Why is taking inventory for your business important? It’s because you never know when a disaster may strike. In the event your business is damaged be it water damage, roof damage, vandalism or other you must have a proper inventory ready of the items in your care. This is especially important for recovery purposes when it comes time to file your claim, for insurance, and for tax purposes.
It’s imperative that you make sure you keep a current business inventory. This will help you immensely. You will want to purchase enough to replace all business inventory pertaining to what you do. This will also help speed up settlement of our claim.
When it comes to how to start the process of taking inventory for your business, you have a few options in this regard. You can simply have someone make a list in a notebook saving receipts to support purchases and photos in a file. Or if you wish to invest in easy to use software that can automate of the details in the process there are many software programs you can purchase to create detailed, organized, accurate and up to date records of each item. With the click of your mouse, you can easily update lists that you purchase, replace or eliminate. The benefit of an online or computer record is that it can be housed virtually and backed up in many cases. You can scan some receipts, take digital photos to be housed on a server, etc.
Where To Start
Don’t be put off by the seemingly arduous task of taking inventory, especially if it is something that has not been done for a long time or in some cases years. Take it one step at a time. You will want to first decide on a the method in which to record your inventory (software, online, manually) Go office by office or room by room. Take it category by category such as creating categories for “furniture” and “electronics”. Start with the newest pieces of furniture or items to the oldest or you may start from the most expensive purchases to the less expensive ones. Whichever suits you best.
Depending on the insurance coverage you have, some items may need to be insured separately such as Key players in your company and any cash you may be keeping in the office for petty purchases.
Be sure to have photographs that accompany your inventory list. This can be done easily with a digital camera. If you have a film camera you can scan printed photographs or have their film developer save the images to a disk. Print photographs can still be stored with a copy of your inventory.
Some items below can be listed by the room in which they are likely to be found. If you have a large number of purchases of one type of item such as books, CDs, miscellaneous items you can make a general estimate of how many you have and what their estimated value may be.