Share what you know with millions of people
Focus is the best place to turn what you know into remarkable content
0
Benefits to creating a Capital Equipment List?
My business partner and I are going to be opening up a telephony reseller store in Q1 of 2011. We've already created an extensive business plan, but recently saw an article suggesting that the new businesses also create a "Capital Equipment List" in order to better track the costs o the equipment needed for the business. Are there any benefits to creating this list outside of what is described in our business plan?
Events
- Dos and Don'ts of Small Business Marketing May 29 @ 11 am PT
- Lead Nurturing 202: The Next Generation May 31 @ 11 am PT
- The Tricks to Paid Media June 6 @ 11 am PT
- Display Advertising for Brand Awareness June 20 @ 11 am PT
Related Activity
1 Answer
Your business plan may not break out the details. So here's a hybrid suggestion/approach: List high level categories in the plan and attach a detailed (line by line) capital equipment plan/budget as an apppendix.
The benefits to you and your partner are that you'll have an exact accounting of what you need and how much you will have to spend or have spent. This will help your accountant determine expense treatment for tax purposes and/or depreciation. Also, your insurance agent can be sure you're not under-insured and depending on what state you're in, personal property taxes may apply and/or there may be financial incentives at the state level for investing in new business equipment (i.e. a credit for sales taxes paid).
Good luck with your new business!
rs
Answer This Question