Asset Management Ideas for Your Home Foreclosures

Record Your Assets

If you own and run a small business you probably know how
important it is to properly manage your assets, especially
when tax season rolls around. Managing your assets can be
fairly easy, no matter what type of assets you're talking
about. This includes cash as an asset and physical assets as
well.

Healthy habits with regards to book keeping and accounting
practices will always save you time and money in the long
run. When dealing with your cash accounts and assets, you
need to keep exact track of income and spending -
irrespective of how small or insignificant the dollar value
may be. Every cent added up over a period of time can make a
vast sum.

If you need to submit tax to the government a good
accounting practice and asset management is extremely
important. You may think something may be totally
insignificant, but if you get audited, even years past of
slight indiscretions can come back to haunt you.

Exact and detailed accounting books will also help you
should you need to apply for a loan or a small business
grant. They will need to know all of your assets and if you
have all the proper documentation, and books with accurate
records, you will be able to easily prove you are a reliable
member of the business community.

Often, small business owners tend to overlook certain items,
not realizing that they are actually assets. Anything worth
money, or that can be sold, is considered an asset. For
instance, most of us know that our computer equipment is an
asset, but we may overlook the desk or even the chair we're
sitting on. Take a look around and see if you've missed any
assets in your reconciliation.

The concept of depreciation is important to understand when
managing physical assets. For example a brand new car worth
$18,000, depreciates in value as soon as it is driven off
the lot. What we pay for a brand new item is certainly not
the price we can expect to sell it five years later. For a
car, factors such as mileage, wear and tear, and any
accidents also play a role in the depreciation. While this
rule of depreciation applies to all physical assets,
property is an exception which may in fact appreciate in a
few areas.

Therefore, small businesses need to cater to depreciation in
value of the office equipment and most other equipment that
has been purchased when undertaking asset valuation and
management. While this process sounds overwhelming, it
actually is fairly easy when assisted with the required
tools and guides.

There are several types of software programs available that
can help you with your asset management and book keeping.
Most software is fairly user friendly and comes with good
documentation so you can set it up specifically for your
business with ease. If you would rather hand your asset
management and accounting over to someone else entirely, you
may want to consider consulting a chartered accountant.

The bottom line is that for small businesses, asset
management is very important and must be taken seriously.
Not only can you benefit from properly documenting your
assets, but there can be serious repercussions if you don't.

-o+o-
John Hivern is the webmaster for FTP Assets,
a fantastic resource for information about
http://www.ftpasset.com">Asset Management &
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