When you think of office supplies, you probably imagine basic items like pens and pencils, sticky notes and paper clips. While these may be considered office supplies, your business will likely also need more advanced equipment. From a computer to a printer, you will need the right tools to manage communications and complete work tasks. These are often called information technology (IT) tools and can be a large expense for any startup company.
You can save money by shopping at online auctions for used IT equipment. These sites sell everything from electronics to office furniture. Often, items are in good condition and can be purchased for much less than new items would cost. When you shop at online auctions, you can often find the exact piece of equipment you need for your startup.
After downsizing its staff and cutting costs, Twitter is auctioning off hundreds of its office supplies. The auction is taking place on Heritage Global Partners and includes everything from a statue of its blue bird logo to high-powered espresso machines. The site will be open for just over 24 hours with bidding starting at $25.
Office furniture is usually one of the largest expenses a startup will incur. Keeping track of the types of furniture you will need for each employee is essential to ensure that your company doesn’t end up overspending on this equipment. You can also reduce the amount of time it takes to purchase office supplies by planning ahead and purchasing the items in bulk.
Whether your startup is a small business or an established corporation, it’s important to understand the difference between capital and operating expenses. This helps you plan for your future and determine what the best course of action will be if your company faces financial difficulties in the short term or long term. Depending on your type of business, you might be able to deduct the cost of some types of equipment from your taxes.
A company’s inventory of assets is typically divided into several different categories, including fixed and movable assets. Fixed assets are immovable and do not have the ability to be moved to a new location. Movable assets, on the other hand, can be moved between locations and are depreciated over a shorter period of time than fixed assets.
If a government agency or private company decides it no longer needs certain assets, it must report them to the state Surplus Property Office. Once listed, the property becomes available for transfer to other executive departments or licensed non-profits. If no one is interested in the property, it can be sold at a public auction. The state of New York is holding an auction next week to sell more than 5,300 pieces of furniture and equipment, including chairs, desks, storage lockers and even a pizza oven. To learn more about the auction, click here.
