Do you have an accurate, up-to-date inventory of all of your personal possessions? That’s a pretty straightforward question, isn’t it? Yes, or…?
Why
this discussion today? Of course, we are all busy folks. But failure to have an
accurate accounting of your personal possessions could have serious
consequences (from delays, to being paid less than the items’ worth, to
outright denial of claim) in the event that you had to file an insurance claim
or report property losses to the IRS. So I’d say a properly substantiated
accounting will breed less drama and greater peace of mind. Besides, without
knowing the proper value of what you own, you risk being underinsured.
You
may want to check out the Insurance Information Institute’s online homeinventory software. I personally like this software because it literally
walks you through your house, room by room (with prompts), helping you document
everything you own. Of course, you have to name the rooms. You can upload your
receipts, any appraisal reports, or take actual photos of the items and attach
them to the inventory. Obviously, since it’s online, you don’t run the risk of
having this information lost, destroyed, or stolen. You can also create the
inventory with an app on your smartphone, if you’d like. Great thing about it
is that it’s totally free.
I
must mention that I have no affiliation or agreement with this organization and
do not stand to benefit in any way, should you decide to use this application. It’s
just that in my professional practice over the years, I have seen enough
unintended consequences – some of them pretty devastating when folks were unprepared.
As always, I’m simply looking out for your interests.
__________________
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The biggest advantage of using inventory software, whether for personal or business use, is that you can easily track records. The company investments and its improvements can be managed better. Inventory management software also helps in keeping calculations up-to-date. This allows the management access to the statistics needed for restocking information.
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The benefits to integrating your inventory management software are: Optimizing inventory to meet product availability, providing inventory visibility to supply chain partners, stating inventory accurately in financial reports.
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One benefit of using inventory management software is it can prevent shortages in inventory, which can cause delays in production. Every businessperson knows this will lead to loss of profit. On the other hand, an inventory management software can also help a business owner determine if there is any surplus in inventory, and consequently determine how to immediately turn this into profit and not loss.
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No doubt, software can make the inventory ready to use and very quickly to have all the records at once, there are a number of benefits of the inventory management software.
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