What Is An Asset Register And Why Is One Essential For Your Business?

What Is An Asset Register And Why Is One Essential For Your Business?

What Is An Asset Register And Why Is One Essential For Your Business?

An asset register is a way for your business to monitor what you own, how assets are behaving, and any asset-related costs. Overall, an asset register gives you:

  • More visibility over your assets
  • More visibility over asset finances
  • More control over your assets
  • Fewer lost assets
  • Fewer duplicate purchases
  • A clear view over how your assets behave

Most businesses are opting for a pen and paper method and logging changes in a spreadsheet. This spreadsheet will act as an asset register but has too many gaps and inefficiencies to remain viable.

Spreadsheets have your assets in one column, their identifiable information in the next, then all other columns are specific fields relevant to your assets. If you think about these fields and how some are relevant to some assets and not to others, this can quickly become a lengthy, unwieldy, and impossible to manage spreadsheet, especially as the data you’ll likely need to find and change will live in a single cell.

This is where asset management software systems come into play. These automatically create an asset register, ready for you to view, manage, and export.

What to Include in a Fixed Asset Register


What Is An Asset Register?

An asset register is a list of your assets with data assigned to them. The assets themselves will depend on which industry your in and the data will depend on what you’re using your asset register for.

Every business should have a fixed asset register and an IT asset register. Fixed assets are permanent business fixtures that aren’t sold and are instead used by your business. IT assets are your laptops, phones, and any other assets with IT capabilities, such as USB sticks.

The data itself can be pricing information, maintenance data, equipment booking information, and more. However, a fixed asset register should track asset values.

Your asset register will either be a spreadsheet or a pdf and you can use it for:

  • Tax and insurance purposes
  • Mitigating ghost and zombie assets
  • Seeing what you own quickly
  • Tracking asset movements
  • Tracking depreciation


What Should You Add To Your Register?

Your asset register should contain relevant assets that you need to track. Thankfully, with asset management software you can add all of your assets and segment them into different, filtered reports.

In other words, you can add all of your assets, such as fixed assets, vehicles, and IT assets, then create an asset register specific to only your IT assets for separate reporting purposes.

Your asset register, therefore, should contain assets relevant to auditing operations. Any assets that you need to track and maintain accountability over should be on your asset register. 

In terms of fixed asset management, you will be able to add all of your fixed assets to your system, but on an asset register filter out any assets with a value of under £200, say, if you don’t need these to be tracked.


Creating A Fixed Asset Register

When creating a fixed asset register, the simplest way to do this is by using asset management software. Asset management software allows you to log your assets as unique profiles on an online system and track them this way.

Instead of using a spreadsheet, therefore, if you want to see the relevant information against a specific asset, you don’t need to find that asset on your spreadsheet, you can enter its unique profile instead.

Issues management and data entry, for example, are much simpler this way, as you’re logging information against a specific asset in a streamlined and transparent view. 

You can speed this along further by using asset tags. Every time you scan an asset’s tag, the last seen location will update, the asset’s profile will open, and the time of scan and user who scanned the tag will get logged, creating a streamlined and neat audit trail.

All of this data is pulled into your fixed asset register automatically, ready to be managed, filtered and exported. As you can filter these reports, therefore, you can pick and choose which data gets exported. This way, you can export a report on your IT assets separately to your fixed asset register with ease, keeping a clear log of everything you need to know.


Depreciating Your Assets

Your reports will also include a section to monitor your assets’ values. These values will depreciate, showing you how much depreciation has occurred against a group of assets, or against all of your assets, each month.

These reports are filterable, so if you only need to export and view data of assets above a certain value, this is entirely possible. 

As you’ll have all of your issues data, as well as day to day tracking data, too, you get the best of both worlds. For example, if an asset has fully depreciated, you will be able to look into that asset and view its history to get more context about this asset.

Using these features in tandem within a single asset management software gives you much more clarity and control over what your assets are doing.


Using Asset Management Software

When you use asset management software, you get the benefit of an automated asset register.

An asset register:

  • Prevents fines for unaccounted for assets
  • Shows you what you own
  • Prevents duplicate purchases
  • Prevents asset loss
  • Gives you a clear view of your finances
  • Helps speed up asset-level operations
  • Helps speed up tax and insurance audits

When you use asset management software, you get all of these benefits and more. An asset management software provides you with asset-level functionality, too, such as the ability to book and check assets in and out, the ability to report issues, and the ability to track asset locations via tagging and tracking capabilities.

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

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How To Choose The Best IT Asset Management Software For Your Business

How To Choose The Best IT Asset Management Software For Your Business

How To Choose The Best IT Asset Management Software For Your Business

IT asset management software helps you keep track of who has what, where it is, and how it is being used. The benefit of IT asset management software is that you can view granular data against specific assets, while also having visibility over trends.

Overall, this helps you make clearer business decisions, but is also instrumental when scaling, as assigning assets to users is a breeze. On top of this, you can track asset finances and depreciation data, making tax and insurance operations simpler.

Any issues that crop up will be easy to identify and rectify, and any inefficiencies can be stamped out by the simple day to day collection of data.

How To Use An Asset Tracking System


What Is IT Asset Tracking Software?

IT asset tracking software is a system where you can log unique asset profiles. These profiles will be of your laptops, phones, PCs and so on. Therefore, instead of having a general view of your laptops, you’ll be able to pinpoint a laptop and view that laptop’s specific data.

While a spreadsheet can do a part of this, the actual creation and management of such a spreadsheet quickly becomes unwieldy. This is as each cell will represent a specific piece of data against an asset. Each time this bit of data changes, this specific cell needs to be changed. With all of the day to day changes an asset goes through, you can tell how quickly this becomes impossible to manage.

IT asset tracking software automates this as, instead of editing a cell, you’ll be using a feature within your system. For example, if you’re using your IT asset management software as a bookings and check in check out system, instead of changing a cell, you’ll be able to press a “check out” button and this data will update, ready to be viewed, managed, and exported.


Using Asset Tags And Adding Users

Asset tags also help you speed up your operations. When working remotely, it’s much easier for assets to go missing which is why asset tags are very useful.

Once you’ve assigned a tag to an asset, every time you scan the tag, that asset’s data will show. The last seen location, time of scan, and the user who scanned the tag will also update, giving you a neat audit trail to manage.

You will be able to set different user permissions to give your colleagues different levels of access. When you add users, you can share the asset tracking load, too. The more people performing quick, daily operations, the faster you collect data and the more data you collect.

However, if you’re onboarding and don’t wish to give any permissions, you can also assign assets to “contacts”. Contacts are for your records only, allowing you to report on who has which assets, and on who needs which assets without any red tape or without needing to share a system.


Scaling To Fixed Asset Management

The best asset tracking software is highly scalable. This means that you’ll be able to use your system for fixed asset management as well as IT asset management.

This is useful as, if you want to run a report on all of your assets’ depreciation, you will be able to do so. You can then also use helpful features to segment and filter your data, meaning you’ll be able to see the depreciation of just your IT assets or of all of your fixed assets.

Certain features are also tailorable. For example, you can use issues management or a reminders system to track PAT tests for IT assets and to track maintenance on tools and equipment.

This also means that multiple teams within your business can use the same system at no extra cost, while still using it for a wide range of purposes.

All in all, when you’re searching for an effective IT asset management software, the above features are a must. Your system has to be scalable, effective, and streamlined. Without the ability to assign, for example, your onboarding operations will get delayed. 

Therefore, the best IT asset management software is one that you can tailor to your exact use case. Whether you need to track depreciation or not, if you just wish to track asset locations, or if you just need a record of where your assets are, your IT asset management software must be able to cope.


itemit’s IT Asset Management Software

itemit’s IT asset management software is highly scalable, highly tailorable, and very easy to use. itemit is used for tools and equipment tracking, IT asset tracking, and fixed asset management in all different types of industry.

With itemit, you get a proven, tried and tested solution that your entire business can pick up with ease which is why the system is used worldwide in multiple different industries tracking all manner of assets.

To find out more about how itemit can help you with your IT asset management, or how it can help you with any other type of asset tracking, you’ll be able to contact the team at team@itemit.com.

You can also fill in the form below to start your 14-day free trial, no strings attached!

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Inventory Management Software Vs. Asset Tracking Software

Inventory Management Software Vs. Asset Tracking Software

Inventory Management Software Vs. Asset Tracking Software

What are the differences between inventory management software and asset tracking software? Both are useful in separate scenarios, and this guide will run you through the benefits of each.

In essence, inventory management software is helpful for stock and consumables, where asset tracking software is effective at tracking granular, asset level information.

Therefore, what your company needs will depend on your daily operations and the systems you already have in place.

How To Deploy Your Fixed Asset Tracking Software


Inventory Management Software Benefits

Inventory management software is very effective at tracking stock and consumables. This is because your inventory will change frequently and you won’t need to know specific details for each asset.

Inventory, therefore, can be added to inventory management software as non-unique profiles. In other words, as most of your inventory will end up with an end-user, the most important pieces of information are how much of your stock you have and how much you’re selling.

This means that inventory management software must be fluid, easy to monitor, easy to manage and pump out all the values and information you need to know. It does not need to show you unique identifiable information about all of your inventory.


Asset Tracking Software Benefits

Asset tracking software does the opposite. Instead of tracking inventory, or fluid, constantly changing numbers, it tracks assets on a unique level. In other words, with asset tracking software you will log all of your assets as unique, digital profiles.

Therefore, you can use asset tracking software for fixed asset tracking, tools and equipment tracking, IT asset management and more. This is because you can add granular information against your assets.

So, if a tool gets damaged, you will be able to pinpoint which tool is damaged, where the tool is, and rectify the issue with ease. You can also track locations with asset tracking software and speed up operations by using asset tags, operations that wouldn’t be relevant in an inventory management context.


The Differences

The main difference between asset tracking software and inventory management software is that one tracks unique, granular data, while the other tracks trends, movements, and overarching updates.

Both of these types of tracking are incredibly useful, however, they need to be applied to the correct use cases. For example, you won’t be able to track asset damage with inventory management software.

At first glance, there seems to be a lot of overlap between the two systems. For example, when you’re tracking fixed assets you need to know the number of assets for tax and insurance purposes.

The difference, therefore, is that stock and inventory is less tangible than a fixed asset. Fixed assets will remain within your business and will indirectly generate profit, where inventory will directly generate profit.


itemit’s Asset Tracking App

itemit’s asset tracking system is built for asset tracking and management. Within itemit, you can track unique assets and use helpful features to manage them. For example, you will be able to use itemit as an equipment booking system while also tracking your depreciation.

itemit does also have integrated inventory features. Now you can make master profiles to track stock levels. This is helpful when you need to report on the number of consumables you have but don’t need to know specifics about them.

With a public API, too, you will be able to integrate itemit with other systems, meaning you can interface between a system that’s tailor-made and proven to track your assets effectively, and one that’s effective at tracking your inventory, too.

To find out more about how itemit can benefit your business, you’ll be able to contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

Inventory Management Software Vs. Asset Tracking Software

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The Benefits Of Fixed Asset Register Software

The Benefits Of Fixed Asset Register Software

The Benefits Of Fixed Asset Register Software

Fixed asset register software gives you a clear record of what your business owns and how your assets are behaving. With a robust, easy to use and transparent fixed asset register, you reduce the chance of a wide range of issues, too.

Overall, great fixed asset register software saves your business time and money by:

  • Improving asset-level operations
  • Speeding up asset discovery
  • Reducing the chance of ghost and zombie assets
  • Reducing lost assets and duplicate assets
  • Assisting in business decisions
3 Reasons Why There's Never Been A Better Time To Buy Fixed Asset Management Software


What To Add To Your Fixed Asset Register

Your fixed assets are permanent fixtures in your business. They aren’t stock or consumables and aren’t bought and sold. For this reason, asset tracking software is slightly different to inventory management software.

Your inventory will need to be tracked in bulk and granular data isn’t needed, where you need to know specifics, such as location, with your fixed assets.

So, your fixed assets will be assets such as laptops, phones, furniture, equipment and tools to name a few examples. To create an accurate view of your asset register, these will all need to be added to your fixed asset register software as unique, digital profiles.

This way, you’ll be able to add and pinpoint asset-specific data, such as maintenance data and bookings information. A spreadsheet isn’t the best way to do this, either, as the data you need will be in one cell of many, where fixed asset register software gives you a cleaner view through the use of asset profiles.


Using Fixed Asset Tags

Fixed asset tags can then be used to speed up your operations. These tags will create the ability to perform bulk actions on your assets and totally minimise asset discovery time.

Fixed asset tags are physical tags that you stick onto your assets. They contain a unique code that you can link to your assets by scanning their tags.

Once your assets have been tagged, when you need to update asset data, you simply need to scan an asset’s tag and use the helpful features within your asset tracking app.

Every time you scan an asset, the last seen location, the user who scanned the tag and the time of the scan also gets logged, meaning you get a full audit trail and can pinpoint where and when issues were reported.


How Does Fixed Asset Register Software Save You Time And Money?

The core use of a fixed asset register is to log what you own and to monitor how these assets are behaving. This gives you a view of your assets’ depreciation as well as operating and purchase costs, meaning you’ll be able to create clearer predictions due to a more transparent view of your net and gross profits.

Being able to view what you own is critical, too. Ghost and zombie assets can cause fines, a lack of accountability, and a breakdown in your asset tracking efforts and so an up to date register mitigates this. Asset losses and duplicate purchases are also reduced in the process.

Fixed asset tags and fixed asset register software features also save you time, helping you deliver projects on time and under budget. Fixed asset tags open up bulk actions, such as full audits of which assets are in which locations and the ability to bulk book out assets to yourself or your colleagues.

All of your day to day asset tracking operations and edits are pulled into a reporting page automatically. You can use this to filter and report on specific data, such as maintenance information, or you can export this as a pdf or excel sheet to create a snapshot fixed asset register, ready for tax, insurance, and accounting purposes.


itemit’s Fixed Asset Management System

itemit’s fixed asset management system gives you all of this and more. itemit is used for fixed asset tracking, IT asset management, construction equipment tracking, and in many, many more wonderful ways.

itemit’s system is highly scalable and highly customisable, meaning you’ll be able to share the system with your colleagues and reduce the asset tracking load.

As all of your data gets pulled into your reports automatically, it’s very easy to keep up to date on your audits and asset information. Then, you can run streamlined, simple, and customisable reports on all of this data, finding everything you need to know in an instant.

To find out more about the benefits of fixed asset register software, you can contact our team at team@itemit.com. You can also fill in the form below to start your 14-day free trial to try out the system for yourself!

Fixed Asset Register Software

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Asset Tagging And Management: Where should I start?

Asset Tagging And Management: Where should I start?

Asset Tagging And Management: Where should I start?

When you’re looking at asset tagging and management, you need to know that the process is quick and simple to set up. You need to look into how much you can tailor your asset information to your use case, too.

With these in mind, you’ll be able to create efficiencies and processes when you’re setting up your system. However, where do you begin? How do you start using an asset tagging and management system?

We’ve written a step by step to show you how simple it should be to use your asset management system!

How To Use An Asset Tracking System


1. Tag Your Assets

First of all, you’ll want to tag your assets with asset tags. Asset tags are stickers, likely a QR code or barcode, that contain unique data. The fact that this code is unique is so that the code can correspond to a unique asset.

In other words, each of your laptops will need unique information. If one laptop needs maintenance, they don’t all need maintenance, so you need to be able to find that unique asset quickly to report any issues.

So, with the use of asset tagging and management, you’ll be able to use these tags to find your assets in your asset tracking software simply by scanning them.


2. Log Your Assets In Your Asset Tracking Software

This can be done in a few ways. As your assets will have been tagged, the fastest way to do this is to scan the tags and create an asset from there.

In other words, you’ll be able to scan an unassigned tag and will receive a popup asking you if you’d like to create an asset. When you create that asset, the same tag will be assigned to it.

If you already have an asset register an import service will also be possible. This will involve a consultation and clean up of your data to ensure that it matches up. If your assets already have tag data, this can also be imported!


3. Add Asset Data

After you’ve logged your assets, you will be able to start adding data to them. This can be check in check out data, issues, purchase prices and information, PO numbers, invoices and more!

The idea is that any data you need to know about your assets is logged, visible, and usable. Visibility is critical here as you don’t have much visibility when using a spreadsheet. Searching and pinpointing asset information is almost impossible when it’s confined to one cell on an entire spreadsheet.

When you’re adding asset information, you can also add assignees to show who is responsible for your assets or add them to locations to show where they are in your business.


4. Run Audits On Your Assets

Finally, you’ll be able to combine all of this to run speedy, simple audits on your assets. As all of your asset data will be pulled into a fixed asset register, you will be able to use this to view and filter your information.

This can then be exported as a pdf or excel sheet for insurance or tax purposes, among other things. Overall, this process is created through the work you’re doing daily anyway while also mitigating the risk of ghost and zombie assets.

You can also use your assets’ tags for audits. All you’ll need to do here is open your asset tagging and management app, click on the audit feature, and scan your assets’ tags to indicate that everything is where it should be.

To find out more about how itemit’s asset tagging and management system can help your business save time and save money, you’ll be able to contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

Asset Tagging And Management

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The Future Of Asset Tracking Software

The Future Of Asset Tracking Software

The Future Of Asset Tracking Software

Asset tracking software has developed greatly in the past couple of years. There are still many exciting avenues that these systems will take, promising more automation, better technologies, and cleaner asset management operations.

Asset tracking software as it is provides a robust way to manage, monitor, and create asset operations, giving you the most accountability possible over your day to day processes. However, the future of asset tracking is bright, creating more scalability, automation, and shareability in your business and worldwide.

Asset Management Software UK Future


The History Of Asset Tracking

Asset tracking has always been a necessary process. The earliest known asset register dates back to ancient Egyptian time and this is because the need has never changed.

Fundamentally, any business needs to know what it owns, how much it cost to purchase, and how much it costs to operate. Using a fixed asset register fills in the gaps, here, and these have been around for centuries.

To create accurate projections and log your net and gross profits, knowing your assets inside and out is a necessity and always has been. This is why in the digital age, spreadsheets were created to house asset data.

These plastered over a few issues but created unnecessary inefficiencies. To log all of your asset data on a spreadsheet, each asset needs a row and each bit of data, whether serial number, booking info, or pricing details needs a row.

Quickly, it became clear that this method was inefficient and unwieldy, hence the birth of asset tracking software.


Asset Tracking Hardware And Technologies

Asset tracking software was initially built to correspond with barcodes and QR code asset tags. This asset tracking hardware contains unique information that allows you to link unique assets to their tags. 

In other words, if you scan a laptop’s tag, that laptop will appear in your asset tracking software. This also created the possibility of last seen location tracking.

The future, therefore, is adding more, affordable, and more efficient asset tracking hardware capabilities. Currently, GPS asset trackers have a great use for fleet management, but the technology hasn’t caught up with the needs for small tool asset management. So, GPS trackers will be smaller in future and still maintain a long, effective battery life.

Fixed RFID readers are also developing greatly. While these create a totally automated way to track your asset’s locations, currently this is only traceable in a 2D space. So, you can track if assets enter or leave a room automatically, but in the future you’ll be able to track in a 3D space, meaning you’ll be able to see where boxes are stacked in a warehouse. The technology for this already exists, but can be a blocker to smaller businesses due to lengthy set-up times and consultation.

This is why itemit is committed to bringing the future of fixed RFID asset tracking closer, giving you an affordable, off-the-shelf package with all the benefits of the technology that’s already out there.


The Future Of Asset Tracking Software

Asset tracking software itself will develop greatly, too, allowing you to monitor your assets with greater ease. Existing systems will scale to greater heights, allowing more industrial tracking that is accessible to both small businesses and larger industries.

In essence, the features within asset tracking software will grow, improve, and start overlapping and interfacing more with inventory management systems and ERP systems.

Therefore, the future of asset tracking software is clear. Not only will you be able to monitor your assets, their issues, where they are and how they’re being used, but you’ll also be able to utilise more features to speed this up.

AI will also play a big part in the future of asset tracking software, meaning that your systems will make smarter decisions on your behalf. Instead of having to find which assets aren’t in use, your system will rectify supply chain/ asset usage issues on your behalf.


itemit’s Asset Tracking System

itemit’s asset tracking system is unique. It is the only system that allows you to combine GPS tracking technologies with QR codes, barcodes, and RFID technology in one, easy-to-use off-the-shelf system.

We’re excited to help pave the way in terms of the future of asset tracking and have many big plans to make your lives easier, increase your ROI, and give you a fun and easy-to-use system to play around with.

Currently, you’ll be able to make use of an equipment booking system, fixed asset management features, IT asset management capabilities, equipment tracking features and more!

To find out more about how itemit can help your business, you can contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

Asset Tracking Software

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