A Business Asset Inventory is a powerful tool to protect your business’s physical, tangible assets. This includes equipment, machinery, furniture, tools, signage, and more. Not only do these items generate revenue and facilitate the running of your business, but they also add to your company’s overall value. In fact, they can represent a highly significant portion of your business’s overall net worth. Your accountant is responsible for capturing the value and depreciation of major assets on your balance sheet, however this usually only encompasses large-ticket items. While that can be helpful, less than 20% of your actual physical assets are likely documented there.
In the event of a fire, theft, flood or other loss, will you remember every item that was in your office, shop, or business space?
While it is easy to think you will, the reality is that a great number of items will be forgotten. And you’ll have to prove to the insurance company that you did in fact own the items that you can remember. This can be an extremely tedious and frustrating process. That’s why it’s important to protect yourself; it’s never too late to be prepared.
If you are selling or closing your business, identifying assets and valuing them correctly will be vital in determining your business’ net worth, whether for sale or bankruptcy purposes. A professional, third-party Business Asset Inventory can make the difference between thousands of dollars in final sale price. It is recommended that you have a full inventory complete before your business hits the market, as it can be vital to a proper valuation.
While complete inventory services are ideal for most businesses, we also offer item specific inventory services that are tailored to your needs. This could include a complete tool inventory, sporting equipment inventory, or more. Please contact us to further discuss your requirements.