Glossary definition: Asset Inventory

Asset Inventory: Track Your Business Assets

An asset inventory is a comprehensive list of all the physical and intangible assets owned by a business or individual. It includes all tangible assets such as cash, buildings, machinery, equipment, inventory, furniture, motor vehicles, and land. It also includes intangible assets such as intellectual property, copyrights, patents, trademarks, and other non-physical assets. An asset inventory also includes information on the location, condition, and estimated value of each asset. The purpose of an asset inventory is to provide a detailed record of the assets owned by a business or individual, as well as to provide a clear picture of the business’s financial status. This information can be used to make strategic decisions, plan for the future, and provide evidence of ownership in the event of a dispute or lawsuit.