As a business, individual, or family, you need to keep track of your assets for valuation and reporting purposes. The asset inventory also helps in retirement, financial and estate planning and has implications on healthcare, qualification for Medicaid, estate and inheritance taxes.
Examples of fixed assets include heirlooms, real estate, and leased or owned vehicles. Items owned by a business, big and small, must be located and reported. These items can also indicate the financial strength of a business for obtaining financing.
In today’s technological world we also have digital assets such as our online and social media accounts and any files we’ve obtained the right to use. These less tangible items can have value and yet be more easily forgotten as time passes.
How We Can Help
We’ll locate and organize all of your assets, fixed and digital, and create a living inventory of their historical cost, category, usefulness, and value. We’ll also compile a record of each item’s ownership, contracts, warranty, performed maintenance, and service provider. By checking the inventory you’ll know which items have been replaced, traded-in, stored, discarded, given to charity, leased, licensed, or sold, and when.
The inventory will also enable you to accurately report on your holdings, which is required by law and often for risk assessment, insurance, taxes, recalls, legal and family disputes, and regulatory compliance.