{"id":904,"date":"2024-05-22T00:16:59","date_gmt":"2024-05-22T06:16:59","guid":{"rendered":"http:\/\/smallbusiness.hrblock.com\/?p=904"},"modified":"2024-05-22T10:19:51","modified_gmt":"2024-05-22T16:19:51","slug":"are-you-tracking-your-companys-fixed-assets","status":"publish","type":"post","link":"https:\/\/hrbscaletest.hrblock.com\/resource-center\/finance\/are-you-tracking-your-companys-fixed-assets\/","title":{"rendered":"Are you tracking your company’s fixed assets? Should you be?"},"content":{"rendered":"
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\"Business<\/figure>\n<\/div>\n\n\n

Your company probably has a lot of what could be considered “assets,” like employees, a strong product or service line, a business plan that’s working, and good relationships with your customers and suppliers.<\/p>\n\n\n\n

But the word has a very clear meaning when it comes to your financial accounting. You have two kinds of assets in your Chart of Accounts. One group is liquid; that is, you could convert it to cash fairly quickly. These include your bank accounts, your accounts receivable, and any prepayments that have come in.<\/p>\n\n\n\n

Fixed assets <\/em>are different. They’re physical entities like buildings, computer equipment, machinery, and furniture. You purchased them because they play a role in the production of your company’s income. And you bought them with the expectation that you’d be using them for more than a year.<\/p>\n\n\n\n

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There are many reasons why you should track your fixed assets very carefully. For example:<\/p>\n\n\n\n