Maintenance costs are the costs associated with keeping a business running. These include the physical parts of your business and all the people and systems that keep it running.
If you're considering starting a new business or already own one, maintenance costs can make up a large part of what goes into running your company. So here are some standard maintenance costs to consider:
Maintenance costs are usually tracked by a maintenance manager alongside their finance team. Additionally, it's also tracked by:
The tasks performed by these groups include preventive maintenance and corrective maintenance of equipment.
When it comes to tracking maintenance costs, there are several options. You'll first want to decide how much time and effort you must put into this process. If you're looking for something quick and easy, use a spreadsheet or database program like Excel or Access.
If you want more robust data analysis capabilities, consider using an enterprise management tool like Microsoft Project Online or Primavera P6 EPPM.
Finally, if staff members who aren't directly involved in the maintenance department—like executives—need access to information about ongoing projects across departments such as facilities and HR/personnel management, consider choosing options such as Intouch Insight Maintenance Costing Software Suite. They allow users access through web browsers on desktop computers and mobile devices such as smartphones or tablets.
Maintenance costs are an expense that must be paid to keep a property operational. They're not just nice to have; they're the cost of doing business and owning property. Maintenance is one of the most significant expenses, so you must understand what it entails and how much it will cost you over time.
Discover tips on how to budget and forecast effectively for your maintenance team (opens in new tab)
Tracking maintenance costs is an essential part of the financial health of your business. It allows you to understand how much it costs to keep your assets running, which can help you make better decisions about what needs to be repaired or replaced.
If your company owns property or equipment that requires regular maintenance and repairs, you must know how much those expenses will cost, so they stay within budget. If there are any surprises with these expenses, having a clear idea about what those might be will help prevent financial problems in the future.
In addition, tracking this metric allows maintenance teams to benefit since they can bring forward and demonstrate the value they bring to the business. For example, without regular preventive maintenance conducted by a team of professionals, the company could be spending thousands of dollars on replacements or using a subcontractor for repairs.
The most important thing to remember is that maintenance costs are not a one-size-fits-all solution. Every business will have different needs and priorities when tracking its maintenance expenses. But with the right tools and systems, you can start managing your maintenance budget more efficiently today than ever before.
Leverage the cloud to work together, better in the new connected age of maintenance and asset management.