26/06/2020 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.
∙Cash on hand
∙Tools, Equipment & Materials
⚖️ Intangible assets are things we cannot touch.
They cannot necessarily be transferred into available funds, but represent value to the business.
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!