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Assets are the resources of the business. It is the material one have, to make a difference. A nice term for it is something that has probable future economic benefit or which has a future and potentially valuable. For example, food in the refrigerator is an asset because it is valuable as we can eat it.
Assets in a Business
In the business the assets usually are –
- Cash or money – This is one of the main assets in business.
- Supplies – Supplies are those types of things that you use or consume in business. Before businesses start using them, they are called supplies.
- Prepaid – Prepaid usually are paid in advance before one can use it, for example, pre-paid insurance.
- Inventory – Inventory is when the business buys stuff, put price tags on it and invite the customer to buy it. Inventory is like store where customers are invited to buy items. Supplies are used inside the business for internal use only and inventory has the fresh tag on it and the customers by the inventory.
- Accounts receivable – It is when other people owe you money.
- Land, building, Autos, and Equipment – These are long-lived assets but these are still assets as they have future potential value.
- Intangibles – Trademarks are intangibles assets; we can’t touch it but it has probable future economic benefits.
Sapphire single user and Colibri client-server asset management functionality make managing assets a breeze. In Colibri, It is easy to manage the assets owned by a company or by an individual and keep track of the depreciation that occurs on those assets. To know more, Check Colibri’s Asset inquiry module.