While many people are aware that an asset register can aid in asset management, they are not always aware that a register can do more. In fact, an asset register is capable of aiding financial reporting and audit compliance. Let’s take a look at how you can use an asset register app to help you with this.

One of the very first things that you need to do is add the required information to your chosen asset register app. Add as much information about each asset as you wish. The more information that you add, the more convenient it will be later if you need such information. For example, if you add the insurance information now, you may appreciate it at a later date. 

You could, for example, add some or all of the following information to your asset register:

• The cost of each asset at the time of purchase
• The asset’s warranty and insurance information 
• The model, make, and colour of the asset
• The serial number 
• And any other relevant information 

Add as much information about each asset as you would like. Some apps/websites will let you add more information as and when required.

As soon as you have added all of the assets to your new asset register, just make sure everything has been added. Double check everything to make sure you’ve not missed anything important. If you do, any reports that you export may not be as accurate as you’d hoped. 

When you can export reports from your asset register app, it makes it easier to see how your assets are performing. You could see which assets are used more often than others, or how many sales you’ve made in the last year.

The next step that you may want to consider is calculating asset depreciation. Every single asset that you own will depreciate in value over time. This is just a part of every asset’s life cycle. You are no doubt aware that again, your financial report will need to account for any depreciation. 

Fixed asset depreciation can be calculated by using the Written Down Value, units of production method, or even the straight-line method. The choice is, of course, up to you. Once you have calculated for depreciation you’ll also need to make sure that any relevant insurance and tax values are updated. Don’t forget to add all of the relevant information to your asset register app, should you wish to.

Every business will have ghost assets. Assets such as these are those that have either broken down or been lost. They are likely to still be in the system and accounted for. However, they no longer work or they are no longer available to work. Think of that printer that is stuck in the corner of the office that hasn’t worked for 4 months. Consider that machine on your site that has broken down and is still in need of a spare part. These are known as ghost assets, along with any other asset that is lost or has been stolen. 

If you can repair damaged assets quickly or retrieve lost assets, they could be used again. As a result, they will benefit your business once more. If you cannot retrieve or use the ghost assets, they still need to be accounted for.

Once your ghost assets have been dealt with and your asset register app is looking good, there’s still a little more to be done. Your next step is to confirm all of your assets’ valuation. By now, you should have a very good idea of how much each asset is worth. Each asset’s value may be more or less than you think. However, once you have those figures, you can now move on with your financial reporting and audit compliance. Just make sure that you are aware of any regulatory requirements. Keep them in mind at every stage of your financial reporting.

It is possible to make auditing easy if you use a reliable asset register app. When you update and add financial information to your app, it can make financial reports seem easier. Ideally, you will use an app that allows you to export reports. If you don’t, you may well find that financial reporting and audit compliance are not as straightforward as you think. When you can stay on top of all of your financial reporting, it can make running your business much easier. 

If you would like to speak with an expert about using an asset register app to aid in your financial reporting and compliance contact us now at team@itemit.com.

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Artificial intelligence has well and truly made an appearance in the media of late. It has also appeared in many homes and workplaces. With the latter in mind, the role of artificial intelligence (AI) can help with asset tracking solutions. But how exactly can it do this and is AI really going to make a difference in the workplace? A lot of industries think so. 

Let’s see how AI can help to improve tracking assets.

Product inspections at the end of the manufacturing process are important. Manufacturers need to make sure that the assets they sell to their clients/customers are in perfect condition. When you use AI in the workplace and alongside asset tracking solutions, quality inspections can be improved dramatically.

It may be possible to see which parts consistently fail inspections. You may also be able to see exactly why some parts fail. As a result, you could make amends. If this was not enough, AI could also help you to see how manufacturing processes are going. This can help to identify errors in the production process. What this means is that you can make changes as and when they are needed. This can save your business both time and money.

When artificial intelligence is used alongside asset tracking solutions data is created. You could, for example, see how each asset is used and how often. Additionally, it could be possible to create data that has not been created before. What this means is that you can have a lot of information to hand that could prove to be highly beneficial for your business. If this was not enough, depending on the software you choose, you could export your reports. This ultimately means that analysing the data and showing your team members could be relatively easy. 

When you have more data to hand about all of your assets you could have the opportunity to move your business in a new direction. You could also see where your business is not performing quite well. Consequently, improvements could be made in productivity, manufacturing, and/or other areas.

Managing an inventory is never easy. If you have more than a few assets, managing them can occasionally seem impossible. When you use artificial intelligence alongside your asset tracking solutions, however, inventory management gets a lot easier.

AI alongside or coupled with tracking solutions results in more data. As we have already seen, it’s possible to generate data that allows for better inventory management. You could, for example:

• See exactly where your assets are
• Know who is using your equipment and why
• Understand how often your assets are used
• Get reports about the maintenance status of each asset 
• Allow your users to access the assets they need, when they need them

When you are able to do all of the above, it can make life much easier. Some asset tracking tools offer you the chance to do some of the above. However, it’s unlikely to let you do all of the above the same way that AI would. 

Did you know that artificial intelligence could also help you to base future purchases on historical data? Your software will know what assets were ordered, what has sold, how many you have left, and whether there were any issues. With this information, you may find that your sales and orders are more accurate. There may also be the opportunity for you to see which products/services sell well and which perhaps need to be pushed a little more. 

You may not have been privy to information as accurate as this without the use of AI alongside your tracking solutions. This ultimately means that you could be missing out. Now is the time to use software that uses AI to help you track your assets.

Would you like to speak with an expert about asset tracking solutions and AI? Contact us today at team@itemit.com.

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Your equipment needs to be looked after. From the moment you purchase it and throughout its lifecycle, you need to use an equipment management system. When you use a system such as this you’re more likely to have tools, vehicles, facilities, and equipment in good working order. However, there’s a real chance that your current equipment management may not work with any emerging technologies. 

So, just what are these emerging technologies, and will you need to upgrade your current management system? Let’s take a look at this now.

Augmented reality seems to be predominantly used in the gaming world right now. It is also used by a popular online store, allowing would-be purchasers to see if a sofa would fit in their living room. With regards to future use, augmented reality could help users to learn more about an asset listed in their equipment management system.

Secondly, this relatively new technology could help users to locate assets with ease. When using the technology, users could see exactly where the much-needed asset is. For example, they could see where a box of books is stored in a cramped warehouse. A shoe seller could see where a customer’s handmade shoes are being stored in the back room. A nurse could see if an ECG machine is still on the same ward.

While this is all conjecture for now, there’s a real opportunity for augmented reality to help in many ways in the workplace. For example, someone who has recently purchased a new printer could use augmented reality to access user instructions.

A lot more people work from home now. As a result, the use of an equipment management system has become more essential. Management systems such as this now mean that assets can be maintained from wherever you are. This ensures that your equipment, machinery, tools, vehicles, and even buildings are kept in better condition.

While keeping your tools, etc. in good condition is relatively easy now, it’s likely that it will become even easier. Diagnostic equipment, for example, may become more accurate. It may also be possible to receive more detailed reports about what has gone wrong with an asset. A result of this means that making repairs could be quicker and easier. If the diagnostic equipment was also linked to the software that automatically orders new parts, the right parts would be in stock all of the time. What this means is that repairs could be carried out sooner rather than later. The good news is that this is not something that’s completely new. Depending on the equipment management system that you use, maintaining assets could already be rather futuristic.

Increasing the safety of your team is absolutely vital. No matter where you work and what you do, your team needs to be safe at all times. Some emerging technologies seem to suggest that it will be easier to keep your team safer. When your equipment management system detects an issue, it could be resolved quickly. This may be as a result of the right people being informed as soon as something goes wrong. As long as those responsible for carrying out repairs carry them out quickly, everyone should be safe again. 

One day, machines and equipment could repair themselves. Indeed, some computers do as they reset the software to a time before an incident took place. However, machine and equipment self-repairs are perhaps a very long way off. Still, it never hurts to hope that one day it may be possible.

Many asset tracking technologies use QR codes today. However, it looks as though these codes may become even more popular in the workplace. QR codes aren’t just used for tracking assets, they’re also used to protect things that are worth stealing and hacking. 

• Imagine that test equipment for an electric vehicle goes missing
• Perhaps a wind farm’s charge controller is stolen 
• Maybe a new fleet of vehicles is sent to the wrong depot 

The data provided by QR codes are likely to become even more accurate, allowing for those misplaced/stolen assets to be retrieved relatively easily. The information available about each asset may also be hugely detailed. This could potentially help users to tell one asset from another or simply allow them to organise their assets more effectively. 

Is your current management system still receiving updates? Will it work with new technologies or will it leave you lagging behind? This is something to consider if you are not satisfied with the performance of your management system. It’s also something to bear in mind if you’ve not yet started using asset tracking software. As long as the system/software you use is modern, receiving updates, and able to adapt to new technologies, you’re good to go. If it isn’t you could be missing out on some exciting new developments. 

Would you like to chat with someone about an equipment management system and emerging technologies? Contact us now at team@itemit.com.

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Regardless of what asset register format you use, your asset register is likely to be doing more for your business than you think. If you are yet to use any type of asset register, you may be surprised by the number of benefits that come with using one. 

The impact that any asset register format has on your business will ultimately depend on which format you use. If you use a spreadsheet or paper notes, the impact is likely to be minimal. However, if you use a digital register, the impacts can seem endless. 

This article specifically takes a look at the impact of an asset register on cost management and asset utilisation. Let’s dive into this subject and its advantages now.

When you choose to track your assets using an asset register, the impact on asset utilisation is clear. You can see how many times each of your assets are used. You can see if your assets are used well, and whether you are getting the most out of them. In addition to this, every single asset that is added to your register will have its location tracked. 

Location tracking is one of the major benefits that come with many modern asset registers. However, it’s the asset register format or rather the software that you choose that impacts the quality of the location tracking. Good software will show you where your assets are 24 hours a day, 7 days a week. When you can track your assets easily you can begin to understand a little more about them. You can see which locations they are used in and whether the use is cost effective. Additionally, you can see how much time it takes to use each asset and even who is using them. 

The impact of an asset register on asset utilisation is clear. With the knowledge that your software imparts, you can potentially use each asset much more effectively. You could, for example, send specific tools to your largest site if they are used more often. You could retrieve a few vehicles from a depot if they are never used. The vehicles could then be sent to another location where they are needed. 

As you can see, asset utilisation data can hugely benefit your business. You can understand how your assets are being used in a completely new way. This is not data you would have if you used an old asset register format. Ditch those spreadsheets and use a digital asset register instead.

When you use a register that tracks your assets you get a much clearer view of how your assets are used. The good news is that there is also a real chance for you to manage your costs. You can, for example, see if you have more than enough tablets in one of your offices. When another office does not have enough tablets to go around, you can share the unused devices rather than purchase new ones.

There’s another and perhaps better cost-related impact. Thanks to the way that many-a digital asset register format works, it’s possible to maintain each asset with ease. You can potentially set up a maintenance schedule for each of your devices, vehicles, and tools, etc. As a result, everything will be checked for faults much more frequently. What this means is that your tools could be in much better condition. This, in turn, means that they may last longer. Therefore, the amount that you spend on replacement tools plummets. 

Finally, the use of an asset register can help you to estimate future costs. You may be able to see where funds are needed in the not-too-distant future. You could also allocate money to each department, based on their needs. Additionally, there’s a real opportunity for you to control the cost of your projects. Thanks to the way that your register may work, you could see how well projects are going. What this means is that you could calculate whether you really need to spend as much as you’d originally planned. 

All of this can be achieved when you use a digital asset register. Using any other asset register format simply won’t give you as much data as a digital register will. As a result, you could be missing out on a lot. There’s a realistic potential for digital registers to help your business in new ways. The impact of such a register on how you utilise assets and manage costs can help your business to blossom. Regardless of what industry you work in or even where you are in the world, an asset register can help you perhaps more than you realise. 

Thinking of updating your asset register format or want to learn more about registers? Contact us now at team@itemit.com.

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When you run a business you need to know that you can take good care of it. One of the easiest ways to do this is to take control of your assets. Using the right office equipment management software can make life so much easier. Incredibly, there are still a lot of businesses that are not managing their equipment properly, if at all. The good news is that such businesses seem to be growing few and far between. 

The latest office equipment management software and indeed any equipment management software for any industry no doubt works well. It has a lot to offer and as we have already seen, can make life easier. But what is going to happen in the future? What equipment management trends and indeed industry trends do we need to watch out for? 

Let’s take a look at some of the trends now.

It’s highly likely that asset life will be prolonged. These days, we are more concerned about throwing away equipment that we no longer need to use. With a desperate need to improve how we treat the environment, equipment may last much longer. Predictive maintenance could help with this side of office equipment management. Additionally, being able to purchase spare parts with ease can help to prolong asset life. This is a trend that seems to have increasing priority.

When you boost inventory tracking, you know where everything is, all of the time. You also know who has your equipment and why. A direct result of this is that less of your inventory is likely to go missing. It also means that you can have even deeper knowledge about your equipment. This may be thanks to AI and machine learning or simply better office equipment management software availability.

More and more people work from home. In addition to this, more people work in an office that is not perhaps in the same city or country as the associated warehouse. The pandemic is likely to have had a large impact on this, however, remote work is still very popular. This is likely to be due to the fact that remote work can be less expensive than other types of work. In any case, the trend may continue long into the future. 

One future office equipment management trend is likely to be related to remote maintenance management. In other words, managing the status of your equipment from elsewhere. This is something that will need to be effective in order to be successful. However, the right tools and the right software now exist to make this possible.

By using predictive maintenance, the safety of equipment, tools, computers, fleets of vehicles, and even buildings can be improved. Health and safety laws are likely to become even more stringent, resulting in a safer workplace for all. With the ability to identify potential hazards and other issues, predictive maintenance could further increase safety in the workplace. This is something that everyone wants, regardless of what type of business they’re in.

If you want to make the most out of office equipment management software, you could use it to reduce downtime. Future trend information suggests that reducing downtime will be of major importance. 

With the use of predictive maintenance, consistently good performance could boost efficiency in all areas and reduce downtime. What this means is that many important targets could be met and exceeded. Additionally, increased efficiency ensures that customers remain happy. Reducing downtime is, therefore, a future trend that almost every business should consider.

It is very likely that AI and machine learning will keep evolving. This continuous evolution may allow for better insights into how your equipment is performing. It may also create reliable predictions which could show you when some equipment is likely to break down. AI and machine learning are already something of a trend in many industries around the globe. However, this trend may continue as technology develops and becomes better at predicting future outcomes. 

There are many future trends that we all need to keep an eye on. Many of these trends already exist, but they haven’t completely developed into something magnificent. There are also likely to be trends that we have no knowledge of yet. As machine learning and AI continues to develop, new and exciting trends that we can only dream of may come to fruition. The best thing for all industry leaders and business owners can do right now is to keep an eye out for such trends. When we do, future trends may catch our attention and allow us to understand our equipment in better ways. This can only be a good thing.

Wish to chat with an expert about office equipment management and trends? Contact us now at team@itemit.com.

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