How To Eliminate Ghost Assets With An Asset Register

How To Eliminate Ghost Assets With An Asset Register

How To Eliminate Ghost Assets With An Asset Register

Are your assets ghosting you? Do you really know which of your assets are available and functioning? Incomplete and inaccurate records can make you a victim of ghost assets. Ghost assets are defined as any asset that is lost, stolen or unusable but is still shown as active on your fixed asset register. Ghost assets risk the integrity of your business and pose significant financial implications.

Why Are Ghost Assets a Problem?

Asset registers are an important tool for representing a company’s investments. If an asset register is haunted by a number of ghost assets then this can have a significant effect on financial assessments. Ghost assets can mislead companies to either over or undervalue their set of assets. This can result in overpaying taxes, higher insurance premiums, inaccurate fixed asset reporting, and an inability to forecast accurately. All of this can affect regulatory compliance and place companies in a jeopardous position. 

 

Ghost assets also limit the productivity of a company. If your team believes an asset exists when it doesn’t then this can create operational bottlenecks. Alternatively, if an asset does exist but is out of action due disrepair then this can create delays and potentially increased expenses.

How To Eliminate Ghost Assets

Incomplete and inaccurate fixed asset registers lead to ghost assets. To eliminate them it is essential that an asset register is maintained and updated. Of course, this is often easier said than done but asset tracking software can alleviate the burden of manually updating your asset register. Eliminating ghost assets in your organisation can be broken down into three simple steps: 

 

  1. Create an Online Asset Register
  2. Tag and Track Your Assets 
  3. Equip Your Team with the Right Tools and Processes

  1. Create an Online Asset Register

The first step you need to take is to create an online asset register. Asset registers are a complete record of all your assets contained within one centralised system. With asset tracking software, all the data associated with your individual assets is tracked and maintained online, allowing you to finally move away from tiresome spreadsheets.

 

An integrated asset management platform can help to prevent the disconnect between the various areas of a company. Establishing a centralised asset register that is accessible to all areas from a single dashboard creates a more cohesive workforce and that can collaborate with ease.

2. Tag and Track Your Assets

For an asset register to work effectively it requires up-to-date information on the status and location of the company’s assets. Tagging and tracking assets significantly improves the accuracy of an asset register. Each time an asset is scanned, its location is updated in the online register. Each asset is assigned a unique identifier that means you can track it throughout its entire lifecycle, from procurement to depreciation. Within an asset’s digital profile you can even set maintenance reminders that help to extend its lifespan. 

3. Equip Your Team with the Right Tools and Processes

Eliminating ghost assets ultimately rests with you and your team. Equip your team with the right tools and establish best practices. Putting portable tag scanners in the hands of the right people can greatly speed up the asset tracking process. Using itemit’s check-in and check-out functionality your team can create processes that ensure your assets are always accounted for. Taking regular audits and following regular maintenance schedules will also prevent the appearance of ghost assets.

itemit’s Asset Register Solutions

itemit offers a simple, cloud-based solution to all your asset tracking needs. With a fully-equipped suite of helpful features from a centralised dashboard to  check-in and check-out functionality, you can set up your own asset register in just a few clicks. An asset register provides your business with information it needs to eliminate ghost assets. Tracking and recording each change that occurs during an asset’s lifetime gives you the confidence and control you need to take your business to the next level. 

To find out more about itemit’s equipment loan software and how it will help you, you can contact our team at team@itemit.com that’s always happy to answer your queries. You can also fill in the form below to start your 14-day free trial.

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How Could Asset Tracking Be Used in the Horticultural Industry

How Could Asset Tracking Be Used in the Horticultural Industry

How Could Asset Tracking Be Used in the Horticultural Industry

Keeping track of assets can be a thorn in the side for many businesses, and the horticultural industry is no different. With a huge number of assets and different team members checking equipment in and out relying on spreadsheets can soon become an overwhelming task. Asset tracking can alleviate these issues and streamline your operations resulting in more time and less costs. 


Challenges in the Horticultural Industry

The horticultural industry is distinct from many other operations due to the following reasons: 

  • Primarily outdoor operations, often spanning large areas
  • Numerous assets spread over different locations
  • Living assets i.e. plants and trees

Asset tracking offers a solution to many of these challenges by creating greater visibility and control.  Whether the asset is living or not, asset tracking can keep tabs on its whereabouts wherever it may be. With a streamlined, centralised system users can view their entire asset register in one place and pull all the information together into customisable and exportable reports.


Horticultural Applications of Asset Tracking


Plants

A feature of the horticultural industry that sets it apart from almost any other is the fact that a high proportion of its assets are alive. This poses a set of unique needs and challenges for those in the business since many of the assets are in a constant state of flux and need ongoing care, whether that be day-to-day watering or more involved treatments to manage pesky aphids or even disease. 

One of the most simple but useful features of horticulture asset tracking is being able to tell when the last time your plants were watered. After you have watered a set of plants, you can record it in the asset register. You can also record the date of any treatments given to the plants in the online asset register.

Plus, you have the option to track assets over time and add images too. So if you want to visually track the growth of a plant, take a picture and add it to its asset profile and you will soon have a digitised record of your plant’s growth.


Tools and Equipment

A huge array of tools and equipment go into horticultural activities. From the spades and shovels to the shears and secateurs, the list goes on. This amounts to a big investment and, like with any investment, you need to look after it. It can be easy to lose track of things as they move around vast open spaces or from garden to garden. This poses a challenge to ensuring the longevity of your equipment and maximising the money and resources you’ve put into them. 

Asset tracking can alleviate many of the concerns surrounding protecting your assets. You can attach asset tags to each pot, seedling tray or tree, providing it a unique digital profile. In the asset profile, you can store information like species, cultivar, age, date of sowing and much more. Asset tracking software can improve your inventory management by informing you of what equipment you have, where it is, and who it has been assigned to. For example, if somebody requires multiple pieces of kit, you can bulk check them out with itemit’s equipment checkout system, then bulk move their locations.


Staff Members

It takes a lot of people to bring a garden to life. With various teams and companies working together and sharing assets, knowing who has what and when can get complicated. Equipment can easily become mixed up, misplaced, or end up in the wrong hands. Asset tracking can help to avoid these mishaps by streamlining the whole operation. With fixed asset registers and automatic data collection you can keep a log of who an asset has been assigned to, where it is and help your team to return it on time. 

Using an online asset register, you can assign an asset to a person. With asset tracking, staff can use centralised platform to collaborate on projects. itemit’s asset tracking software can also be used as an online asset booking portal and schedule equipment in advance. You can use itemit to log rentals to other users, companies, or anyone else for that matter! Booking equipment ahead of time in a centralised system will optimise the efficiency of your workforce.


itemit’s Asset Tracking Solutions

itemit’s asset tracking solutions are scalable, transparent, and efficient. Our fully-equipped suite of helpful features, from equipment check-in and check-out functionality to bulk actions, can allow you to seamlessly update and improve your current process. With itemit’s asset tracking solutions your next horticultural project will be coming up roses.

If you feel itemit could be the solution for you, why not pop the team an email at team@itemit.com and ask any questions you may have! Alternatively you can trial itemit for 14-days for free! Whats to lose, start your asset tracking journey today.

Asset Tracking Software

Choose a better way to track your assets

Start your free 14-day trial now

Instant access. No credit card details required.

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Everything You Need To Know On Asset Tracking Software

Everything You Need To Know On Asset Tracking Software

Everything You Need To Know On Asset Tracking Software

Things have moved on since the days of keeping track of your assets with a clipboard and pen or even with Excel spreadsheets. More and more businesses are ditching these time-consuming manual processes for the automation power of asset tracking software. Whether the asset is physical or digital, asset tracking software can track its behaviour, movement and status, providing your business with the information it needs to make better decisions and thrive.

What Is Asset Tracking Hardware And How Can You Use It?


What Is Asset Tracking Software?

Asset tracking software is an all-encompassing, centralised system that allows users to track important details about their assets in real time. Almost anything, physical or not, can be considered an asset, from software and hardware to tables and chairs. The goal of asset tracking is to manage the inventory, asset life cycles, and total costs.


Why Use Asset Tracking Software?

From reducing errors to impressive reporting capabilities, there are countless ways asset tracking software can improve and transform the way you do business. With the ability to automate many routine and mundane tasks, asset tracking can give you back the time and money you need to invest elsewhere in your business.


Improved Life Cycle Management

Asset tracking tracks the life cycle of assets and can notify users when maintenance is due. This ensures assets are in good working order and can also be used to assess the depreciation of them. Using itemit’s asset tracking software you can set monthly, bi-monthly, quarterly or annual maintenance schedules or use your own schedules to make sure all assets are being looked after. This results in fewer unexpected problems and the foresight to make routine maintenance fit around your schedule. Maintenance reminders can help to improve the longevity of assets by reducing the need for replacements and lowering the risk of depreciation. 


A Shared Record of Assets

A major benefit of asset tracking is that users can manage their entire inventory of assets from one place, simplifying what can potentially be a messy archive of information. With asset tracking users can track, manage, and control inventory all from a single dashboard, maintaining consistency between multidisciplinary teams throughout a business or organisation. Plus, not only does asset tracking software tell you where your assets are and how they are behaving but also provides a digitised record of their history.


Automated Asset Management

Asset tracking software offers automated solutions that can greatly speed up mundane and repetitive tasks. As advanced as spreadsheets have become they are still largely a manual process, meaning they are highly error prone and not ideal for long-term data storage. They also don’t guard data integrity and offer little to no protection from data corruption. Less manual work means fewer errors, greater accuracy and speedier operations. With asset tracking, the location of an asset is automatically updated every time the asset is scanned. This improved efficiency means businesses can be confident that their asset records are accurate and up-to-date.


Increased Accountability

Asset tracking software offers greater visibility over assets resulting in greater control. You can also add all kinds of information to each asset’s digital profile such as relevant documentation, user manuals and assigned personnel that can be immediately retrieved upon scanning its tag.. This establishes accountability and minimises the risk of loss, theft or unauthorised usage. With itemit’s check-in and check-out functionality you can ensure your assets are where they need to be and with the right people. When your team checks a piece of equipment in or out the asset manager is automatically notified.


Speedier Reports and Auditing

There is often a limited budget for purchasing additional equipment, meaning they need to make the most of what they already have. The maintenance of this budget depends on accurate auditing.  Asset tracking can alleviate some of the burden of cost management and optimise the utilisation of assets. Using asset tracking, businesses can identify misuse of funds, make more informed decisions, improve their financial forecasting and, at the click of a button, generate a customisable report.


Who Can Use Asset Tracking Software

Almost any business can benefit from asset tracking software solutions. If your business’ operations depend on the free movement of assets then asset tracking software can help you. Effective asset management lays the foundation for the success of any business, big or small. Asset tracking gives businesses the clarity and control they need to make well-informed strategic decisions.


itemit’s Asset Tracking Software

itemit’s asset tracking software is packed with a suite of first-class features that enable businesses to automate how they track and manage their assets with ease. Your business can gain greater visibility and control over assets, resulting in smarter purchasing decisions and consistency across different departments. itemit’s cloud-based system offers low set up and implementation costs combined with greater accessibility thanks to its mobile app. Our asset tracking software solutions eliminate the cumbersome and unreliable manual methods, giving you back the time you need to invest in your business. 

To find out more about how itemit’s hardware asset management software can help you track your assets, you’ll be able to contact the team at team@itemit.com. You can also fill in the form below to start your own 14-day free trial.

Asset Tracking Software

Choose a better way to track your assets

Start your free 14-day trial now

Instant access. No credit card details required.

You're in great company

or, download the itemit app to get started

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How Best To Utilise An Asset Tracking System

How Best To Utilise An Asset Tracking System

How Best To Utilise An Asset Tracking System

Businesses small and large depend on their assets for their everyday operations and decision making. To do this businesses need clear visibility over where their assets are and how they are behaving. An asset tracking system empowers businesses to do just that by tracking and managing assets, as well as the data associated with them, all in one place. Setting up your own asset tracking system can feel like a daunting task at first. It’s all about laying the right foundations, after that you can enjoy enhanced visibility and control over your assets.


What Is An Asset Tracking System?

An asset tracking system allows users to track their assets throughout their life cycle. The system retains records of usage, maintenance, and history of assets. Data such as location or assigned person is logged via asset scanning and automatically updated in the asset register. Keeping a historical data trail for each asset helps to locate assets when needed, reduces disruptions in operations, and avoids the expense of purchasing unnecessary replacements.


How to Use An Asset Tracking System

To get the most out of your asset tracking system it’s important to put the right infrastructure in place. The How to track an asset can be broken down into three steps:

 

  1. Attach a tag to the asset.
  2. Create an asset database.
  3. Assign assets to users. 
  4. Equip your team with the right devices.


Tag Assets

Setting up your asset tracking system begins with tagging your physical assets. Choosing the right tag for your application is key to ensuring full functionality of your asset tracking system. It’s important to get to know which tag is right for your environment and needs. But regardless of which one you choose, they all achieve the same outcome: letting you know the location of your asset. With itemit’s asset tracking software you can simply tag assets and scan, and photograph them for instant recognition within an asset register.


Create a Database

It’s a good idea to begin by creating a database of your assets so you can store all the necessary information associated with them in one centralised place. You can use the database to add relevant documentation such as user manuals and insert descriptions of your assets so your employees or clients can view associated data in-app after each scan. Plus, every time you scan an asset its record of location will be automatically updated.


Assign Assets to Users

Assigning important assets to appropriate users can help to protect your assets. An asset’s importance can be based on a number of factors, including its sensitivity, criticality, value, or the compliance requirements placed upon it. Important assets should be assigned to responsible people within your team who can then establish and maintain appropriate safeguards for those assets. This also helps to establish accountability and minimises the risk of loss, theft or unauthorised usage. With itemit’s check-in and check-out functionality you can ensure your assets are where they need to be and with the right people. When your team checks a piece of equipment in or out the asset manager is automatically notified.


Equip Your Team With the Right Devices

After you have established who is responsible for your assets the next step is to equip those people with devices they need. Often it is the Information Technology team who are actually receiving and/or installing the assets. Putting portable scanners in the hands of these people can greatly speed up the asset tracking process. 


itemit’s Asset Tracking System

With itemit’s sophisticated asset tracking systems data audits and asset tracking can be done within one, easy-to-access space. The simplicity of managing and storing your data from a single location leads to great simplicity and ease of use. An asset tracking system also streamlines forecasting by maintaining precise inventory counts in a central database, along with historical data, previous orders and other information. Every bit of data is at your fingertips, enabling you to identify trends and make more accurate predictions to meet demands. 

itemit’s cloud-based system offers low set up and implementation costs combined with greater accessibility thanks to its mobile app. Our asset tracking software solutions eliminate the cumbersome and unreliable manual methods, giving you back the time you need to invest in you business. 

If you would like to learn more about itemit’s asset tracking software, contact our friendly and helpful team today. You can reach them at team@itemit.com. Alternatively, you may want to consider signing up for our 14-day Free Trial to find out just how well itemit’s software can work for you. We’re confident that you will love the software’s features and how it can improve the day-to-day running of almost any business.

Asset Tracking System

Choose a better way to track your assets

Start your free 14-day trial now

Instant access. No credit card details required.

You're in great company

or, download the itemit app to get started

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Reasons Why A Fixed Asset Register Is Essential

Reasons Why A Fixed Asset Register Is Essential

Reasons Why A Fixed Asset Register Is Essential

Any business depends on its fixed assets to keep things running smoothly. But, does your business know exactly what it owns? Fixed asset registers make this information readily accessible by keeping a complete record of all your assets in one centralised system. All the data associated with your individual assets is tracked and maintained online, allowing you to finally move away from tiresome spreadsheets.


What Is A Fixed Asset Register?

A fixed asset register is a list of assets that a business owns along with a record of key information about each asset. The purpose of an asset register is to accurately record and maintain information about fixed assets for both financial and non-financial tasks. This allows assets to be easily identified and verified as required. Businesses have the flexibility to choose what information they capture about their assets but the following information is typically stored:

  • Purchase date
  • Purchase price
  • Description of the asset
  • Location of the asset
  • Serial number
  • Value
  • Insurance information
  • Warranty information
  • Supplier
  • Owner
  • Maintenance schedules
  • Users
  • State of repair

 Fixed assets can be anything from tables and chairs to computer equipment, they are typically longer term investments that provide value to the business but depreciate over the years. Traditionally, a fixed asset register was kept on paper by a bookkeeper, with the introduction of Excel this moved to digital spreadsheets, and now with asset tracking software you can keep these records online. An online fixed asset register gives you greater levels of accuracy and automation. Every time an asset is scanned its location is automatically updated.  

 


Why Your Business Needs A Fixed Asset Register

A fixed asset register keeps track of everything a business owns and lays the foundations for smooth-running operations. Storing detailed asset information allows businesses to make smarter, more well-informed decisions.


Correct Balance Sheets

A complete list of fixed assets is essential to maintaining a correct balance sheet, however manually keeping track of your assets is time-consuming and prone to human error. This can damage the financial integrity of your business and create serious problems when it comes to end-of-the-year tax audits. Asset tracking software takes the headache out of auditing and ensures your business is tax compliant. Fixed asset registers also act as a checkpoint to help business owners detect fraud, theft and misappropriation of funds.


Lower Insurance Premiums

An up-to-date record of all your fixed assets and the data associated with them provides an accurate reference to ensure that the appropriate level of insurance is in place. As a result, your business can avoid overpaying on insurance premiums.


Inventory Management

Fixed asset registers help business owners to track what they own so they can avoid buying twice or identify old or unused assets. Keeping track of all your assets also helps to assess their value and eventual depreciation. This improves asset utilisation across the business and supports you and your team to establish maintenance schedules, estimate repair costs and forecast for the purchasing of replacements or additional assets.

Software - Fixed Asset Registers


Centralised System

A major benefit of using a fixed asset register is that all your asset information is contained within one centralised location. Having a view of your entire asset register in one place means you can assess your business at a click of a button. This facilitates a quick and easy asset audit and verification process.With itemit you can pull all your assets’ information together into customisable and exportable reports. Moving away from spreadsheets to a smarter system saves time and money, both of which are valuable resources that can be better funnelled into other areas. 


itemit’s Fixed Asset Register Solutions

With itemit’s asset management software you can easily set up your own fixed asset register in just a few clicks. Our cloud-based, user-friendly software is designed for smooth onboarding with minimal interference to your operation. This will provide your business with complete information on asset status, history and location, that can be utilised to make better decisions about maintenance, procurement as well as allowing for greater transparency for audit trail purposes. Tracking and recording each change that occurs during an asset’s lifetime gives you the confidence and control you need to take your business to the next level. 

If you would like to learn more about itemit’s asset tracking software, contact our friendly and helpful team today. You can reach them at team@itemit.com. Alternatively, you may want to consider signing up for our 14-day Free Trial to find out just how well itemit’s software can work for you. We’re confident that you will love the software’s features and how it can improve the day-to-day running of almost any business.

Fixed Asset Register

Choose a better way to track your assets

Start your free 14-day trial now

Instant access. No credit card details required.

You're in great company

or, download the itemit app to get started

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