There are many reasons a business owner chooses to have an inventory of all the personal property – and the main reason they opt to hire the service is that they are too busy to tackle the project themselves. This asset inventory serves many purposes for a small business owner. There are a plethora of industries who need this information, and often our Licensees contact us to receive advice and guidance on how to tackle a specific industry.
Over our many years of experience, we have provided asset inventory services to a variety of industries and companies, such as auto body and auto repair shops, medical offices, marketing companies, sign shops, remodelers, manufacturing facilities, office buildings, farms, and home-based business owners. Having this experience and knowledge is extremely valuable for Nationwide Inventory Professionals’ Licensees, as they receive the mentoring and knowledge necessary to approach the project, no matter what industry or how large or small the project. Licensees also receive assistance with providing a fair quote an specific areas of expertise to assist them.
Why do businesses need to have an inventory of their assets?
Many business owners forget about the need to increase their personal property, or contents, insurance coverage as they add more items due to growth or buy new to replace older furnishings. Over the course of time, desks, chairs, tables, computers, printers, file cabinets, kitchen appliances – and so much more – are purchased as an expense item. This means they aren’t on a depreciation schedule; therefore, these purchases aren’t tracked. The amount of insurance required to replace everything is essentially unknown. Being properly insured results in an equitable insurance settlement if facing a loss.
Prevent Duplicate Purchases
An inventory is a great resource to determine a need for a purchase. If there are many items in off-site storage, or a number of storage areas in the building, there is a great chance that duplicate purchases are being made. Consider the benefit of being able to do a quick search of the inventory before you make those purchases.
When Borrowing Money
Many banks are now requiring a list of assets to be provided when applying for a loan or line of credit. Often these assets will be used as collateral. Having this information already prepared will assist in a quick turn-around of the loan application. When in a position to need to borrow money, this is not the time to delay while rushing to compile an inventory.
Buy, Sell, Merger, or Acquisition
When merging with another company, knowing the value of each company’s assets is essential in a smooth transition and equitable transaction.
These needs are met by providing a professional asset inventory service. Licensees enter their projects, with years of knowledge and experience behind them – even if this commercial project is their first job. Nationwide Inventory Professionals offers our years of expertise to help you build an independent asset inventory business.