The report of certified equipment appraisers is critical since the company’s development depends on it. A report that is not properly done can affect the way your enterprise functions. Banks may no longer release funds to a firm that has a poor equipment appraisal report. Having certified equipment appraisers that follow the Uniform Standard of Professional Appraisal Practice (USPAP) is crucial for a company.
The Importance of a Qualified Appraiser
When it comes to certified business valuation, you can’t take any chances. An appraisal report with errors can have many adverse consequences. There are three things an appraisal should be: objective, unbiased, and impartial. The appraiser that inspects your equipment needs to be competent so that he or she understands the problems your machinery may have. The appraiser needs to identify any kind of problems and value the equipment. This process has to be USPAP compliant.
Find an Expert
It is important that you find qualified appraisers with the American Society of Appraisers Certification. This certification makes sure the appraiser is competent while improving the credibility of valuation. You will reduce the risk by choosing an experienced professional. In case you choose someone who isn’t reputed, you will be in danger of increased costs, liability or a poor appraisal report. A report that is well done will withstand any scrutiny.
What to Expect From a Certified Equipment Appraiser?
1. Ethics – The certified appraiser should meet the USPAP’s ethical standards. They should be competent, honest, and incorruptible. Appraisers with these qualities ensure a quality report without having a hidden agenda or an ulterior motive.
2. Competency – The report made by your certified appraiser has to reflect the actual quality of your equipment. If not, the entire situation may lead to work accidents and the loss of productivity. A person that’s responsible can detect the problems in the machinery and help to prevent further wear and tear of the equipment.
3. Standard Report – Your appraiser’s worth is based on whether he/she can deliver a standard appraisal report that can withstand any form of scrutiny. Have a look at his or her previous reports. Make sure that he or she has prepared the reports based on inspection, extensive research, and the USPAP standards.
Certified equipment appraisers can help you save money by preventing accidents and prolonging the life of your equipment.
The author is the certified equipment appraiser who worked under Master Equipment Appraisers. He has written blogs and articles to make business owners aware of the need of equipment appraisal.