(Money Matters) Assets: What are they good for anyway? -KASFIA RASHID

Kasfia Rashid - "Money Matters with Kash the Bookkeeper"

​Introduction

Good morning, good afternoon, good evening. Welcome and congratulations on taking your first step into the journey of business ownership. My name is Kasfia Rashid but you can call me Kash the Bookkeeper. It is my job to prepare you to understand the language of business AKA Accounting!

Now before you fall asleep or reach for that bottle of wine, this trip is going to be fun! TRUST ME! I am going to break down all of the difficult to understand accounting terminology into simple easy to digest nuggets that can be put into use right away. We're starting right at the top with go ol’ , can’t get enough of ya…. ASSETS! 

What are Assets, why are they so important, and how do they hold the key to every successful business? Glad you asked, as that is what we will be discussing today! 

IBGR is committed to your success and our programming is designed to give you the tools and resources as well as the one percenters you might be missing that are the difference between feeling like you are treading water and chasing your tail versus on the up track and master of your domain..

Let’s get each week started on the right foot! HAPPY MONDAY!

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Show Objectives - The Why
 Why are company assets important?Assets are important as they can help you to:

• generate revenue
• increase your business' value
• facilitate the running of your business

By maintaining accurate asset records on your company balance sheet, you can:

• show the profitability and the financial position of your business
• create accurate profit and loss reporting
• increase goodwill and positive attitudes towards your business
• assure shareholders and attract investors

Key Issues - Owner Perspective:

1. What are the different categories of assets ?
2. What type of assets should I have?
3. What are they good for?

What You Need to Know - The What

The technical definition of an asset is: “1. a useful or valuable thing person or quality 2. property owned by a person or company regarded as having value add available to meet debts, commitments or legacies.”                           HUH? 

Simply put: Assets are things you OWN. When you own something you can control how to use it. In Business, this becomes paramount to growth, stability, and longevity. 

1. Assets are things  you own and can exchange or use for other things. 
2. Assets should be sorted by how easily they can be converted into cash (with a C) 
3. Having the right mix of Assets is a key to business success. 

​What You Need to Do​​ - The How

1. Determine what types of Assets your business has today. 
2. Check the ratios between assets for optimal return. 
3. Adjust returns by investing assets accordingly. 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners
2. https://investinganswers.com/financial-dictionary/financial-statement-analysis/asset-2278
3. How to set up assets in Quickbooks Online  

Shows: 
Next: Guidance to Wealth with Raj Kapur

​Written by Kash the bookkeeper  
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