Fixed assets are assets such as land, buildings, machines, office equipment, copyrights and trademarks which exist for the production of goods or rendering of services but which are not necessarily available for retail or sale in the course of the business's everyday operations.
As such fixed assets represent a large proportion of the operation's total assets, particularly in industry where it doesn't serve to have large amounts of stock available which isn't making it to point of sale. Over production of slow moving stock isn't an unnecessary drain on manufacturing resources, warehousing, insurance, tax and many other costs come inpo play when your product isn't flying off the shelves.
In addition to retail, fixed assets make up almost the entirety of the 'stock' of service providers such as hotels, banks, insurance companies, internet and other communications providers, broadcasters and publishers. Essentially service and secondary industry.
In the case of accommodation and leisure services it's clearly important to invest heavily in furniture, equipment, technology, foods and other consumer goods such as cleaning products, and staff training in order to provide the essential services to their customers.
Just as it's important for investors and traders to know the value of their stocks and shares, it's important for these companies to know the value and volume of the goods that they possess. That's where the fixed asset register and fixed asset management software comes into play.
It also allows companies to keep track of the details of their assets ensuring accurate re-ordering as well as preventing misappropriation and unknown loss. Accurate asset tracking also means that companies are able to compute depreciation for insurance and tax purposes. A fixed asset register is necessary for accounting and also legal compliance, legislation concerning companies and corporations requires a business to record its assets in case of financial irregularities. So, while it seems like it might be a lot of additional work, just to add another strata of administration to your purchasing process there are actually both real and potential benefits, the real benefits being that your insurance and tax liability can shrink as the resale market value of your assets erodes; the potential benefits include transparency and up-to-date, accurate and complete records are available if and when you find yourself being audited.
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