No one wants to contemplate a disaster. That’s precisely why you need to. Hurricanes, earthquakes, tornadoes, floods, storms, and blizzards are facts of nature. And what about accidental disasters such as office fires (and resulting water damage), HVAC failures, power outages, or construction damage? Your office and records could be subject to one or more disasters—but you’re not off the hook. Operations, including tax filings, must continue
regardless. Ironically, disaster recovery is more about what you do beforehand than in the aftermath.
Some questions to consider:
• How many and what kind of fixed assets do you have?
• Are they insured for the right amount?
• What is the replacement value?
• How much can you claim after a disaster?
• And even more importantly, in addition to physical assets, what if all your records are destroyed?
Preparation, preparation, preparation. Sage can help you plan to prepare. You’ll know exactly where you stand with your fixed assets’ worth, how much they should be insured for pre-disaster, and what you can expect for a replacement value. And backing up records to a safe location is a simple process, so you won't have to “guesstimate” your true losses and expected payout.
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. Those assets can take the form of buildings, machinery, computers and other electronic equipment, office furnishings, even assets you build. Accurately tracking their varied lifecycles can be a daunting task— especially when there’s so much at stake.
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Keeping track of potentially thousands of new and revised regulations and then filing correctly is more than demanding - it can be grueling. And if—or when—your books are audited, internally or externally, there will ALWAYS be more questions. Don’t let yourself or your staff take on this burden alone. Sage is on it. We constantly monitor all new laws being enacted regarding assets, as well as changes, amendments, deletions, and exceptions to current ones that affect your bottom line. Our fixed asset software is constantly updated and helps keep your data ready for even the most intense scrutiny. You’ll feel confident that your numbers are in line and have the backup to prove it.
As your organization’s fixed asset inventory grows, so does the amount of taxes and insurance you pay. The list just keeps getting longer as you acquire the latest “thing” to keep you operating at peak performance. Beware! You may have “ghost assets” hanging around, if not on your physical site, then definitely on your books. “Ghost assets”—lost, stolen, or unusable items that are not accounted for—can comprise as much as 15 to 30 percent of a company’s total property, plant, and equipment.
Insurance fees and taxes are steep enough for items that you actively use, so why pay for things that no longer exist? The most effective weapon against “ghost assets,” is an accurate inventory, so you know exactly what is where and when to eliminate it from your ledger. Sage can help reduce the huge job of inventory tracking to a manageable, even easy, process. You’ll be able to reconcile your asset data in one central location to maximize efficiencies and take advantage of significant cost savings.
Regulatory Agency Compliance