So you’re considering using an asset register to help you to keep an eye on your assets. You should know that if you choose to use a register such as this you’re making a good decision. The very latest reliable and modern asset register format or formats will help you track assets with ease. 

One of the issues that some users of tracking software occasionally have is that their register isn’t up to date. It isn’t complete, therefore, their desire to track assets successfully isn’t fulfilled. This is not something that you need to worry about. This article will show you how you can ensure your asset register is always complete. This is regardless of which asset register format you use. 

Here’s what you need to do:

One of the very first things that you need to do involves you understanding more about your assets. As you add each asset to your chosen software you could include various pieces of information about them. For example, you could add the following to each asset’s digital profile:

The asset’s:

• Name/model and make
• Manufacturer
• Date of purchase and cost at purchase
• The estimated life span and value
• The asset’s insurance and warranty information
• The ideal maintenance schedule
• Who has access to the asset
• A photograph of the asset so it can be easily identified 
• The instruction booklet in PDF format or a link to the instruction booklet
• And much more

The more details that you add about each asset, the better. It ensures that when you need to find that information, it’s very easy. Let’s imagine that your new laptop breaks down. You’ll be pleased that you have the insurance and warranty information noted in the laptop’s digital profile. You won’t have to go searching through a lot of files, the information can be at your fingertips within moments. As long as you use an asset register format that lets you add a lot of details about each asset, you’re good to go.

Now it’s time for you to start tracking your assets. You can do this quite easily by securing a barcode/QR code to your assets. When the code has been scanned, it will create that digital profile that was mentioned earlier. The creation of this profile will allow you to instantly track the asset in question. As long as the QR code or barcode is attached to the asset, you can track it. It really is that simple. 

Simply log into your chosen asset register format via your computer, laptop, tablet, or phone, and track your assets. You can see where they are all day every day. 

Did you know that as long as you have an internet connection you can track your assets? You could, for example, track them from the train, your office, at the theatre (during the interval), at the park, on the bus, and so on. Simply log into the software and you can see each asset’s last known location. 

From time to time, you may purchase some new assets. When you do, it’s a great time for you to update your software. Regardless of the asset register format you use, updating should be easy. Simply add your new assets and input as many details about them as you wish. This will help to ensure that your asset register is always complete. 

Ideally, new assets will automatically be added to the software. However, this is not always possible. If you’re very busy, adding an asset may not be a priority. However, if you ask your team to update the software every other week, they should stay on top of things. You could always make it someone’s job to go around each department and add the new assets. This could ensure that the task is completed quickly.

A very good way to ensure that your asset register is complete is to report issues. From time to time, issues are likely to arise with your assets. A machine, for example, may break down. As soon as this occurs, the maintenance team should be alerted. Depending on the asset register format you choose, you may be able to contact the maintenance team via the app. They’ll receive an update and schedule a repair. Alternatively, a replacement machine may be required. Once the new machine has been purchased it can be added to the asset register.

It’s entirely possible for you to keep your asset register complete all of the time. In fact, once you’ve added a new asset and its related information, the rest is easy. 

Wish to chat with an expert about using an asset register format that works for you? Contact us now at team@itemit.com. 

Instant access. No credit card details required.

or, download the itemit app to get started

When you want to take control of your hardware assets you need to use an asset management tool that works well. Regardless of the type of business you run, if you use at least one computer you have hardware assets. 

Managing as well as tracking your hardware ensures that you’re less likely to lose assets or accidentally duplicate them. The best hardware asset management tool out there will allow you to gain better usage of your assets. It can even show you where everything is located and who’s using what.

There are many different benefits that come with using a management tool such as this. Below, you can find a description of just some of them.

One of the most pleasing benefits associated with tool management is the money-saving aspect. When you track your assets, maintenance is much easier. You can help to minimise costs on repairs and replacements thanks to continued upkeep. 

Anyone who uses modern hardware asset management software can schedule asset maintenance. Once this has been set up for each asset, maintaining everything can be simple. Additionally, having hardware that’s in a much better condition means it will be more reliable and less likely to need replacing. As a result, you can save money.

When you no longer use manual methods to track your assets your business could become more productive. You could save yourself and your team a bit of time every day. You could do this by ensuring everyone can simply focus on their assigned tasks. Everything else can be left to the hardware asset management tool. 

If you’re worried about downtime, asset management can help with this. With the ability to keep your assets in better condition, downtime can be minimised. Consequently, your business can become even more productive. 

Did you know that it’s possible for you to increase hardware asset security? Security can be something of a difficult issue as theft and loss are real problems. The good news is that when you use the right type of management software you automatically increase security. 

You can potentially locate all of your assets all of the time. What this means is that if a tablet, for example, is taken off site it can be located. As long as the tablet in question has a barcode/QR code/RFID tag affixed to it, it can be located in moments. A direct result of this means that you could see where it is and ensure it is returned to you. 

Additionally, your team will be aware that everything is tracked. What this means is that those unscrupulous team members may no longer be inclined to help themselves. Not only does boosting security offer peace of mind it can also save your business money.

ROI (Return on Investment) can be maximised when you use the right asset management tool. We have already seen that it’s possible to prolong the life of all of your assets via good asset maintenance. As a result, you can potentially get more value for your money. 

Secondly, you can gain insight into those computers, etc. that are under-used. This means you can make decisions as to how you can better utilise those assets for the benefit of your business. In other words, you can get your money’s worth, should you wish to.

Every single EU business needs to strictly record all of the assets used to process, store or collect personal data. While this may seem like hard work, using hardware asset management software can make life easier. You can track all of the above information easily while also seeing who is using your assets. This is information that is also required for GDPR purposes. 

Staying GDPR compliant is not always easy. There are so many boxes that you have to tick. However, when you use a tool that helps it can make your working life easier. As soon as you have set your asset management tool up, intermittently check that it’s on top of everything. Not only could this bring you peace of mind it could help you to stay on the right side of the law.

As you can see, using a hardware asset management tool can prove to be very beneficial to your business. The good news is that any type or size of business can potentially use a tool such as this. If you have at least one computer, laptop, tablet, or telephone, you’re good to go. 

If you would like to speak with a hardware asset management expert today contact us now at team@itemit.com.

Instant access. No credit card details required.

or, download the itemit app to get started

Every single business on the planet has assets. Some businesses may have thousands of assets, some may only have a few. Regardless of how many assets they have, ghost assets may be an issue. Assets such as these can cause a business to undervalue themselves. Additionally, they can also cause workflow issues resulting in deadlines not being met. A realistic way to tackle the issue of ghost assets is by using asset tagging software. Software such as this can identify and potentially rid your business of this type of asset.

When you have ghost assets your business could be underperforming. Ghost assets are any type of asset that could be lost or stolen. Additionally, they could be assets that are awaiting repair or awaiting replacement without your knowledge. In other words, these are printers, photocopiers, tools, machines, trucks, equipment, and so on that are still thought to be in working order. Unfortunately, as soon as they become lost, stolen or damaged, they can cause financial issues. 

There’s a real possibility that a customer’s order may not be completed on time. There’s a chance that deliveries may not be made when expected. Production may slow down and your business may not meet its financial goals. Whatever the case may be, ghost assets can pose a real issue. This is why locating and dealing with ghost assets by using tagging software is a priority. The really good news is that this type of software can realistically help you.

Asset tagging software can help in a variety of ways. Firstly, it can help you to have a clear record of all of your assets. As long as you have added every single tool, machine, vehicle, etc. to the software you’re good to go. 

Software such as this can help you to locate your tools but also see which assets aren’t being used. When you’re entering every asset into the system, you have a good idea as to which tools work. When you find a tool, a machine, or a vehicle, for example, that does not work, you can take action. You could, for example, send it to maintenance to be repaired. Alternatively, you could simply note that the machine needs to be discarded or replaced. 

Once you have added everything to the system by creating digital profiles for each asset, most of the work is done. You could have a full and complete record of everything your business owns. A result of this means that you now have a much clearer picture. You could see exactly how many tools you have, and even where they are located. Asset tagging software can also ensure that you’re a lot less likely to have ghost assets again. This is simply because the software could help you to send those damaged tools to maintenance for repairs. Should a machine be completely broken you could tell the relevant people via the software. All of this could help to prevent future issues.

So how can you say “Goodbye” to ghost assets? It’s fairly easy. Simply use asset tagging software to track your machinery, vehicles, equipment, facilities, tools, and anything else. Here’s how to go about it:

• Create an asset register for everything that your business owns
• Make sure that you add an RFID tag or a barcode to the asset so its location can be tracked
• Start adding details to each asset’s digital profile such as its make and model, insurance and warranty information, and anything else that’s relevant
• Consider uploading a PDF instruction manual if there is one
• Set up a maintenance schedule to help prevent assets from being in a poor state of repair
• Track the location of your tools and anything else you use every day. Doing so can help to prevent tools, etc. from being stolen or lost. 
• Give your trusted team members access to the tagging software so they too can track everything. 

As soon as you have done all of the above you are good to go. You could start using the software immediately. If you do, you may be able to see the maintenance status of all of your assets. You could see where they are and which team member is using them. Depending upon the tagging software you choose, you may also be able to export reports based on data. The reports can give you a much clearer idea about how well your business is running. It could also help you to see if there are any maintenance issues, allowing you to resolve the issues immediately. 

Wish to chat with an expert about using asset tagging software to help you eliminate ghost assets? Contact us now at team@itemit.com.

Instant access. No credit card details required.

or, download the itemit app to get started

The construction industry is a hugely diverse and ever-changing industry. With each construction site full to the brim with all types of equipment, it can be difficult to keep track of everything. However, when you use an equipment management system it can make a huge difference. The ability to track all of your machinery, tools, equipment, and vehicles can make life on the construction site so much easier.

Let’s take a look at just some of the benefits associated with using a tracking system on your site.

One of the best things about using an equipment management system is the location detection feature. As long as you have attached an RFID tag or a barcode to your assets you can locate them. A result of this means that your tools are much less likely to get lost. You can always see where everything is located. This could prove to be helpful if a member of your workforce always loses tools. It’s also useful as it can help to prevent theft. 

As soon as each asset has a barcode or an RFID attached to it, the code can be scanned. Once it’s scanned it will automatically create and open up a digital profile for the asset in question. To this profile, you can add as much information as you wish. The more information you add, the better. For example, you could include how much the asset cost, when it was purchased, the model and make, the seller, the warranty and insurance details and much more. In fact, the more information you add, the better. It could allow each member of your workforce to access the information when they need to. For example, usage instructions or warranty information could be useful to have access to. 

Another really good feature that’s associated with an equipment management system is equipment longevity. Thanks to the fact that many management systems let you set maintenance reminders, longevity is possible. 

When you effectively maintain all of your machinery, tools, vehicles, and anything else it could last longer. Setting up maintenance schedules for all of your tools, etc. can help to reduce costs. When you maintain your machinery it’s less likely to break down. It’s also more likely to help you meet those important deadlines. If this was not enough, a management system could also alert you when it’s time to replace a tool, for example, that may no longer be safe to use. As a result, you could keep your workforce safer.

Thanks to the way that each management system works, your workforce automatically becomes more accountable. This is because it can be clear who was using which tool. Additionally, as each asset is tracked your workforce members will know where they left something. 

When everyone knows that tools, machinery, etc. are tracked they automatically become more responsible. They’re unlikely to lose anything and this, in turn, means that you could pay less for lost tools. Consequently, you could have more money to buy new machinery, improve workforce conditions, hire more people, and so on. All of this is realistically possible when you use an equipment management system on your construction site.

We all know that maintaining records is not always easy. However, not everyone is aware that records can be inaccurate. This is especially the case when records are manually updated and adjusted. While everyone no doubt does the best they can when updating records, mistakes can be made. The good news is that when an equipment management system is used, the maintenance of records can become so much easier. 

Thanks to the way that asset tracking/management systems work, it’s possible to build an accurate asset portfolio. This is because each modern and reliable equipment management system is likely to track the use and movement of your assets. Additionally, it could track your financial data as well as your maintenance records. This means that you could have a much more accurate picture of your business than you thought possible. 

As long as you have added financial information, insurance and warranty details, and started location tracking, the system can begin creating data. When data such as this is created it allows you to see how well your construction business is performing. Some management systems allow you to export data. Data such as this could be printed off or read on a computer. Either way, it can help you to gain a more accurate insight into your business. What this means is that you could potentially make new and better decisions based on real data. 

Would you like to speak with an expert about using an equipment management system for the construction industry? Contact us now at team@itemit.com.

Instant access. No credit card details required.

or, download the itemit app to get started

When it’s time to audit your business you need to know you have it under control. Making sure that you can show you’re complying with regulations can be easier said than done. The good news is that an equipment register can help with this. In fact, a register such as this can help your business in a wide variety of ways. But first, let’s take a look at what an asset register is. Then, we’ll explore how it can be useful for audits.

An equipment tracking register/equipment register is a type of digital database that stores a host of information. This information will relate to every asset that is entered into the register. A good register is one that’s updated frequently and is full to the brim with details about each asset. These details include each asset’s:

• Make and model number
• Seller
• Purchase cost
• Date of purchase
• Serial number
• Warranty and insurance information 
• Estimated current value
• Expected life span 
• Maintenance schedule
• And any other details that you wish to add

In addition to adding all of the above details, you can update your register as and when you please. If you purchase a new asset you can add it to the register. If an asset has been discarded, you can remove it from the equipment tracking register. Keeping everything up to date can be helpful if you need to access details about each asset in the future.

As soon as you have updated your asset register you can print off a report. Some asset register software allows you to do this. So, when you have exported and printed your reports you can verify it. The verification process can ensure that your audit is accurate thereby allowing you to show you’re complying with regulations. 

Imagine being able to export and print off reports about all of your assets. This is something that you could do if you use a register that details all of your assets. Just make sure that the software you choose offers you this feature.

This part of an audit involves you physically verifying your assets. Once this stage is complete you can potentially eliminate any ghost assets in the system. Another benefit of this is that you can quickly check the condition of each asset. 

The accounting process also involves ensuring that figures such as asset costs, depreciation, and tax are correct. While this may not seem like a lot of fun, having an equipment register to hand can make the process much easier.

Every single asset that you own will lose value over time. The loss of value is referred to as “Depreciation”. Working out or calculating an asset’s depreciation is a vital part of the audit process. When assets in your equipment tracking register lose value it needs to be recorded. As a result, you may need to adjust your insurance and tax figures. 

There are a few different methods for calculating depreciation. For example, you could use the units of production way, the written down value, or even the straight line method. The choice is yours. However, once you have calculated everything, you’ll need to update your register. Finally, don’t forget to update your insurance and tax values. This could help you to save money and that’s never a bad thing.

The final step of the auditing process relates to the valuation of your assets. This valuation needs to include every single piece of equipment that you own. You may have a lot of equipment and it could seem like a task but it’s vital everything’s included. As soon as you have confirmed the value of everything you’ll need to do one more thing. You’ll need to check that your business is meeting the regulatory requirements. This is often an anxiety-provoking task. However, if you take your time you can potentially iron out any issues. Don’t rush any part of this process. Take as long as you need to ensure that your business is meeting those regulations. When you are certain, then you can disclose everything. 

Using an equipment tracking register can prove to be very useful for the auditing process. You could have all of the information you need about your assets in one place. You may not have to go running around a warehouse or factory, for example, trying to gain the information you need. You can simply log into your tracking software and have access to the details you need for your audit. Consequently, this potentially stressful time could be made so much easier. 

Would you like to speak with someone knowledgeable about using an equipment tracking register to help you with audits? Contact us now at team@itemit.com. 

Instant access. No credit card details required.

or, download the itemit app to get started