When you run a company, you need some method to keep up with assets owned by your business (also known as "business personal property"). Such assets can include software, hardware, domain names, intellectual property, vehicles, and more. The typical motivation for tracking assets is to make sure that you're prepared when you need to file taxes - both you and your accountants will be happy that you have an up-to-date list, with prices, purchase dates, and expected lifetime.
Even more amazing to us, however, is just how many hardware businesses we've advised that don't have a system in place for keeping track of their equipment. Expensive lab equipment, reliability testers, calibration rigs, part kits, debug adapters, and computers just float around the company. Nobody knows exactly what the business owns, who it is assigned to, or where it can be found. Inevitably, these companies share a horror story about expensive hardware which can't be accounted for - often in the $10,000 - $50,000 range.
Don't let that happen to your company!
We developed an Excel template to keep track of our business assets. We have a list of all tangible and intangible assets owned by the business. We also track many relevant details that are useful come tax time, such as what year we claimed the expense and how taxes will be handled (accountants can get fancy).
If you're running a company, don't wait until tax time to worry about your business personal property. Stay on top of things with the same template we use in our own business.