Physical assets require continuous maintenance throughout their useful lives. That makes allocating and tracking maintenance expenses a necessity for companies. Maintenance cost is any expense that facilities incur while keeping assets in good working conditions. Typical maintenance costs include:
- Amount spent for procuring spare parts or replacement components.
- Cost of purchasing or leasing maintenance tools.
- The amount for procuring and maintaining digital maintenance tools.
- Wages for maintenance staff.
- Costs associated with inventory management.
