The efficient asset management of a company brings several gains, such as the control of assets and cost optimization. In addition to being a legal requirement, it is an essential activity to maintain the good financial health of an organization.
However, it is not always that it receives the necessary attention from companies. The consequence is the loss of opportunities and confusion regarding the information of the tax authorities about the assets.
What Is Wealth Management?
Equity is made up of assets, rights and obligations. Goods can be movable, immovable, tangible, and intangible, among others. Rights are commercial transactions made by the organization, that is, what you will receive, contracts and sales, for example. The obligations refer to the values assumed by the business and which need payment. Suppliers, creditors and employees’ salaries are included in this category. Trust on the Hamilton Chukyo Brokerage for the best performance in this task.
Doing the equity control of a company consists of managing this relationship between the three fronts of equity. In other words, to analyze its movements as a rise or possible decline in the value of assets. In this way, the balance sheet helps to keep track of costs and it is possible to visualize the necessary investments and the needs of the company.
Why Do Asset Management?
Wealth management became an agenda among managers for promoting cost reduction and streamlining operations. This is essential in order to be able to offer more competitive services and products on the market.
Although many see it as an activity that should be pursued because of the law, it is essential and reflects directly on the results of companies. From it, it is possible to make an accurate budget planning, since the equity will be quantified and qualified.
In this way, unnecessary investments are avoided, which facilitates cost cutting. In addition, asset management allows visualization of the company’s real value. It is worth mentioning that, when failing to perform the Patrimonial Control, the company can be assessed for Omission of Revenue and receives a fine.
How to Do Wealth Management
In order to organize and control assets, it is important to follow some steps that facilitate the process. Each company can adopt different ways to carry out this management, but we separate a step by step with the essential activities:
Choose a management system
Technological tools, such as software, can facilitate asset management. Thus, it will be possible to optimize some steps, speeding up the execution of several procedures. The tool is able to keep relevant information visible, helping to organize it in reports for managers. In addition, it is important that it can be integrated with other accounting solutions, helping with balance sheets and depreciation reports.
Take an inventory
The management of assets is directly linked to inventory a listing of all the company’s assets. To facilitate the process, use resources such as plates, stickers or cards. Making photographic records, putting together a description of the items and identifying the location are essential processes for a precise list of objects.
When items are moved or new objects are purchased to replace the old ones, it is necessary to update the inventory. This way, the catalog is kept up to date and the organization knows which items it really has and how long they will last.