Wondering what your business assets are?
The simplest way to explain assets are that they are properties your business owns. This can include “current” assets, which are properties that can be converted into cash within a year, as well as “fixed” assets, which are properties that typically take more than a year to convert to cash.
If you own equipment, furniture, cars or trucks, or something similar that lasts for years, you will have to account for these in a fixed-asset balance on your statement. If it’s been a while since you’ve purchases these assets, you may have a depreciation account, and when you net the two, your fixed-asset values are reduced.
If you are unsure, we can help you decide what category your assets go into. Let us help you clean up your books and take the fear out of your finances!
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