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Use these lists to identify the assets you own. You can download and print out document versions and fill in the blanks to help you get the most value from your assets.
Owning a healthy combination of fixed, current and intangible assets means cash in the bank, smooth operations and long-term value.
The quantities you have of each will largely depend on what kind of business you are.
By keeping an accurate record of what assets you own, you can:
Resourceful businesses own and maintain only what they need.
Your current assets are your marketable securities. In other words, they are the money that’s in the bank or owed you, or any items that can easily be sold or converted to cash. They are sometimes referred to as non-fixed assets.
How to identify a common asset:
From an accounting perspective, employees aren’t considered assets — no matter how valuable they are to your business.
Your fixed assets are the big-ticket items you’ve purchased to run your business. They are sometimes referred to as as non-current assets.
How to identify a fixed asset:
Assets(external link) — Inland Revenue
Most of your fixed assets will lose value over time, but you can often claim depreciation at tax time. Depreciation deductions are allowed for most fixed assets — except on most buildings, land and long-term investments.
Intangible assets are your intellectual property, goodwill and brand. They add commercial value to your business.
How to identify an intangible asset: