Not all business assets are for sale. You have fixed assets – equipment, property, buildings, machinery, and vehicles – which you require to carry out daily business operations over an extended period.
Due to their high monetary value and ample usage time, businesses are not required to purchase these products immediately. Instead, businesses can spread out their cost over the asset’s estimated useful life.
The depreciation schedule exists to organise these depreciating assets and their different costs, and how long these costs will be paid for. Read this article to discover how you can benefit from a depreciation schedule and how to set up your schedule to improve your small business accounting.