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Create Your Equipment Inventory!

Most business owners are so busy getting things done, that they sometimes miss keeping track of what they have. If you are buying computers, equipment, furniture you will have to report all these business property items on a 571-L form wherever you are locally registered to do business. They will then determine how much property tax you will owe on this business property you maintain (usually maybe a few hundred dollars a year). But if you are only compiling your inventory of what you own for these purposes, and for that filing you are missing some key business opportunities!

ZümiFi recommends that you track all of your IT (and other) equipment – note the date that you purchased it, the “service tag” or other unique identifying information etc. Not only will this help you keep track of what you own, but it is also invaluable for budgeting purposes. Why? You are much better off reviewing your equipment periodically and anticipating when you will need to replace it. There’s really no need to wait until it breaks – you can anticipate that your equipment should be aging out soon and make a plan to replace it before it actually breaks down and disrupts your business altogether! If you plan for these replacements, you can also ensure that there are not major cash flow disruptions to your business. You can plan for those expenditures, and make sure that you are ready to make those key investments in your business to keep you productive! By anticipating these purchases, you might even be able to score a good deal too!

ZümiFi – looking ahead to ensure your success…

Create Your Equipment Inventory!

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