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Frequently asked questions answered by members of the Asset Services team

Q: What new customer bases has Asset Services branched out to in the past few years?
A: In the past, Asset Services has provided a few fixed asset and major movable equipment inventories for arenas, stadiums, and professional sports teams. We are in the process of reaching out to more of these organizations as a viable client base.

It is important for these organizations to also have an accurate accounting of assets for a few reasons:

  1.   For an Accounting Department, ensuring an organization’s asset management records are accurate to track equipment and generate accurate financial reports. It is surprising how many assets get disposed of and are never removed from the asset ledger. This is what we refer to as “ledger bloat” and it can cause inaccurate financial reports, tax reporting, and insurance coverages.
  2.   For a Facilities/Plant Maintenance Department, an accurate inventory assists in ensuring maintenance management systems (CMMS) are populated with accurate data. This ensures equipment is being properly maintained and repaired as well as ensuring the correct spare parts and maintenance materials are on-hand.

We are excited to expand our services and encourage organizations to contact us and see how we can assist in performing a wall-to-wall inventory and ensuring your asset records are accurate.

Tim Michener

Vice President of Sales and Marketing

Q: Asset Services is performing more equipment inventories for the Travel Center & Convenience Store Industry. How does an equipment inventory benefit these organizations?
A: An equipment inventory benefits two separate divisions within an organization. The Facilities Maintenance Department needs to populate the Computerized Maintenance Management Systems (CMMS) in order to ensure equipment is being maintained and repaired as required. Asset Services has discovered that many convenience stores, travel centers, and fuel chains have inaccurate data in the maintenance management systems. Inaccurate CMMS data leads to lost maintenance time as well as the wrong replacement parts being ordered, resulting in lost time and money. An organization’s Finance Department also needs an accurate accounting of all fixed assets for depreciation and financial reporting. Asset Services is unique in that we focus exclusively on equipment inventories and ensuring accurate data is available to upload and validate an organizations Maintenance Management System and Fixed Asset Financial Management System.
Tim Michener

Vice President of Sales and Marketing