
26/06/2020 by Beki Wallace AATQB MIAB 0 Comments
WHAT ARE ASSETS?
Assets can be categorised into tangible and intangible assets.
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.
Tangible assets are things we can touch and things that can easily be turned into cash.
Below are a few examples.
∙Property
∙Cash on hand
∙Tools, Equipment & Materials
∙Inventory
∙Land
⚖️ Intangible assets are things we cannot touch.
They cannot necessarily be transferred into available funds, but represent value to the business.
∙Goodwill
∙Accounts receivable
∙Copyright
∙Licences
∙Patents
It is important to make note of what represents an asset to a business.
Having knowledge of the business assets is vital when exploring funding options or if choosing to value or sell a business.
If unsure, get advice. Make sure to get it right. Your business could be worth more than you realise!
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