As a small business owner, you understand the importance of investing money in the tools of the sales trade to help your staff win new clients. Many of the items you may issue to your sales force include smartphones, tablets, and laptops.
These items represent a substantial outlay of capital for your small business. But what happens if you don’t get these items back? Your bottom line takes a hit if you lose track of these valuable assets during or after a rep’s tenure. Electronic checklists help maintain a running inventory of your business property, preventing thefts or disappearances.
Creating an Field Rep Inventory Checklist
It’s beneficial to your business to find asset management software programs that allow you to coordinate hardware inventories with the records of employees who you entrust with these assets. With an inventory checklist, as you allocate each piece of equipment, your field service reps must acknowledge the receipt of the tool via electronic signature with a hard copy for backup.
What information do you find on the inventory checklist? Many of these programs contain a detailed description of the property issued, along with corresponding serial numbers or any other unique identifiers. Along with tracking, the list provides proof of ownership for insurance purposes should the property ever be stolen or damaged.
When using an inventory checklist, calling up aggregate or individual inventories is a cinch, and you can add additional items easily. In the event of a CRA audit, an inventory checklist also helps you reconcile capital depreciation that you may have used in previous tax years. Capital depreciation occurs when the value of an item in your inventory slowly lowers over a period of time.
Computer hardware, cameras, and voice recorders are a significant investment in your business. It’s a good idea to manage those assets wisely by holding your field reps accountable for the tools you provide. You can consider using checklists during the on-boarding process and especially when current employees resign or you let them go. Keeping meticulous records helps preserve employee honesty and offers a boost to profitability.
As a small business owner, it always a good idea to keep your eye on all areas of your business, from assets and cash flow to liabilities and employees. 5.6 million customers use QuickBooks. Join them today to help your business thrive for free.