TANGIBLE AND INTANGIBLE ASSETS

Assets can be categorised into tangible and intangible asset

Things we can touch and things we cannot. They represent a value to the business, something that could be available to help meet debts & commitments if needed.

Few examples of tangible assets:
- PROPERTY
- CASH ON HAND
- TOOLS, EQUIPMENT & MATERIALS
- INVENTORY
- LAND

For intangible assets:
- GOODWILL
- ACCOUNTS RECEIVABLE
- COPYRIGHT
- LICENCES
- PATENTS

It is important to make note of what represents an asset to a business. If unsure, get advice. Make sure to get it right. Your business could be worth more than you realise!

Want to kick off with the words used in accounting? I just started with the letter A.
I have a simple to read, A to Z of Bookkeeping terms.

There are words used only within accounting and other that have multiple meanings. Some words are interchangeable and some carry a clear singular meaning.

Having a good understanding is key to ensuring a business can be successful.
Not everyone is a fan of bookkeeping and accounting and some don’t feel confident to manage their own business finances.


If it takes up too much time and causes endless stress maybe it’s time to think about outsourcing!

Wallace Accountancy & Bookkeeping help business owners have the time to concentrate on what’s important by providing an accountancy service.
You can download the ebook here:
https://www.wallaceaccountancy.co.uk/e-books 
#bookkeeping #accounting #assets #wallaceaccountancyandbookkeeping #workandlifebalance

0
Feed

Leave a comment