An asset register, also known as asset inventory, is a way of tracking your assets so that businesses know the condition and status of each piece of equipment.
An asset register, also known as asset inventory, is a way of tracking your assets so that businesses know the condition and status of each piece of equipment. An asset can be anything that is worth money to you or your business, including but not limited to:
Using an asset register as a tool can help you to easily keep track of all the assets you have in your business. You can add new assets and track the purchase price, depreciation, maintenance costs, and more.
Generally, creating an asset register will help you:
Asset registers are important because they help you keep track of the assets in your company and make sure that you are not being taxed on them. The government requires you to keep an asset register for all of your assets, including physical ones like computers and vehicles, but also intangible ones like trademarks or patents.
If you do not have an asset register, then it is very possible that the government will tax you on certain assets they believe belong to your company, even if they actually belong to another company or person. This can happen when someone else has a similar name or brand as yours, which is why it is best to use a unique name for your business.
Asset registers are a great way to keep track of your and your business's assets. They can be used as a tool to help you manage your finances and ensure that you are able to make smart decisions when it comes to purchasing or selling assets.
Here is how to create an asset register:
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