ASSET REGISTER
What is an Asset Register?
An asset register stores vital information about a company’s assets.
It records all types of tangible and intangible assets.
An asset register also records movable and immovable assets.
It helps industrial owners in short term and long term planning.
An Asset registers record general asset information which includes:
Product description
Estimated lifetime
Date of purchase
Warranty coverage
Cost of product
Resale value
Product installation charges
Periodic maintenance cost
Land
Furniture
Building They record tangible assets such as
Vehicles
Industrial machinery
Software Licenses
Copyrights
They record intangible assets which include
Patents
License Agreements
Brand Names
An asset register helps business insure claims.
Benefits of Maintaining an Asset Register
It helps them pay taxes on time. It helps them perform scheduled maintenance operations. Clients can use asset registers as a mortgage in applying for bank loans. It also helps them gauge the resale value of their assets easily. Maintaining an asset register helps prevent fraud. It eases the auditing procedure. It helps them keep a check on their assets and prevents loss. It also helps them organize their assets accordingly.
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