Protecting Your Business Assets with "kick-ass" software - Neorise

Protecting Your Business Assets with “kick-ass” software

April 7th, 2020
asset management

As a business owner, you would be familiar with “assets.” Without going into too much detail about the definition or meaning of assets, we at Neorise agrees with this definition from Accounting Coach

  • Resources or things of value that are owned by a company as a result of company transactions
  • Prepaid expenses that have not yet been used or have not yet expired
  • Costs that have a future value that can be measured.

So what are some examples of business assets?

Assets that are most likely listed on a business balance sheets are: cash, inventory, land, buildings, machines, equipment and furniture, vehicles, temporary and long term investments. 

Assets often missed but valuable to the business

Some assets that most businesses don’t think of or add to their balance sheet can be some of your most valuable assets. 

These can include:

  • Brand – a highly respected and long time trade name has engagement and connections with your audience and the market / industry you operate in
  • A valuable patent 
  • An awesome (and productive, effective and efficient) management team 
  • An amazing company culture 
  • Long term, dedicated team members who know the ins and outs of your business and is committed to its success.

How and why should you manage your assets?

The simple answer is because controlling your assets is an important part of building your business wealth so that you can grow, expand, be innovative while also being prepared for emergencies. 

Managing your business assets might involve a few or all of these activities on a regular basis:

Take inventory 

Knowing what assets you currently have – from the sum total of everything your business owns through to debts the business owns – is very important. 

Track expenses

Do you know what your business is spending on week to week, month to month, year to year? If you are asked “what can we cut down on in terms of spending?” are you able to provide that information easily? 

Budget 

Create one and carefully keep track of your spending and earning to make sure you are never overspending to get your business into too much debt or seriously underspending so that your business can’t grow. 

Pay down debts 

Interest on debt cuts into your business assets and reduces the ability to increase business wealth. Much like your personal home asset, if you have that extra money to be able to pay down your mortgage and interest rates, you can do the same with your business debts. 

Re-evaluate your plans

If you are using an asset management software or system, you would be able to easily check how your business assets are doing anytime, anywhere. When you review this information you might decide that you need to re-evaluate your business goals or growth plans. 

 

So, what is an asset management software? 

Running a business is already complicated enough without having to create, update and track spreadsheets to list all your assets and their values. 

Luckily, the magic of technology helps us in managing our business assets more efficiently and accurately with a variety of software options. 

Simply put, an asset management software is an application used to record and track an asset through its life cycle, so when your business first acquires it to when you might dispose of it. 

The awesome thing about an asset software management tool is that it provides businesses with important information like where the assets are located, who’s using them, how are they being utilised and even how it is depreciating or appreciating through automated algorithm. 

There are so many asset management software out there nowadays – some free, in the cloud or paid versions. If you are wondering which one is best for your business, the best option (in our opinion) is to take a step back and answer questions such as:

  • What do you want to know about your business assets? 
  • How often do you want the information? 
  • How do you want to access the information?
  • Who should have access to the software? 
  • What other existing software does your business currently use which might need to be integrated into your asset management? 
  • What resources do you have to acquire and manage the software?

If you need assistance with answering these questions and also determining distilling what are the best options are available in the market or if it’s more effective to get a custom solution, our analysts and developers would love to help.

They enjoy these challenges!

Get in touch. 

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