How does asset management help you and your business?
Assets usually represent a very significant investment in your business and for this reason, alone, asset management is important to ensure you are always informed on the current status of each of your assets. This will include the current book value of each asset, the total value in each class of assets, what you are entitled to claim in depreciation against each item and class.
Should you trade an item for a new one, scrap or sell it off because you don’t need it anymore, you are always on top of the situation with current and up-to-date information making your management decisions that much easier. The benefit this provides you is that you will always know what each asset still owes your business in terms of future tax deductions or recovery costs. Great information to have when making decisions to scrap, sell or update an asset item.