Business Inventory Service
Have you done all you can to protect your business assets? If you have a disaster, will you be able to remember, and thus recover, your company personal property?
When an insurance settlement is not enough to replace all of your equipment, furniture, appliances, electronics, etc., you will have to use other resources to purchase items to replace what was destroyed or stolen. The impact a loss has on cash flow could ultimately close down your business.
Why do you need an inventory?
Most CPAs and their small business clients have a rule of thumb to expense purchases under $1000. Think of how many pieces of furniture, electronics, decorative items, and other assets cost less than that – none of which will be captured on a depreciation schedule.
Without a company inventory, it can take months to list everything you own and complete the claims process. Many cannot even complete a thorough list. Often out of frustration, they finally submit what they can remember when the deadline established by the insurance company arrives. If you have an inventory list, and a fire, theft, or natural disaster does happen, your initial claim can be quickly submitted within 48 hours.
The majority of small-to-medium size business owners don’t have the time to create their company inventory list. Securing our efficient and thorough inventory service enables you to concentrate on what you do best – managing your company.
A business asset inventory is essential for many other occasions:
- Know the value of your business contents to ensure you have sufficient insurance coverage.
- A detailed list of all business assets is more thorough than a depreciation schedule.
- When seeking a loan or line of credit, this document will prove value of assets for collateral.
- Prevent duplicate purchases – especially helpful when you have items in offsite storage facilities.
- Have a full picture of the value of total assets for a sale, merger, acquisition, or purchase of a business.
- Proof of uninsured losses to support a loss deduction claimed on your income tax returns.