5 Benefits Of Fixed Asset Management

5 Benefits Of Fixed Asset Management

If you have ever tried to manage your fixed assets you’ll know how hard it is. Consequently, like many other business owners/managers you’ve no doubt considered using a fixed asset register. A reliable asset register can help you to organise everything and even have more control over your assets.

Surprisingly, there are still some people who use spreadsheets or notebooks to help them keep an eye on their assets. However, mistakes can be made and their asset registers may not be realistic. This is why it’s imperative they use an asset register instead. With this in mind, let’s take a look at the 5 benefits of fixed asset management.

Location Tracking Is Available

Fixed assets tend to be fixed. In other words, they stay where they are most of the time. Fixed assets include machinery, desktop computers, manufacturing equipment, and even office furniture. What you may not be aware of is that being able to locate fixed assets is very convenient. You could find out where the machine you need to repair is very quickly. You may not have to walk around a warehouse or a factory trying to locate the machine. Simply log into your fixed asset register and locate it. It really is this simple. Just make sure you use reliable and updated software that has a user interface that is easy to understand.

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Maintenance Planning Can Be Significantly Improved

Do you remember the last time a computer or printer broke down? What about the last time your production line came to a halt? This can be prevented if you use a fixed asset register. You can simply add a maintenance schedule to each asset’s profile. When you do, you allow yourself to take better control of the maintenance side of things. 

Getting on top of maintenance issues can be hard. However, when you set reminders via your asset register you can significantly improve things. You will receive a reminder when maintenance is due. You can also ensure that your hardworking maintenance team also receives a reminder. This will ensure that they know what needs to be examined and repaired next. 

When you have a clear maintenance schedule that’s adhered to, your fixed assets will be well looked after. A direct result of this means that the assets are less likely to break down and more likely to last longer. Lastly, you could end up saving money as you may no longer need to replace your computer, machinery, etc. quite as often.

Asset Allocation Is Not Hard Work

There may be occasions when you wish to assign assets to particular team members. When you use a fixed asset register you’ll find that this is not hard. OK, so asset allocation is not difficult but keeping track of everything can be. When you use an asset register you can track the location of the assets. You could even get updates about each asset via your software. All that your team members need to do is to leave you messages via the software. 

One of the additional benefits of using an asset register is that you can see if an asset is in the correct location. You could, for example, see whether a laptop, for example, has been taken off-site. With information such as this, you could help to prevent thefts.

Monitoring Inventory Levels Is Much Easier

We all know that monitoring inventory levels is not always easy. However, when you use a fixed asset register it makes life easier. You can see when you have new assets coming in and even going out. In addition to this, you can also see whether your teams have enough stationery supplies, tablets, vehicles, etc. With this information, you could see if you need to order more tablets and any other important equipment. 

A benefit of having better inventory levels means that you could always have the right inventory levels. There may be no big piles of stock in the warehouse or too much clutter in the stationery. You could have the right amount of inventory all of the time.

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Accurate Tracking Data Is Available

As we have already seen, you can track your assets via your new fixed asset register software. But did you also know that you can track your data? The even better news is that you can track your data accurately so it’s possible to build up accurate data. The benefit of this is that you can see whether your business is performing as it should be. You could also see how often assets are used and where they’re usually kept. With data such as this, you could potentially take your business in a better direction. 

Wish to speak with an expert about using a fixed asset register so you can manage your assets better? Contact us today at team@itemit.com.

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