Business Inventory Services
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?
There is a tremendous need for documenting your company assets. When an insurance settlement is not large enough for your business to recover financially, 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. Statistics show that only 6% of businesses will survive long term after a disaster. Don’t let your company become part of this harsh reality; invest in the future of 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 capitalization or depreciation schedule.
We take the time to understand your business and identify critical assets. Without a company inventory, it can take up to 12 months to list everything you own and complete the claims process. Many cannot even complete a thorough list, and submit what they can 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 do not have the time to complete their company inventory list. Securing our efficient and thorough inventory service enables you to concentrate on what you do best, while you feel comfortable retaining our expertise.
Disaster preparedness and disaster recovery aren’t the only reasons to secure a thorough asset inventory.
Other occasions when a company inventory list is essential or necessary are:
- Ensuring that you have sufficient business insurance coverage – an inventory list will help you know the true value of all of your business contents.
- A detailed list of all business assets – more thorough than a depreciation schedule, you’ll have the information you need, when you need it.
- Proof of value of assets – beneficial when seeking a loan or Line of Credit.
- Prevent duplicate purchases – current list of assets shows how many and where items are located. A quick check before a major purchase will prevent unnecessary purchases.
- Rental and vacation property – document your assets located in furnished rentals.
- Moving – items are all too often misplaced or damaged.
- Storage – thefts and floods are not uncommon in storage facilities.
- Sale or purchase of a business – helps create the full picture of the value of total assets.
- Proof of uninsured losses – a support document for the IRS when deductions of loss are claimed on your income tax returns.
- Peace of mind – the most important reason!