In this guide:

1. The Importance of Asset Tracking to Your Business
2. Asset Data: Accessible and Readily Available
3. Improved Decision Making
4. Improved Profitability
5. Asset Tracking Made Easy: The Fixed Asset Register
6. Asset Tags
7. Reducing Time and Money Wastage
8. Maintenance Operations Simplified
9. Fixed Asset Details for Insurance and Audits
10. Updating Asset Details
11. What Asset Details Should I Track?
12. The Best Fixed Asset Register
13. itemit: Power in Simplicity
14. Displaying Your Data, Your Way
15. itemit: Leaving Competition in The Dust
16. itemit: Fixed Asset Registers At its Finest

In this guide:

1. The Importance of Asset Tracking to Your Business
2. Asset Data: Accessible and Readily Available
3. Improved Decision Making
4. Improved Profitability
5. Asset Tracking Made Easy: The Fixed Asset Register
6. Asset Tags
7. Reducing Time and Money Wastage
8. Maintenance Operations Simplified
9. Fixed Asset Details for Insurance and Audits
10. Updating Asset Details
11. What Asset Details Should I Track?
12. The Best Fixed Asset Register
13. itemit: Power in Simplicity
14. Displaying Your Data, Your Way
15. itemit: Leaving Competition in The Dust
16. itemit: Fixed Asset Registers At its Finest

Understanding fixed asset registers got you at your wits end? 

Allow us to help. 

Before diving headfirst into fixed asset tracking, here’s a short overview of what fixed assets truly are, and what they signify for your business. A fixed asset is a term used to define objects of value that cannot be readily converted to cash. They are used by businesses to generate revenue and can range from equipment to land.

Due to the importance of fixed assets to your business processes, it is crucial that such assets are tracked. Fixed asset tracking is a day-to-day business process that involves storing important asset details, such as the assignee and location of an asset in a single, localised directory. 

Traditionally, businesses employed spreadsheets or physical registers to stay above their asset tracking needs. However, with growing asset-tracking requirements, conventional methods have become both insufficient and obsolete- nowadays businesses often opt for an advanced fixed asset tracking software solution: the fixed asset register.

To get to the bottom of why fixed asset registers are so pivotal to businesses, let us delve into why asset tracking itself is considered to be the best thing since sliced bread!

Trying to increase accountability? Or perhaps you’re aiming to reduce losses?. Maybe you’re simply trying to improve your business’s productivity?

itemit’s asset tracking software can help you achieve all of your goals. Read on to learn more about how itemit’s fixed asset register accomplishes all of the above – and more.

At its core, asset tracking software exists to place your assets data right at your fingertips.

Routine business functions often involve inventory tracking. At times like these, asset tracking proves to be invaluable. Whether you want to locate your assets, update the amount, or even check-in/check-out assets, asset tracking software has got you covered! 

What’s more, by tracking the location of your asset, you can rest at ease, knowing that all your assets are accounted for. With asset data readily available, your business’s productivity will surely reach new highs!

Speaking intuitively, decision making doesn’t seem like something that would be affected by asset tracking. On the contrary, however, decision making relies very heavily on the current state of your assets.  

Let us clarify with the help of an example. Imagine that you want to reduce the stock of items that are rarely bought by customers. To determine which items are not bought frequently, you could employ asset tracking, analysing which items are more popular amongst customers.

By employing asset tracking to better analyse customer buying patterns you can ensure that your inventory is not tied up needlessly. Not only will this reduce storage costs, but it may also boost your customer’s satisfaction by ensuring that high-in-demand items are never out of supply. Naturally, this analysis will filter into your decision making, giving your business the competitive edge.

One of the greatest boons of asset tracking is its ability to aid you in cutting back your business’s expenses. Whether you aim to prevent duplicate purchases, improve resource utilisation, or simply ensure that your assets are well maintained, asset tracking is the way to go

For instance, using asset tracking, you can keep track of purchased assets. By doing so, you’ll be able to reduce the likelihood of accidentally purchasing duplicate assets, thus reducing loss of capital and simultaneously improving your business profitability.

In the past, using spreadsheets and traditional registers for asset tracking was the norm. With rapid digitalization and growing business tracking needs, a new, more efficient solution became absolutely necessary. It was this need that gave birth to advanced asset tracking software – more commonly known as fixed asset registers.

By using fixed asset registers, you can avoid sifting through hundreds of cells in spreadsheets. Instead, you can access assets data with the tap of a screen, viewing and managing your assets at a moment’s notice, on the go.

Fixed asset registers give businesses a clear and concise view of their assets. With each asset having its own, unique profile, accessing and updating an asset’s data is easier than ever.

Some of the revolutionary features introduced by fixed asset registers are:

Let’s begin by tackling the elephant in the room: “What is an asset tag?”

Asset tags are physical tags that are attached to an asset. They contain a unique code, which when scanned links the physical entity to its digital counterpart.

By using asset tags, you can simply skip that lengthy and tiring process of searching up assets within a database by hand.

Scanning the unique code saves you time and increases the level of automation in your business, effectively killing two birds with one stone.

That’s not all. Each time an asset’s tag is scanned, that asset’s last seen location and assignee are updated automatically. Leaving behind a comprehensive audit trail of who has been interacting with your assets, tracking your assets becomes a cakewalk.

Likewise, fixed asset registers can reduce time wastage. Take, for example, a business operating in the baking and confectionery industry. Such a business would often deal with managing bakery assets

By using itemits fixed asset register, you can keep track of the expiration date and location of your perishable ingredients. Staying on top of the shelf life of such assets will allow you to reduce wastage of raw materials. This culminates in the form of reduced time and money expended in purchasing extra goods to compensate for those wasted.

Using fixed asset registers, all your assets are just a few simple taps away. This ease of access allows you to instantly see which assets require maintenance. Furthermore, with a shareable asset register, employees can mark assets for maintenance and supervisors will be notified automatically.

Scheduling asset maintenance is a pretty simple process, and by using a fixed asset register, you can track the maintenance process until the asset is back online. This way, you’ll be able to reduce assets downtime and improve your team’s productivity.

Another great functionality you can take advantage of is the ability to export your fixed asset register. By creating custom-tailored exports, you can rest at ease knowing all your insurance and accounting needs are fulfilled.

Similarly, if you’ve kept your asset details up to date, carrying out accurate audits becomes a breeze. This will aid in helping prove your ownership of your assets. 

To translate the jargon above, what you’ll gain from all this is reliable evidence, which is crucial when it comes to handling insurance companies.

Besides, fixed asset registers facilitate better accounting and tax calculations. With an easy way to prove the ownership and the value of your assets, your business is sure to get accurate tax breaks. This will also ensure that your business remains compliant with government rules and regulations, thus allowing you to sidestep hefty fines incurred by over or under-reporting your asset finances.

Updating asset records in your average, run of the mill asset tracker is quite the uphill task. On the other hand, using a itemits fixed asset register lightens your burden considerably.  

Fixed asset registers make fixed asset management a breeze, allowing you to update different asset details such as the asset’s location and the depreciation effortlessly.

itemit’s fixed asset register is scalable and shareable. What this means is that you and your colleagues can use the asset register at the same time but for different individual purposes. While one team uses the asset register for Construction asset management, another can use the same software for IT asset tracking.

A common dilemma faced by most business owners is that they don’t know what to track. To take full advantage of your fixed asset register, it is imperative to track essential details for each of your assets. Some of the key asset details that you should track are:

• Asset name
• Asset description 
• Purchase and/or lease dates 
• Purchase cost
• Warranty details
• Current value and asset life
• Depreciation details

Though the list above may seem to be quite meticulous, it must be noted that this is just a generalised list. Although it’s not compulsory to store all this information, a fixed asset register shines when all the required data is stored beforehand.

Now let us move on to the obvious question – “Which asset register can truly be considered to be the best?”

Of course, the best fixed-asset register depends on your specific needs and requirements. However, any good asset tracking software must be both streamlined and versatile. 

Whether your business deals with IT or baking, a standout fixed-asset register is scalable, adapting to any scenario that it may encounter while also performing optimally in any situation. 

It must be noted, however, that certain core features of asset tracking software remain consistent. These include an asset registers ability to store, track, and lastly present your asset data in a concise and coherent form.

itemits fixed asset register stands out from its competitors. It accomplishes this by incorporating powerful features that can make your day-to-day business processes a downhill task.

Want to track your asset’s location? How about recognising images via AI? Maybe you want to use RFID tracking?

itemit comes with many powerful built-in features, which help set it apart from the crowd. These features contribute to your asset’s data, automatically updating your assets unique profile 

As always, increased automation reduces errors and makes your daily asset tracking tasks a cinch. with more time on your hands, you’re free to do more work, and increase your business’s productivity even further!

itemit allows you to view your data in any shape and form. Offering configurable exports and reports, you hold the reigns to decide how you want to view your assets data. Say goodbye to stressing over creating reports before board meetings-itemit’s got you covered!

Compared to competitors itemit’s tracking software holds a distinct advantage. From data transparency to on-the-go access, itemit has it all. 

But wait. That’s not all. With itemit, you and your colleagues can take advantage of can itemit’s robust suite of asset tracking features, creating asset tracking processes that are self-sufficient.

The benefits of using itemit’s fixed asset register are countless. 

Not only does it come with an array of outstanding features, but itemit also stands out from competitors with its impressive scalability. 

If that wasn’t enough to convince you, itemit completely scalable, fully customisable software, which is why it’s used by so many for so many different purposes. 

To find out more about itemit’s fixed asset register, you can book a demo here. You can also contact our team at team@itemit.com. We look forward to hearing from you!

Alternatively, if you wish to experience itemit for yourself, sign up below for our 14-day free trial!

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. What is Asset Management Software?
2. What is Asset Management Software Used For?
3. Storing Assets’ Data
4. Tax and Insurance Logs
5. Managing Your Business’s Fixed Assets
6. Benefits of Asset Management Software
7. Reduce your Business’s Losses
8. Maintenance Made Easy
9. Simplifying Audits On The Daily
10. Starting Out With itemit’s Asset Management Software

In this guide:

1. What is Asset Management Software?
2. What is Asset Management Software Used For?
3. Storing Assets’ Data
4. Tax and Insurance Logs
5. Managing Your Business’s Fixed Assets
6. Benefits of Asset Management Software
7. Reduce your Business’s Losses
8. Maintenance Made Easy
9. Simplifying Audits On The Daily
10. Starting Out With itemit’s Asset Management Software

“What is asset management software used for?”

Don’t really know? Don’t fret out about it, because in this blog, we’ll be discussing what asset management software is and why it’s so popular nowadays!

Whether you’re just starting off with asset management software, or if you’re well-acquainted with it, a quick overview never hurts.

In the past, businesses managed their assets using spreadsheets. However, with rapid digitalisation came an increase in demand for a quicker, more efficient way to track business assets. Now businesses had to keep track of substantially larger amounts of data. Naturally, storing all of the data by hand was too risky: the likelihood of human error was incredibly high.

Moreover, a lack of shareability and portability added fuel to the fire, giving birth to the advanced asset management software that we know of today.

At its core, asset tracking software has the ability to keep a centralised account of all of your business’s assets. 

itemit’s asset management software includes unique asset profiles, maintenance history, location, check-in/check-out history and so on. The software aims to minimise human intervention by increasing the amount of automation. This culminates in the form of reduced human error. At the end of the day, asset management software is a smarter, more streamlined way of managing your assets.

itemit can offer a powerful yet simple asset tracking software with exceptional features to help eliminate asset-related problems from your workplace. 

This leads us back to our first question: “What is asset management software used for?”

As the name suggests, asset management software is used to store and manage your assets’ data. By collecting your assets information, you can use this data for routine business operations.

By making use of features such as location tracking and configurable reports, your workload decreases considerably. What would have taken you an hour to do manually, itemit manages within minutes.

That’s not all. itemit allows you to instantly notify all employees simultaneously, eliminating the time spent on manual notifications, and consequently cutting the cost of communication. 

Likewise, asset tags are also a boon to your business. Physical labels that stick onto your assets, asset tags are indispensable in automating asset tracking. By linking assets with their digital profile, you can simply scan a tag and itemit will automatically log the time of the scan, the person who performed the scan, the location and so on.

Not only does this speed up data collection, but it also automates location tracking – all while giving you a clear audit trail.

Using asset tracking software, your assets data will be automatically logged and updated onto a reporting page. These logs are critical for many tax and insurance claims.

Using this feature allows you to accurately update asset logs. Accurate logs mean that you’ll always be on top of your taxes, and thus itemit’s asset register can help keep you at a safe distance from hefty dues.

Lastly, it is viable to use your asset tracking software as a fixed asset register. Tracking your fixed assets is crucial to any business, as fixed assets play an important role in revenue generation.

Using itemit, fixed asset audits are sped up when you’re either physically auditing a location or when you’re auditing the costs, status, and existence of your assets. This reduces the time expended in what is usually a lengthy, laborious task.

Now, let’s take a quick look over the 3 of the most beneficial ways in which asset management software can help your business.

An accurate record of your assets can help save you money almost instantaneously. 

By knowing what assets you have, and what you require, you’ll have more confidence in your purchasing decisions, and the probability of duplicate purchases drops exponentially. 

Furthermore, it can also draw attention to assets that are not being fully utilised and as a result, are not cost-effective. This translates to reduced losses and increased profitability.

By tracking your assets, you can view the last location and assignee of said asset. This increased accountability means that it is far easier for you to track down your assets, saving you money by preventing asset misplacement.

Assets often require maintenance throughout their lifespan to keep them in fine fettle. However, asset maintenance is often forgotten, or simply not given due importance.

Asset maintenance is extremely important in ensuring that assets reach their maximum lifespan. On the contrary, many businesses are not equipped with sufficient asset tracking software which means that maintenance does not take place on time. By getting ahead of your asset maintenance schedules, the reliability of your assets would increase, along with their lifespan, thus reducing your business’s expenditure.

Asset management software simplifies the process of auditing easier and ensures greater accuracy. This aids in minimising discrepancies from taxes and reducing maintenance charges. As an added benefit, it serves as a reassurance, that all of your assets are in the right place. Last but not least, itemit allows you to use your assets data to create reports or exports ready for audit.

If you want to revolutionise asset management and boost your business’s productivity, itemit should be your go-to asset management software solution. 

To learn more about the features of our asset register, drop us an email at team@itemit.com. We are always happy to assist you with any queries that you may have. 

Alternatively, you can opt to test itemit yourself using our free 14-day trial. Fill in the form below and test out all the features in our asset tracking software today!

Instant access. No credit card details required.

or, download the itemit app to get started

Trying to get started with an asset register left you scratching your head?

This might come as a surprise to you, but creating an asset register is as simple as ABC. Compared to your conventional spreadsheets and record books, asset registers can make your routine asset management functions seem like a cinch.

To get to the roots of how to effectively deploy and use an asset register, let’s first skim over what an asset register actually does.

Asset registers should only contain data that is considered to be pertinent to your assets. This includes information such as – but not limited to – the purchase date, current valuation, and the current assignee.

Whether it’s a piece of equipment or some property, an asset register encompasses all assets your business owns. Asset information is stored in unique asset profiles, which can then be accessed for multiple operations.

To start off with asset registers, you’ll first have to add your assets to the asset register itself. Individual assets have their unique profile, allowing you to access all of their data at a moment’s notice. 

As always, it is always better to physically cross-check before adding numerical data to your assets profile: this reduces the likelihood of the occasional human error. The result? You have at your hands, a highly accurate asset register, capable of aiding you in critical decision making.

We’d recommend tagging your physical assets with asset tags while adding them to your asset management system. Asset tags are physical tags that are used to link physical entities to their digital counterparts.

Not only will you save time while uploading and tagging assets simultaneously, but asset tags reduce the time taken to access asset data. This is accomplished by scanning a unique code present on the physical tags: scanning these tags will direct you to the assets unique profile on the asset management software.

An added benefit of using asset tags is that every time you scan an asset’s tag, the last seen location, and the person who scanned the asset, both are updated automatically, giving you an audit trail of where your assets have been.

Firstly, you’ll have to add your assets data to the itemit’s asset management software. Only after adding and tagging all your assets can you proceed to track and manage all your assets data. 

itemit’s asset register comes bundled with a horde of powerful features. From adding check-in/check-out information to setting asset maintenance reminders, itemit’s asset register is sure to be invaluable to your business’s operations.

If that wasn’t enough to convince you, itemit’s asset management software allows you to recall data in the form of configurable exports and reports. Need a graph, or perhaps a chart? itemit’s asset register has it all.

Now that we’ve gone over how to set up an asset register, let us go over the best practices to observe while using itemit’s asset management software.

To put it simply, the better you organise your assets, the more time you save.

Therefore, as opposed to storing all your assets in one big list, we’d advise you to create categories and subcategories for your assets. This will aid users’ readability and accessibility. Furthermore, by creating categories, you’ll save yourself time while searching for a specific asset stored within the software. 

Wondering how to group assets? There are infinite ways to get on with grouping assets, but we’ve listed some of the more common ones below:

Grouping assets according to the asset type:

1. Fixed assets
2. IT assets
3. Vehicles
4. Equipment 
5. High-value assets

Grouping assets according to locations:

1. Different branch locations
2. Building floors

Rather than recording assets with vague and random names like Office Room Printer’ or ‘Employee 3 Laptop,’ you should use established naming conventions to identify all your assets.

Storing all your assets with the same naming convention makes looking up assets within the asset management software a breeze. It’ll also improve consistency, reducing the chances of errors and/or storing the same asset multiple times.

You may be bright-eyed and bushy-tailed when starting off with asset management software, keen to record every detail of your assets. However, with time, you may find yourself getting less enthusiastic and not recording even essential asset details.

The key to note here, however, is to maintain a consistent approach towards storing the details of your assets. 

By diligently recording only the information required, your asset register will prove to be quite handy for many business operations. Naturally, this brings us to the question: What to add to your asset register?

Whether you want to boost your business’s productivity or reduce losses, itemit is the way to go. Armed with GPS tracking, image detection and QR code scanning, itemit’s asset management software can help you in all your problems from soup to nuts. 

 To find out more about how itemit can help your business, book a demo here. Feel free to contact our team at team@itemit.com.

In our opinion, nothing beats hands-on experience. If you wish to experience itemit for yourself, fill out the form below and start your 14-day free trial today!

Instant access. No credit card details required.

or, download the itemit app to get started