Managing company equipment isn't anyone's favourite task. It's the kind of thing that seems straightforward until it isn't, and by then it's already cost you money. Here are five things we've seen trip up small business owners and what to do about them.
1. You Probably Own More Equipment Than You Think
Ask a founder how many laptops the company has and they'll give you a rough number. Ask about monitors, keyboards, headsets, chargers, tablets, and phones, and the answer gets hazy fast.
This is normal. Equipment accumulates gradually: a new hire gets a laptop and monitor, someone upgrades and the old one goes into a closet, a spare keyboard appears on a shelf. Before you know it, you're sitting on $50,000 to $100,000 worth of gear you couldn't account for if someone asked.
The fix is straightforward: do a one-time inventory. Walk through the office, open the storage closet, and log everything. It takes an afternoon, and the clarity is worth it.
2. Receipts Disappear, and That Costs Real Money
Say a $1,200 laptop fails at month ten, while it's still under warranty, but the receipt is in a former employee's email or a personal Amazon account, or just gone. Without proof of purchase the warranty won't help, so you end up paying $1,200 again.
This happens more often than anyone admits. The solution is boring but effective: every time you buy equipment, save the receipt in one central place and attach it to the asset record. That means a dedicated system where receipts live next to the asset they belong to, rather than a shared drive folder you'll forget the path to or your email. We wrote a full guide to warranty claims if you want the step-by-step.
3. Offboarding Is Where Equipment Gets Lost
When someone leaves, most of the attention goes to knowledge transfer, final pay, and goodbyes. Equipment return is an afterthought, and that's when things disappear.
It's usually oversight rather than theft: someone forgot they had a second charger at home, nobody asked about the external monitor, or the office key was left in a drawer at their old desk.
A checklist solves this. Before someone's last day, pull up what they're assigned and walk through it. If you have a system that tracks assignments, this is automatic. If you don't, build the checklist manually, but build it before the farewell lunch, not after. We put together a complete equipment offboarding checklist you can follow.
4. Your Insurance Company Will Ask for Proof
Break-ins, fires and floods do happen, and when they do, your insurance company wants a list: what equipment did you have, what was it worth, and can you prove it?
If you can produce an up-to-date asset inventory with purchase dates and values, the claim goes smoothly. If you can't, you're guessing, and the insurer is incentivised to believe your guesses are too high.
Photos help too. A photo of each asset, especially showing the serial number and condition, is strong supporting evidence. It takes thirty seconds per item and can be the difference between a full payout and a partial one. QR code labels make the verification process even faster. Scan the label, confirm the asset matches your records.
5. A Simple System Pays for Itself
The cost of not tracking equipment is easy to miss because it turns up in bits: a warranty you couldn't claim, a laptop that went missing during offboarding, an insurance payout lower than it should have been, or an hour spent looking for a serial number.
You don't need a complex enterprise system, just something that handles the basics: what you own, who has it, what it cost, and where the receipt is. That's it. If it also handles offboarding checklists and QR labels, even better, but the foundation is a clean, up-to-date record of your equipment. If you're currently running on a spreadsheet, read our guide on how to track equipment without a spreadsheet.
AssetJay was built for exactly this. It's designed for small teams without an IT department that need a real system but not the overhead of enterprise IT tools. You can import your existing spreadsheet, attach receipts and photos, assign equipment to people, and generate offboarding checklists, all in one place.
Where to Start
If you don't have a system yet, start with the inventory. Spend an afternoon logging what you have. Then pick a tool, even if it's a spreadsheet for now, and start recording purchases as they happen.
Free: IT Equipment Tracker Template
A ready-to-use asset register with the right columns, sample data, and field-by-field guidance. No signup needed.
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