What are the Useful Templates for Asset Management and Tracking?
Any business or corporation gains value in the market for their assets and its performance in the market. The status of any corporation is evaluated seeing what turnover they can make with the assets and equity. Thus, be sure about assets' every operation and use with its specific purpose. Plan every investment carefully before arriving at any decision. Keep different record books for all tangible and intangible assets to be certain about the activities. If you lack time to do so, do not worry because we have kept several outlined templates ready for your use with editing facility to personalize them with your business data. We have specified them below have a look at them now:
What is Asset?
An asset is an economically valued resource of any company, organization, country, and individual. The assets are used by the owners in a way that gives benefits in the future. It is listed on the organization's balance sheet and it adds value to the firm and benefits its operations.
What are the Examples of Assets?
Cash or cash equivalent, prepaid expenses, equipment, accounts receivable, property, plant, equipment, inventory, investments, vehicles, furniture, trademarks, patent, etc. are all examples of assets.
What is Asset Management and Its Benefit?
It is a system that enables you to keep a track of the assets or the property and trying to increase the returns. It has several benefits like:
- Enhanced asset use and acquisition.
- Increased regulatory compliance.
- Enhanced business practice and making better business decisions.
- Enhanced reliability.
- System integrity.
- Cost savings.
How to Classify Assets?
- Convertible Assets: Assets that can be easily Convertible into cash like short-term deposits, land, machinery, office supplies.
- Physical Existence: It includes assets based on physical existence, i.e., tangible or intangible like stock, building, or goodwill, patent.
- Usage: These assets are classified based on their business operation usage like copyright, short-term investments.
What are the Properties of an Asset?
Ownership, economic value, and resource are the three key properties of assets. Asset ownership can any time be converted into cash or cash equivalent. Economic assets can be exchanged or sold for their monetary value. Resource assets can be used to generate revenues in the future.