Asset Register depreciation and insurance

Asset Register up to date?

When we think of the things we have of value, our largest assets often come to mind. But when we start to list down all the the assets we have it’s often the long list of medium sized assets that end up consuming the volume of line items.

An asset register is a detailed list compiled of all business assets. Now is as good a time as ever to check that you’re asset register not only includes all the assets you and your business might have in possession but also check the value of those items. Once you’ve made your first list, a simple annual review to add on any new acquisitions or remove any deposals makes for easier management of an asset register.

From a taxation perspective an asset register is used to calculate depreciation but from an insurance perspective it can for a quick starting point to check you’re adequately insured. If if you have any questions in regards to asset registers be sure to contact us.