The Benefits of Fixed Asset Management Software

The Benefits of Fixed Asset Management Software

There are a few things that may regularly happen in your business. Losing equipment, not knowing how much maintenance they’ve been through, and not knowing who’s using them. These can become costly, as the gaps in accountability can cause a need to replace assets or undertake unnecessary maintenance. This is where fixed asset management software comes in.

Fixed asset management software is a way to track your fixed assets. You can log any changes against the assets themselves, meaning you get the benefits of more visibility, more accountability, and, ultimately, more control over your fixed assets.

What Are Fixed Assets?

Fixed assets are business assets that you use, but don’t sell. So, in your office, your laptops, furniture, phones and printers are fixed assets. If you work in the construction industry, your construction fixed assets will be your tools, equipment, and PPE. 

Fixed asset management software can be used for varying types of asset tracking. You can use it for IT asset management to track your laptops and phones, and you can use it for construction equipment maintenance tracking.

To find out more about what your fixed assets are, you can in our blog: What is a fixed asset?

 

what are fixed assets?

 

The Benefits of Fixed Asset Management Software

There are a few key benefits fixed asset management software assists you with. First and foremost, a fixed asset register will be created when you log your assets which shows you what your business owns.

Knowing what your business owns, the current value of assets, the condition of assets, and knowing when things are due for maintenance or replacement greatly assist your operations.

Effectively, asset management software gives you total control over viewing what assets are doing, which helps with financial decisions and time management.

Here are a few broken-down benefits of fixed asset management software:

 

  • Location Tracking: You’ll be able to use fixed asset tagging to see where assets are, meaning you’ll be able to find and use them faster.
  • User Management: You can set user permissions so that colleagues can only see the information that is relevant to them. This helps when you’re working with contractors.

itemit user and permissions management

  • Equipment Maintenance Tracking: You can track maintenance to see when assets are no longer economical to repair, and to make your repair process faster.
  • Asset Booking System: Fixed asset management software allows you to book and check out fixed assets, meaning colleagues can’t double book equipment, which makes your operations more effective.
  • Streamlined Reporting Features: You can then bring all of this information together. Reports can show you which assets are in the right place, which assets have needed maintenance in a given period of time, how long an asset has spent in a location, and more. 

 

Fixed Asset Tagging Best Practices

To get the full benefits of fixed asset management software, fixed asset tagging will be part of your process.

Fixed asset tagging is using asset tags or asset labels for location tracking. In other words, you’ll use RFID, QR, or GPS tags to track the locations of your assets.

With QR code asset tags and RFID asset labels, you’ll be able to scan the asset’s tag to bring up its asset profile, too, meaning you’ll be able to scan the tag to view and edit maintenance information, for example.

If you want to learn more about whether RFID is best for you, you can contact the team below.

How to Tag Assets With Fixed Asset Management Software:

  1. Add your assets: First, you’ll want to add your assets to your fixed asset management software to create a fixed asset register. An import of existing asset data will be possible, but you can also audit as you add.

  1. Tag your assets: The next step is to tag your assets. Stick on the QR, RFID, and/or GPS tag. 

  1. Link the asset’s tag to the asset’s profile: Next, you’ll want to link up the tag to the profile by adding the GPS tag, or by scanning the QR code or RFID label.

  1. Add relevant information: You’ll want to add relevant information, next, such as financial data, any bookings that are required, or any issues with the equipment that needs to be reported.

  1. Start tracking: It’s simple! Now, all you have to do is start tracking and collect usage data surrounding your assets.

To find out more, you can check out our complete guide to fixed asset tagging.

Tagging and Tracking with QR Code Asset Tags

itemit’s Fixed Asset Management Software

itemit’s fixed asset management software has a suite of features that can help you save time and money. To find out how itemit can help your business, you can contact us here or fill in the form below.

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The Complete Guide to Creating a Fixed Asset Register

The Complete Guide to Creating a Fixed Asset Register

A fixed asset register can provide you and your business with many benefits. Not only can you cut down on costs but also improve your time management and efficiency.

Ultimately, you’ll be able to make data-based decisions which benefit you in terms of insurance, reducing asset downtime, reducing lost or misplaced assets, and increasing the amount of time your employees can work with a fixed asset.

 

fixed asset management work

 

What is a Fixed Asset Register?

A fixed asset register is where all of your fixed assets are logged, tracked, and monitored.

Fixed assets will exist on your fixed asset register in a digital form. This means that any changes to the physical asset can be logged and updated in your fixed asset register software.

The way to link your physical asset to its digital profile is by using asset tags. There’s a range of different tags you can use, but QR code asset tags will be the fastest and cheapest in most circumstances. 

Effectively, you scan the asset’s tag and then update the change in your fixed asset tracking software. Every time you scan the asset label, its last-seen location will also update in real-time.

 

How to Create a Fixed Asset Register

The steps to creating a fixed asset register are quick and simple. First, you’ll need to download your fixed asset tracking software onto your mobile, or access it via the web portal, then you can commence the steps towards a full fixed asset register.

 

1. Record all fixed assets

You may already have a register of your fixed assets in the form of a spreadsheet. If you don’t, that’s fine, but the first step is to record all of your fixed assets into your fixed asset tracking software.

Helpful features such as cloning and templates will streamline this process, but if you have an existing fixed asset register, an import service will also be possible.

 

2. Add information

When you’ve created your fixed asset register in your system, the next step is to add all relevant information against your assets.

This can be information such as purchase dates, depreciation information, warranties, and so on. 

You’ll also be able to add your fixed assets to hierarchical locations if they move frequently, then run a report on how long an asset has been in that location. In other words, if an asset moves between two rooms frequently, it can be logged as such. 

This is where you’ll want to test out the full functionality of your fixed asset register system. The information you add will inform your fixed asset tracking, so checking if there are features such as bookings, maintenance, and reminders will be hugely helpful.

 

3. Fixed asset tagging

The next step is fixed asset tagging. This is where you link your fixed assets to their digital profiles.

Using QR code asset tags as an example, the process will be to stick QR code asset tags onto your assets, open their digital profile, and add the QR code by scanning it.

Now, every subsequent time you scan the QR code from your app’s in-built scanner, it’ll open the corresponding digital profile.

Barcode tagging works in the same way, and RFID tagging differs as external hardware is required to scan your RFID tags. Find out more about the benefits and drawbacks of QR and RFID.

 

fixed asset tagging systems itemit

 

4. Monitor your assets

The next step is monitoring your assets and scaling your fixed asset tracking system.

Every time an asset requires maintenance, scanning the asset’s tag and logging this is what creates that asset’s history. So, the more you track, the more you monitor, and the more you update, the more accountability you get. 

The benefit is that with fixed asset tagging, updating asset information is almost instant, meaning you save time across the board while also saving money.

A job shared is a job halved, too, so scaling your fixed asset tracking further increases your accountability while minimising the time you spend in your fixed asset tracking software.

 

What you get out of itemit’s Fixed Asset Register Software

itemit’s fixed asset register software gives you a complete suite of features to monitor, track, and manage your assets.

Use itemit’s bespoke issues management system to track reactive maintenance and use our reminders feature to track repeat or pre-emptive maintenance, such as PAT tests.

You can book assets and check them in and out, as well as track them in hierarchical locations. You can also add any attachments, images, and comments you may need, giving you full control over your fixed asset management.

To find out more, you can contact us at team@itemit.com, on +44 1223 421611. We’ll get you set up in no time!

Create Your Fixed Asset Register Today

Start your free 14-day trial now

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What Information Should I Add to my Fixed Asset Register?

What Information Should I Add to my Fixed Asset Register?

If you’re creating a fixed asset register, one of your first thoughts will be what kind of information you need to add to it. So, after you’ve logged your assets and your inventory, then what? Which information should you add?

If you’re still at the stage of assessing what exactly a fixed asset register is or how an asset register will benefit your business, then we suggest checking out some of our other blogs first to get up to speed.

 

What are the Benefits of a Fixed Asset Register?
fixed asset management software roll out in business
3 reasons you need fixed asset management software for your business

1. Essential asset information

Let’s not run before we can walk, the first and arguably most important pieces of information you need to add to your fixed asset register are the very basics. How do you identify your fixed assets? Do they have serial numbers, asset IDs or do you just call a spade a spade?

Here are some of the most common essential asset properties:

  • Asset name
  • Description
  • Serial number
  • Asset ID
  • Reference numbers from existing systems

At itemit, we know not all assets are created equal and each asset type may need different treatment. That’s why itemit offers flexibility and lets you add the information that you need – otherwise what’s the point!

 

2. Asset value and depreciation tracking

The next step is to add relevant financial information against your assets so that you know how much your assets are worth. This is important not just for accounting for your assets but also to plan and budget for asset replacements in the coming years. With the best asset management software, you can record all the financial information you need.

To give you an idea, we suggest adding the following to get started:

  • Purchase date
  • Purchase value
  • Depreciation type
  • Effective lifetime
  • Cost to replace

Once your fixed asset register software contains all of this information, you will have a much better and clearer picture of what’s needed in terms of asset lifecycle management. 

 

3. Warranty and insurance management

Record against each asset details on warranties and insurance. This critical information is amongst the most common to get lost or be unavailable to those that need it when they need it!

Our existing clients use the itemit reminders feature to log all important dates. itemit sends you a reminder via email when an asset’s warranty is due to expire or even when an asset needs an inspection! You can even add attachments to each asset so you can store warranty certificates, insurance policies and purchase receipts against your assets.

To see just how easy it is to record asset warranty information, check out this video covering how to add a reminder.

 

4. Tag your fixed assets

So, what do we mean by tagging fixed assets? Most commonly this involves sticking a barcode or QR code tag onto your asset and linking this to the asset’s digital record – itemit does all of this for you!

Whenever you want to add information or interact with an asset, after fixed asset tagging, all you have to do is scan an asset’s QR code using itemit’s built-in scanner. The asset profile will instantly be shown to you, and you can view and add information to your heart’s content.

 

5. Record and monitor asset location

One of the most significant benefits of tagging your fixed assets is that each time you or one of your colleagues scans an asset tag, itemit automatically records where your asset is, who has it and when!

With itemit, you can also create a location hierarchy of your site or building to allocate items to rooms.

Fixed Asset Tagging

 

6. Assign assets to teams, sites or projects

Next, you can even assign assets to colleagues or teams – this is ideal if you’re looking for IT inventory management.

 

7. Equipment maintenance records

This is somewhat linked to point 2 above, if your fixed asset register software also includes asset and equipment maintenance tracking then your life will be much easier!

Maintenance information is great for transparency when it comes to morale, asset downtime, and which assets are reaching the end of their lifecycle. Being able to repair or replace assets the moment you need to keeps your colleagues happy and avoids the frustration we all know too much about.

 

Using Your Fixed Asset Register for Auditing and Reporting

The final step is to bring all of this together. You have all of the data you need to make decisions. Now you just need to present it in a useful way. It’s no use having information if you can’t use it to inform asset-based decisions.

itemit lets you view all your asset data and create customisable reports Make use of the streamlined reporting feature to view, edit, and manage certain facets of your fixed asset management processes. As you’ll have collected the data at this point, this is simple. Using filters, you’ll be able to see which assets have needed maintenance in the past six months, for example, so you know which assets need a replacement.

You’ll also be able to export depreciation information so that you know when assets are costing more to run and maintain than they’re worth. All of this is visible, manageable, and usable for your business.

Or, you can export your entire fixed asset register as a pdf. The uses of this are plenty. A full fixed asset register means that you’ll be able to ensure tax-breaks, transparency for insurance purposes, and an inventory for onboarding and business management.

itemit creates your fixed asset register on the fly, with every asset you log and start to track. So, what are you waiting for? Find out more by contacting us at team@itemit.com or by filling in the form below to start your free trial.

Start Your Fixed Asset Register Now!

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

What are the Benefits of a Fixed Asset Register?

What are the Benefits of a Fixed Asset Register?

We know what you’re thinking, do I really need to spend time putting together a fixed asset register or combining my many different Excel spreadsheets into one all-knowing fixed asset register. The answer is yes. It may seem a little daunting and as though you are going to open a can of worms but trust us, once you have an asset register that is easy to understand, update and use – it will be worth it. Of all the things on your to-do list, this is the one your future-self will thank you the most for.

Imagine a world where you know what assets the business owns, can instantly see asset value, manage depreciation, plan future spending and make sure assets don’t get lost or stolen. Join our existing clients using the itemit fixed asset register software, and you’ll get all of this and much more:

 

A single, accurate fixed asset register 

When you switch to itemit, you’ll have one asset register for the whole business. Not only can you log all of your fixed assets in the software, but itemit gives you the flexibility to add IT hardware, tools and equipment and much more. As a result, by logging into one system, you’ll see information about all of the business’ assets.

Track all of this using the itemit fixed asset management software:

  • IT hardware
  • Furniture, fixtures and fittings
  • Construction tools
  • Equipment
  • Plant and machinery
  • Buildings and land
  • Vehicles
  • and more!

 

A quick way to master fixed asset tagging

One of the first questions we usually get asked is – If I want to tag my assets do I need to buy a barcode scanner? – The answer is no. itemit has a built-in barcode and QR code scanner, so all you need to do is download the itemit app (available on iOS and Android) and start tagging your assets.

BONUS: Every time one of your assets is scanned, its location is automatically updated!

Fixed Asset Tagging

 

Plan for the future 

We’d guess you probably find it challenging to plan for asset replacements and to budget for end-of-life and even for maintenance if you’re not using fixed asset inventory software that makes this easy for you. Asset lifecycle management is a crucial part of managing assets. With itemit, your fixed asset register lets you instantly see real-time information about your assets. You can view everything you might need, such as where equipment is, where it has been, how much maintenance an asset has needed and its current value and condition. All of that without even seeing the asset!

 

Ensure business compliance

Life is better when you can do many many things using as few systems as possible. itemit lets you keep on top of compliance by adding all compliance-related information, reminders and certificates to your fixed asset register software.

Are you ready to switch to a better way of managing your fixed assets? Start your free trial of itemit by filling in the form below, and you’ll get instant access to start building your fixed asset register.

Try Out Our Fixed Asset Register Software Today

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

5 Ways Heavy Equipment Maintenance Software Will Help You Deliver Projects Under Budget and On Time

5 ways heavy equipment maintenance software will help you deliver projects on budget and on time

As a business accustomed to juggling multiple complex projects at once, you don’t need us to tell you how critical it is to have sound logistical and planning processes in place to ensure your projects meet their deadlines and budgets. The process of improvement is continuous, particularly with advances in technology that unlock new efficiencies in day to day operations. 

One such technology is new tools allowing for much easier and smarter tracking of heavy equipment. Did you know that heavy equipment maintenance software will help you save both time and money?

Heavy equipment maintenance software will provide you with:

  • More time to focus on delivering a job
  • Increased accountability within your organisation
  • More responsibility accepted for critical assets
  • More transparency of asset whereabouts and availability
  • Less wasted money

How? Here are five ways heavy equipment maintenance software will deliver great benefits to your construction business.

heavy equipment maintenance software asset register

 

1. Track Equipment to See Where it is Instantly

You’ve got hundreds, if not thousands of assets spread across tens or hundreds of different projects and jobs. It’s easy to see how this can become unmanageable without proper construction equipment tracking in place. Luckily, construction equipment asset management software makes it easy to track and manage all of your assets. 

Each piece of equipment is tagged using heavy-duty QR code tags. At itemit, we work with dozens of construction companies of all and sizes and understand the importance of top quality tags that will stand the test of time. Yes, they’ll withstand being chucked about in the back of your vans, and yes, they’re ideal for being stuck on assets left to fend for themselves outdoors.

Here’s our standard aluminium tag which comes in 2 sizes as standard.

anodised aluminium QR asset label tags

 

  • Small – 25mm square
  • Large – 50mm square

All of our robust aluminium QR tags come with a strong 3M adhesive on the reverse as standard. If you’d like a free sample of our tags, including both aluminium and vinyl QR code asset tags then please click the button below to get a free sample pack sent out to you.

With QR tags, every time someone scans one of your assets, itemit automatically records the location of the asset, who has it and when. If you’re looking for a solution with even more automation, then GPS asset tracking could be the perfect solution for you. With GPS tags, you remove the manual element of scanning a QR tag, and you can see the location of your assets in real-time.

Having this type of equipment tracking system in place means you can see at a glance where assets are and who has them. This means you and your teams will save significant amounts of time when trying to locate equipment and you’ll no longer need to make unnecessary trips to sites only to be disappointed that what you need is not in fact there. The knock-on effects on petrol savings and lowering your carbon footprint are fantastic bonuses to add to your return on investment calculations.

2. Use Equipment Maintenance Tracking to Keep Heavy Equipment Running Smoothly

Now let’s address the many inspections, maintenance, calibration, testing and routine checks that must be carried out on your equipment, plant and machinery. All of this is also handled by your equipment management software.

It’s as simple as logging all of these reminders for calibrations and maintenance in the software, and you’ll be alerted when each is due. This means at any point in time, you can run a report to see which pieces of equipment need attention, and which will need routine maintenance shortly.

As a result of better equipment maintenance management, you’ll experience less asset downtime and optimal maintenance schedules that avoid times when particular assets are needed. More on this later! All in all, this means more efficient operations and less money and time wasted.

reminders for heavy equipment maintenance software

3. Monitor Equipment Faults and Fix Issues Faster

If you’ve read enough to see that you really need heavy equipment maintenance software in your life, click the button below to start a free 14-day trial of itemit.

If you’re keen to find out more, the next thing to consider is managing the faults and issues reported against your assets. itemit makes this easy. Issues can be reported by you and your team, on the go, simply by scanning an asset’s tag and submitting an issue. By utilising this as part of your construction equipment maintenance solution, you’re keeping track of everything in one safe place. 

Check out this quick video to see the itemit issues management solution in action.

 

So, while reminders can show you when asset downtime is required and how to minimise this, an issues management system shows you how severe an issue is, as well as when the issue was reported which means you can get your equipment back to running optimally in no time.

Heavy equipment maintenance software not only helps you prevent issues, but also helps you to solve them. 

 

4. Know Who’s Using What With Equipment Checkout Software

From our experience, it’s fairly common for businesses to not know what’s in use, what’s undergoing maintenance, and what’s been rented out to which company. Is it necessary? No.

Your heavy equipment maintenance software allows you to use equipment checkout capabilities to show your entire company what is and isn’t available for use. This method of communication is much better than the Chinese whispers that often go around the workplace. Having one system for all to see shows everyone what they can and can’t use in an instant. itemit even lets you book the equipment you need in advance, to ensure you have the right assets to deliver a job on time.

This means a more productive workforce as there’s less time looking for what’s available, which translates to less wasted time and more money in your back pocket.

 

5. A Complete Construction Equipment Tracking Solution

Putting it all together, you can then customise and export reports in your heavy equipment maintenance software. This leverages the data gathered by the system and lets you make smart, informed decisions about your assets, projects and workforce.

You’ll be able to see specifics, such as where assets have been over any given period of time, how much maintenance they’ve required, and who has been using what. Thus, these reports are what will inform the best possible business decisions for future projects, as you get full transparency over which tools and equipment you should and shouldn’t be using for which jobs.

 

Construction equipment tracking reporting feature

 

What Should you do Now?

If you’ve read each of these benefits and are dreaming of a solution that delivers anything close to this, then you’re in the right place. itemit is the heavy equipment solution you’ve been looking for. But you don’t need to just take our word for it, start your free trial of the software today by filling in the form below. We’ll even send you free QR tags!

Start Using Heavy Equipment Maintenance Software Now!

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How To Roll Out Fixed Asset Management Software In Your Business

fixed asset management software roll out in business

Fixed asset management software has superseded the spreadsheet. A fixed asset register ensures your organisation is in control of its assets. Now, instead of being unsure of what assets the business owns, where they are and when they’re due for replacement, you have instant access to this information, and so do your colleagues. 

If you’re at the start of your journey of rolling out fixed asset management software within your company, let us share with you our top tips on how to ensure your new system and processes are a roaring success.

 

1. Choose the best Fixed Asset Inventory Software

When it comes to managing your assets, it’s important to choose the right fixed asset register software for your business and your unique requirements. For example, there are a few options to choose from when it comes to tagging your fixed assets, each with benefits and drawbacks. We’ll come back to this a little later on

Similarly, different systems offer varying functionality. Some do a lot, and others may not do enough. Our top tip when it comes to ensuring managing your fixed assets is to establish what you need the software to do for you and to make sure the solution you choose ticks all your boxes. Here are some of the most common things your asset register software will need to do for you:

Once you have selected the fixed asset management software that’s right for you, next, it’s time to create your fixed asset register.

Note: Before we jump into asset registers, if you’re unsure about which software is right for you and don’t want to make the wrong decision, please speak with our friendly team who will offer support and recommendations.

2. Create Your Fixed Asset Register

We’ve been helping businesses of all sizes to track their assets for many years now and we know that often, if your company is international or just very big, then a key to successfully implementing fixed asset tracking is to choose a small scale deployment initially and then scale up afterwards. By establishing your processes in a smaller, more controlled environment, you can launch your solution and get buy-in from your colleagues. Add to that the fact that often, this needs a much smaller upfront investment and it’s easy to see how this is the best approach creating a fixed asset register. Once established in your small-scale deployment it simply becomes a matter of scaling up usage by replicating the same process at additional sites.

Once your fixed asset register is underway, you’ll have access to data like this, giving you an instant overview of all your assets, their condition, where they are and who has them.

 

asset tracking software

 

3. Tag your fixed assets

Probably one of the most beneficial aspects of fixed asset management is fixed asset tagging.

If you’re new to the world of asset tagging, read our complete guide to fixed asset tagging here.

Why is tagging your assets so useful? When you tag your assets, no matter which type of tag you use, you allow for your physical asset to be connected to its digital record. Not only does this allow you to instantly identify your assets but you can also interact with them on the go. What’s more, is that your fixed asset management software will even use the scanning of the tag to record that asset’s GPS location. Pretty neat stuff.

So, to incorporate asset tagging into your fixed asset inventory management, just follow these four simple steps:

  1. Tag fixed assets with QR code, RFID or GPS tags
  2. Link your fixed assets to their digital profiles
  3. Add crucial data and asset information
  4. Monitor fixed asset whereabouts, condition and usage

 

4. Monitor Your Assets and Equipment

Now you’ve got your fixed asset register and each asset is tagged, it’s time to start using the system and benefiting from your hard work! If you’ve chosen to use itemit, you get a desktop web portal as well as an iOS and Android app.

Here’s a little sneak peek of the itemit web portal.

fixed asset management software

Share Your Fixed Asset Management Software

The final step is to spread the news of your successful fixed asset management and to share access to the account with colleagues and management to ensure the whole business can see the benefits. This will take your small-scale deployment to the next level and allow for the scaling up of this solution.

Your asset management system should allow you to control the access and permissions each team member has. With itemit, you can even decide to divide up responsibilities for different locations or asset types using the unique Collections and Locations features.

What’s next?

The best thing to do now is click here to start your free 14-day trial of itemit.

If you’d like a free Zoom demo of the system, please email team@itemit.com now.

Start Rolling Out Your Fixed Asset Management Software Now!

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