The Best Way To Utilise Asset Management For Small Businesses

The Best Way To Utilise Asset Management For Small Businesses

If you run a small business you’ll know how hard it is to manage your assets. Small businesses don’t always have the support that larger businesses have. For example, if a machine breaks down you might not have a maintenance team to repair it for you. If there’s an issue with the electrics, your company may not have its own electrician to deal with such matters. 

There is one area of your business that you can have help with. This area relates to your fixed asset register and how you can use it in the best way possible. Let’s explore this subject now.

What is a Fixed Asset Register?

So what exactly is a fixed asset register? It’s a tool that can help you to keep track of all of your fixed assets. These are assets that do not move. For example, they’re your computers, your machines, your buildings, your printers and photocopiers, etc. Assets such as these tend to be used almost every day. They are relied upon and, therefore, need to be looked after. 

Asset registers these days tend to be digital. All of your assets’ data is stored in the cloud and you can access it any time you wish. You can see who is using which asset, what the maintenance status is, how often the asset is used, and much more. When you can have access to your computers, machines, etc. in this way, your small business benefits.

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Surely A Spreadsheet Is Sufficient?

Some small businesses and even some large businesses still rely on spreadsheets. This is a mistake as spreadsheets can contain a lot of mistakes. Unfortunately, it’s almost impossible to spot the mistakes. As a result, the data on your spreadsheets could be wrong, very out of date, and not doing your business any favours.

A digital fixed asset register, however, is always accurate and always reliable. As soon as you add an asset to it, the register will start to track the asset in multiple ways. As the software has been programmed to correctly track each asset, you know that it won’t contain any human errors. Consequently, you can rely on the digital register to produce data that could prove to be very useful. 

How To Create and Utilise an Asset Register

Creating and utilising a fixed asset register is easier than you think. Firstly, you need to affix an RFID tag or a barcode to your assets. As soon as the tag or code is affixed you can create a digital profile. You can add details about each asset should you wish to. The details in question can relate to the fixed asset’s make and model, year of purchase, current value, estimated life span, maintenance schedule, photograph, warranty information, and insurance details. You can add as much or as little information as you like. 

When you add a lot of information it allows you to track and understand your asset in new ways. What this potentially means is that you could have a better insight into your small business.

Top Asset Register Tips

Let’s take a look at some top tips that could help you to make the most of your fixed asset register.

  • Add as much information as possible to each asset’s digital profile
  • Update the register each time you get a new asset
  • Set up a maintenance schedule so you have a lot less downtime 
  • Location track the assets so you know which office a specific computer is kept in, for example
  • Set up and check in and check out system so you know exactly who is using which asset 
  • Ask your employees to inform the maintenance team via the software when things go wrong
  • Enjoy having more security surrounding all of your assets 
  • Access your new asset register via a laptop or a desktop computer
  • When you’re on the go, asset your new asset register via your phone or tablet 
  • Update your records using bulk actions and save yourself a lot of time 
  • Consider tracking non-fixed assets so you always know where they are
  • Make issue reporting and management easy by encouraging team members to leave notes about assets when required
  • Export reports based on the data created whenever you use an asset. 

You can do so much when you use a digital asset register. The above tips are just a few examples of how you too can utilise asset management for small businesses. When you do, there’s a real opportunity for you to help your business grow in new ways. This is something that almost every small business owner wants and it’s something you can realistically have. 

 

Would you like to speak with someone knowledgeable about utilising a fixed asset register for small businesses? Contact us now at team@itemit.com.

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