(Money Matters) Assets: Work what you got - Kasfia Rashid

Kasfia Rashid - "Money Matters with Kash the Bookkeeper"

​Introduction: 

Hello! Welcome to Money Monday here at IBGR, THE #1 global resource for businesses! My name is Kasfia Rashid, but you can call me Kash! I help small business owners understand the language of business, Accounting! 

This season on Money Matters, I promise an accounting show with… wait for it… no numbers! *insert gasp emoji here!* That’s right, a whole season all about money and not about numbers. Join me every Monday right here at 12 EST to see how ( eerrr…if ) I can pull this off.. haha. 

“Money matters” is all about the fundamental basics of the accounting language. These building blocks of business can be arranged and rearranged for a customized experience. Once you understand the basics of any language it is much easier to move around in that land.

In last week’s show “Assets, what are they good for?”  we covered the basics of what an asset is, various categories for assets, and why they are important to any business’ success. This week, we are going to discuss how to get those assets working FOR us! 

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Show Objectives - The Why

Assets are things you or your business OWN! Once you own something you can leverage it. Assets have an obligation to help grow and sustain your business. You can think of them like “worker bees” in your business. Making sure your “worker bees” are working efficiently and effectively is essential if you want to run a successful business. There are several different ways of making assets work for us AKA leveraging them, and we are going to go over a few of the most common ways today.
Key Issues - Owner Perspective:

1. What is “depreciation” and how can I use it to save on taxes?
2. How can Cash and short term assets be leveraged?
3. How can I best protect my assets?

What You Need to Know - The What

Assets come in a variety of different flavors. Various types of assets include current assets, long term assets, and intangible assets. Similar to the various departments in a business each of these assets types adds differently to the worth of the business. They also are leveraged differently. Which leveraging strategies are used depend greatly on which type of assets your business has. No matter which type you should always strive to leverage as many of your assets as possible. Since assets are such a main component in the success of a business it makes sense to want to protect them. 


​What You Need to Do​​ - The How

1. Use the tax code and the recent changes to your advantage!
2. Invest a portion of the business income to generate interest or dividends
3. Insure your assets! That includes yourself too! 

 
Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners: https://www.youtube.com/playlist?list=PLQsnuSzlXGOIXYUjR5dN6GyisIC-nNt8G 
2. Stay up to-date on the latest news, trends and activity within the financial industry at Financial Freedom Planners: https://financialfreedomplanners.com/insights
3. Depreciation, turning fixed assets into taxable expenses: https://www.section179.org/property_that_qualifies_for_section_179/ 

 
Shows: 
Previous: Assets: What are they good for anyway?
Next: Liabilities: What, how, and why?

​Written by Kash the bookkeeper  
Grab your free Bookkeeping Checklist here!
You can connect with Kash on any of her seriously social platforms under the handle @Kashthebookkeeper
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