What Are the Advantages of Maintaining Asset Registers in Business?
An asset register is a complete documentation of the assets which shows the entire listing and details of the assets which a particular company owns. All this entire list of assets include land, buildings, and improvements made on behalf of the company, the entire set of equipment used for the daily operations of the business, software and infrastructural development made on behalf of the company alone. Apart from these, there are several other information which is being commonly held in these registers and it includes, the date of purchase, the loss in acquisition while including the installation cost, the estimated useful life, written down value of stocks, the rate of depreciation annually, and the net usage of the inventory in one accounting year.
CAE Ryan Jacob has been maintaining the asset register for all his clients who have shown interest in it. And the importance can be apprehended only by them who have maintained it and earned the advantages. There are several reasons why considering it to be one of the most useful books of records- they are insurance claims, scheduled maintenance, coordination in the replacement of assets, and calculation of the depreciation and amortization charges.
Some of the benefits of hiring them must be discussed in brief so that the companies indulge more in maintaining their own asset record book. Firstly, a well-prepared asset register presents a valuable planning tool for businesses of all sizes. This actually helps all the companies in the long run in keeping a track of the fixed and current assets that they hold in details along with the date when it has been purchased and risk assessment as well.
Secondly, experts in the field believe that most of the companies must have their business assets audited regularly in order to check that the internal accounting control systems reflect the current position of the assets of the company. The very moment, when the companies start having the accurate control in place, the chances of theft or losing the assets at the service providers, customer sites, and all other grounds reduce significantly.
Thirdly, by tracking the movement of assets it is only a matter of time for the businesses to optimize how their assets are being utilized in the regular operational purpose including the increase in the billings. Having the asset register in place, most of the assets of an organization are being safeguarded from all sorts of threats which might have a deep impact on the generation of revenue for the businesses.
And finally, by having a complete and detailed record of the dates when the equipment have been purchased, the companies do not miss out when these particular areas need thorough maintenance since failing it might lead to the cancellation of the warranty by the OEMs. So while discussing it, CAE Ryan Jacob never tends to miss out how essential it is to maintain the asset register at every single step, and how the road to success is being paved by it.
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