

Cell Phones

Scanners

Printers

Dictation Equipment

Artwork

Office Supplies

Reasons to Track Assets

Insurance PurposesFinancial Purposes

InventoryTax

Reasons to Track Assets

Find it when you need it

Insurance PurposesFinancial Purposes

Stock Items (things not in use)

Maintenance records

Who is doing the tracking?

FurnitureComputers

Copiers

Dictation Equip

Scanners

PDA’s

Cell Phones

ArtworkOffice Supplies

Printers

IT

ACCOUNTING

FACILITIES

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

Problems……

- Duplication of effort

- Inconsistencies

- Inefficient!

Good, Better, Best

Good Each dept tracks assets based on their needs

Better Integrated system utilized by all departments

Best RFID (Radio Frequency Identification)

A GOOD System

Bricker & EcklerBricker & Eckler

Bricker & Eckler

Cost guidelineTwo people are authorized to make

capital purchasesPurchases are coordinated with

financeBest Software (FAS), Excel, Access

Bricker & Eckler

Tag number Item Description Serial # Location Date Acquired Vendor Name Cost

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

Best Practices

Records all assets immediatelyTag all assets upon arrivalCommunicate changes

So you’ve decided to implement a BETTER system

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.

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

Cover Your Assets

……. we all know what CYA really means!