QUESTION: My business is small. Do I need to have an business asset managment plan?
Answer: Yes, the size of your business should not matter. You need to know how many business assets you have in the operation of your business. You need to know the value of all your assets. Many small businesses have a tendacy to mix personal assets with business assets. This can cause confussion and problems when it is time to file your taxes. You may pay more in taxes. You will need to know which assets are business assets and which assets are personal assets. You need to know your assets to pay taxes and financial documents.
Frequently Asked Questions
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QUESTION: What are "Ghost Assets?
Answer: If your business asset management plan is not currently up to date, you may have "Ghost Assets." Ghost assts are assets that are no longer at your business or being used in your business operation but are still listed on your business financial books. Having proof of what assets your business currently has, can prevent your business from paying unnecessary property taxes on ghost assets. Second, theft prevention. Tagging your assets with an asset tag can deter the theft of the asset.
QUESTION: Can having my assets tagged prevent theft of assets by employees?
Answer: Yes, tagging your assets with an asset tag can deter the theft of the asset. Tagging assets also allow you to quickly obtain information on tagged assets. Such as when the asset was purchased and even repair or warranty information.