Best Practices for Creating An Office Inventory List

As a business owner, keeping account of your company’s physical assets is important for commercial insurance purposes. In the event, of a fire, theft, damage or loss, you want to ensure that your business is protected. Creating an office inventory list will assist in keeping record of your company’s insurable assets.

Below are simple tips to help in creating an office inventory list:

Choose an inventory method. 

When creating an inventory list of your company’s assets there are two main options to choose from: visual and written form. Many business owners choose to create a spreadsheet of the insurable office items they possess along with how much each item is worth. Spreadsheets are easy to create.

A visual record of office items can include video or photographs of each item along with a description and value of all items. If you choose to utilize a visual record, be sure to come up with an effective storage system to ensure that your video and photo records are safe.

Many business owners choose to make both visual and written inventory lists of their office items. When formulating an inventory list you should categorize all items into the following categories:

  • Electronics equipment. This includes printers, computers, communication hardware, fax and copier machines.
  • Office furniture and accessories. Desks, lamps, file cabinets, art decorations and any other accessory should be included. You can include office supplies such as paper, pens, desk organizers and staplers in your inventory list.
  • Retail inventory. If you operate a retail your inventory list should include every item that’s on the sales floor as well as any extra stock in the back room.
  • Make copies of your inventory list. Whether you’ve chosen to create a written list or visual hierarchy be sure to create copies of your list. A copy should be kept on-site at the office and at another location. You may want to consider keeping copies of your inventory list on an external or thumb drive.
  1. Update your inventory list on a regular. No doubt your company’s inventory is constantly changing and increasing. As you procure more items, be sure to update your spreadsheet, photos and video records. When you update your list you should also make sure you have copies and an update on your newly modified list on the external drive.

While creating an office inventory list can be time consuming, this protective measure will help in securing a settlement if you experience a loss. In addition, it’s a great method for determining tax deductible property.