A fixed asset register is a tool used to track, monitor, and account for all of your business’ fixed assets. Fixed asset inventory software allows you to view information about your assets in real-time. This can include their location, maintenance requirements, availability and historical data.

What is a Fixed Asset?

A fixed asset is an asset that’s used in your day to day operations to generate income, usually indirectly. In practice, this typically includes machinery and equipment including IT inventory as well as vehicles, buildings and fixtures and fittings.

What is a Fixed Asset Register?

A fixed asset register is a record of all of these business assets.

Log your assets in fixed asset management software to ensure you have full visibility over the business’ purchases and equipment. As a result, the software automatically creates a fixed asset register. By QR code tagging fixed assets you can ensure all assets are logged in the software. Once tagged, your assets are uniquely identifiable which means the QR tag can be scanned for instant identification and interaction. This means you and your colleagues can quickly report an asset fault, view user manuals and check item availability.

Creating an Asset Register for your business

Your fixed asset register is likely to include a range of different assets. You’ll be able to use your fixed asset inventory software to log your IT assets as well as your equipment and tools, meaning all asset records are in one easy to access safe place.

A complete asset register allows you to have more clarity and visibility over your assets. This, in turn, results in informed decision making and produces more effective decisons and actions.

But, why specifically do you need a fixed asset register?

Why does my business need fixed asset register software?

1. An fixed asset inventory allows management, end-users, and your colleagues to know exactly what you own and what is available for use
2. A fixed asset register allows you to monitor and undertake asset lifecycle management. You can quickly see which assets are due for replacement, manage maintenance, monitor assets in real-time, and use QR code asset tags to update geolocation with every scan.
3. Part of asset lifecycle management is depreciation, and your fixed asset management software will make this a breeze. Calculating depreciation is simpler with reporting features, and you’ll be able to use maintenance history to see when an asset is no longer economical to repair.

How to get started

Getting started in creating a fixed asset register is simple with fixed asset management software.

With itemit, you’ll be able to get set up in no time at all. Start a 14-day free trial to see how speedy it is to create your own fixed asset register, then customise, manage, and export it.

We’re always happy to help you get set up. If you want to find out more, simply call 01223 421611 or email team@itemit.com now and we’ll help in any way we can.

Instant access. No credit card details required.

or, download the itemit app to get started

Fixed asset register software is a tool that will help you answer questions such as What assets do I have? Where are they? What’s the value of my asset portfolio? And what condition are my assets in? 

Having access to this information and being able to answer these questions confidently allows you to make informed business decisions. Fixed asset register software will enable you to have complete transparency over your assets for tax purposes, insurance, better decision-making, and better booking and maintenance tracking.

To find out more, read our blog here that on the importance of a fixed asset register can benefit your business.

So, what should you consider when choosing the right fixed asset inventory software for your business?

Is there a free trial?

If the software you’re looking into offers a free trial, you should undoubtedly take advantage of this. Free trials present a low-risk strategy where you can create a small test case and begin to populate a fixed asset register of your own assets and equipment. This allows you to confirm if the asset register software is precisely what you’re looking for. In addition, you’re able to discuss with the support team any questions you have and ensure you’re able to get the help you need when you need it.

Being able to talk through your use case with a friendly and open team allows you to ask about all of the specifics your company may need. So, if you think your use-case may be niche, or if you don’t have much time to test out a fixed asset management software, all you need to do is book a demo so that any of your questions can be quickly addressed.

Is the Process Easy and Intelligent?

The next thing to look into is how you go about creating your fixed asset register. With the best asset tracking software, as you add assets, your fixed asset register will be created automatically. Look out for intelligent features that will make your life easier and speed up this process.

How Much Detail can you Add?

Another consideration when selecting your fixed asset register software is to make sure you opt for a solution that allows you to add as much detail as you need. After all, a fixed asset register is only as good as the information it contains. Simply having a list of assets and no supplementary information minimises the usefulness of the asset register.

How much functionality is on offer?

Be mindful that you may come across different types of solutions on offer, everything from basic spreadsheets to costly and challenging systems. Make sure you choose the fixed asset inventory software that gives you what you need and anything that you know you will need as the business grows. But, it’s important to make sure you don’t pay over the odds for functionality you will never utilise.

Can you also use the same system to track other assets?

If you choose a modern fixed asset tagging solution, you’ll be able to leverage even more benefit for your small business. For example, you can use the same system for your hardware inventory management.

In summary:

So, what should you look for in your fixed asset register software?

• A free trial
• A well-designed system that makes your job easy
• Unlimited information added for each asset
• Useful features that the wider business can take advantage of
• A flexible asset management system that allows you to manage any asset type, with no restrictions

If you’re choosing fixed asset register software for your small business, take a look at itemit. It has everything you’ll be looking for and more!

If you have any queries about how itemit can help your business specifically, if you want to book in a demo, or if you want some sample QR code asset tags, contact us at team@itemit.com.

Instant access. No credit card details required.

or, download the itemit app to get started

The purpose of a fixed asset register is to keep your business running optimally. Without a fixed asset register, a lot of gaps may arise. In order to optimise the running of your business, it’s important to maintain an updated fixed asset register.

At a glance, a fixed asset register may look like it’s simply a list of your assets. But this is not the case.

While a maintained list of your fixed assets is important for auditing and accountability, asset register software can provide you with so many more opportunities than just seeing what you own.

Monitor and Optimise your KPIs

Whether it’s in terms of profits, or the performance efficiency of assets themselves, a fixed asset register will help you re-evaluate your KPIs.

Being able to monitor the performance efficiency of your assets allows you to see how effective they are and how economical. If, for example, an asset has had a long history of reactive maintenance, being able to log this in your fixed asset inventory software against the asset allows you to make better decisions in future when the same asset is repeatedly presented for repair.

One of your KPIs will be your fixed assets’ output, and so to achieve higher goals, you’ll be able to improve this output by replacing uneconomical assets.

The ability to track depreciation helps here, too. Your fixed asset inventory will help you make business-minded, practical decisions that keep everyone happy. As a result, your colleagues will benefit from well-maintained tools and equipment that work to the best of their ability. In addition, your IT asset register will accurately show which assets are in use and which are available and your business keeps the benefits of less asset downtime and optimised asset usage.

Predict Costs and Expenses

This is where the benefits of a fixed asset register develop from the assets themselves and become better integrated with your finances.

Expenses such as OPEX and CAPEX are so much easier to predict when you can see specifically how your fixed assets are running. 

Running a business comes with a lot of bureaucracy, of course, and a fixed asset register will help with all of this, too.

Using a fixed asset register to track and maintain information pertaining to all of your fixed assets allows you to streamline insurance and tax proceedings.

Ghost assets and zombie assets will prevent you from reaping the full rewards of tax reliefs, and could also create fines for your business. Accounting for all of your fixed assets prevents this.

Fixed asset registers are also perfect to prove ownership and responsible use of your fixed assets. Any payout is a lot simpler and doesn’t require as much wading through red tape.

Save on Operation

Being able to plan OPEX effectively and maintain asset use against a consistently high level allows you to find places where you can save.

More accountability means you have more predictive power, which allows you more control over your assets. With this control, you’ll be able to minimise energy costs and outputs, ensuring your business is ecologically friendly, and you’ll also be able to plan asset retrieval more effectively.

Simply knowing where your assets are based allows you to use simple algorithms for the most fuel-efficient and effective retrieval or auditing processes. Know how to travel from one asset to the next without wasting a moment of time, money, or energy.

To find out more about how a fixed asset register can help your business, or, to start tracking your assets more effectively today, you can contact us at any time or fill in the form below.

Instant access. No credit card details required.

or, download the itemit app to get started

If you’re starting to put together your fixed asset register, you might be a bit lost when it comes to what to include. Here, we’ll cover the sorts of assets that should be on your fixed asset register and also what information must be included to ensure your fixed asset register is complete.

itemit is an asset tagging and management system that creates a fixed asset register for you as you go. This means that all of the information you need will be right there, ready to export in future as a pdf or Excel file.

First of all, let’s start with what kind of assets you should include on your fixed asset register.

You may find that you have many different types of assets. It’s worth noting that inventory and fixed assets are different. Fixed assets are permanent fixtures in your company that don’t make revenue through buying, selling, or renting. 

Instead, fixed assets make the company money out of how they’re used. For example, IT assets will be fixed assets, such as your laptops and phones, as your team will use them to generate revenue. Construction tools will also be fixed assets, too, as they are also used as permanent fixtures to generate revenue.

So, how do you pick and choose which assets to put on your fixed asset register? The answer is that this may vary from company to company but that with a streamlined system, there’s no limit to what you can track and manage. Some of the most commonly recorded fixed assets include: 

• IT Hardware such as computers, laptops and mobile devices
• Small tools and equipment
• Plant and machinery
• Vehicles, including cars and vans
• Office furniture and equipment such as chairs, desks, printers and photocopiers
• Fire assets including fire doors and fire safety equipment such as fire blankets and fire extinguishers

With itemit, each of your assets has a unique profile so you’re able to not only identify each asset uniquely, but also to record all required information in your fixed asset register.

When you use a fixed asset tracking system like itemit, you also benefit from being able to QR tag your assets. This makes identification and future interaction with your assets very quick and easy.

To find out more about what your fixed assets are, you can read our blog about it here.

The purpose of a fixed asset register is to maintain and manage your assets and all the information relevant to them. 

This is why it’s so important to have information set against unique assets, as not all of the information will overlap, but it should all be collated in a fixed asset register.

There are five key pieces of information that should be recorded in your fixed asset register. These include:

• Location and Usage Data – With location data, you’ll be able to track asset use and movement. Knowing where your assets are and who has them is paramount in any asset tracking process.
• Compliance Information – This will vary depending on the specific assets, which is why a unique profile per asset or digital twin is needed. Being able to add fire compliance information against fire doors is just as useful as being able to add GDPR compliance information against laptops.
• Financial Information – This helps with depreciation and asset lifecycle management. Knowing the price you purchased an asset for and all relevant warranty information helps with better-informed decision making.
• Insurance Information – Should the worst happen, it’s possible to add insurance information to your asset register. Having this compounded by movement data and proof of responsible use may assist you with a payout.
• Maintenance Information – Knowing all historical maintenance information helps you see which assets have become uneconomical to repair. With this information in a fixed asset register, you’ll be able to make better-informed replacement decisions and improve your budgeting and forecasts.

itemit streamlines and automates the process of creating a fixed asset register.

All you have to do is create an asset profile, link it to the asset with a QR code, RFID tag, or barcode, and start tracking your asset. You can then add all the relevant information you need for your fixed asset register. The best bit is you can then share this with your team to ensure that this information is kept up to date and accurate.

itemit will then automatically create reports based on your assets, one of which being a fixed asset register. Once you’ve added all the assets you need and their information, all you have to do is head over to the reports tab in our web portal and you’ll be able to export your fixed asset register instantly.

Find out more about what itemit can do for you by contacting the team, or by filling in the form below to start building your fixed asset register today!

Instant access. No credit card details required.

or, download the itemit app to get started

What is a fixed asset? Why should you be tracking them? And is it a waste of time? All your most common questions answered!

Fixed asset tracking and management can save your business a lot of time and money, and it can save your bacon should the worst happen. Having and monitoring a fixed asset register means that you’ll be able to run a more efficient, better, and more scalable business.

What is a Fixed Asset?

Fixed assets can be tangible: this means that it’s something physical that you can pick up and use. In this way, IT assets such as laptops, phones, desktop PCs are fixed assets, as well as furniture, tools and equipment and heavy plant and machinery.

Fixed assets can also be intangible: this means that fixed assets can be software or online systems too. For example, if you use a specific customer management system, then that is likely to be considered as a fixed asset.

To find out more about fixed assets, you can read our blog on it here.

Why do Businesses Need to Track their Fixed Assets?

First of all, it’s worth noting that fixed asset tracking and management is different from inventory management. Fixed asset tracking is more about tracking an asset’s lifecycle and how economical it is. Tracking fixed assets in your business is essential for compliance, insurance, accountability, and transparency reasons.

With no audit trail and no accountability, there’s little you can do when it comes to company tax breaks, improving financial processes, and ensuring compliance (whether it be GDPR or health and safety, or something entirely different).

If you know exactly who’s using your assets and where they are with the helpful use of QR code asset tags, then it’s a lot easier to plan your operations.

Knowing when routine maintenance is, logging where an asset is and who’s been using it, seeing which assets are booked out or require reactive maintenance, all of this reduces those two scary words: asset downtime.

Reducing Asset Downtime

All in all, tracking how your fixed assets are working and who’s using them does just this: reduces asset downtime.

Less asset downtime means a company that runs better, with better customer service and a more energised workforce. Not being able to use a tool, some equipment, or even a laptop can lower morale, and we know you want to ensure that every employee is contributing to the vision your business has. 

Knowing the status of your fixed assets means that you can reduce asset downtime, and if an asset isn’t working, it means replacing work and is also a faster process.

If an asset has needed reactive maintenance several times, being able to see this in the history against that specific asset is also helpful. With the quick scan of a QR code asset tag, you’ll be able to see that the damaged asset is no longer economical to repair, and so a replacement process can be undertaken a lot faster.

To find out more benefits fixed asset tracking can have for your business, you can contact us or fill in the form below.

Instant access. No credit card details required.

or, download the itemit app to get started

Business owners everywhere! Do you want to know what assets you have and where they are? Do you want to know who has what and why? Do you want to keep better track of things? Take back control and ditch those annoying spreadsheets!

With itemit you can save time and money by creating a fixed asset register.

Your fixed assets are a selection of assets that make your company money.

They can be anything from your trucks to your buildings, they can be office equipment, machinery, even land.

It’s important to maintain your assets and monitor them properly as their value will decrease over time. Sooner or later, when your fixed assets have depreciated past a certain value, they’ll cost more money to maintain than they’ll make you.

Keeping track and using asset management software will therefore help with your financial accounting.

You can find which are your fixed assets from your balance sheet. Under your assets section, there should be a section name: “property, plant and equipment.” Most of your fixed assets will be under here.

Have you ever wondered what your figures are or how they are derived? With the use of just spreadsheets if an auditor comes in, would you instantly know the totals? Would you be able to show how each asset adds up to those totals?

If not you may be in trouble. Instead of breaking compliance laws it might turn into a scramble to prove you have the assets you’ve listed. With asset management, this doesn’t have to be an issue.

These are tangible assets, which means that they are real, you can touch them, and their value deteriorates with usage or increases with time, depending on the asset itself.

You will also see intangible assets under the asset section in your balance sheet, however. This is your logo, your slogan, patents, copyrights. Things that you can’t “use” but still make you money.

A good idea is to think if you’re going to be using it for more than a year or not. If you are, it’s probably a fixed asset. Either way, with the right asset management software, your intangible assets can still be tracked.

A fixed asset register can help your business flourish, as it’ll help you keep track of everything you need to run your business.

Most people still currently use spreadsheets for this, but with the right asset management app, things can be a lot easier. Spreadsheets create issues and difficulties and never work how you want them to. Ditch them. Make life easier.

A fixed asset register is what you want to use to keep track of your fixed assets. Effectively it’s asset inventory management. You know exactly what you have and where it is, but you can also add in more information.

With this information, you have a perfect asset management system. You can track your assets as they depreciate in value, but you’ll also know exactly what you have, what make, what warranty, etc.

This way, the second an asset stops making you money, it’s possible to simply replace it and maintain a steady profit. With asset tracking software, you’ll no longer risk these potential issues.

If an asset isn’t on the books, it’s probably because the value has depreciated to 0. This means the asset has no accounting value.

First of all you need to actually list out your fixed assets. With the right asset register software this becomes simple. Even for both intangible assets and tangible ones, the right asset management app can add information about both.

So, knowing that your fixed assets can be anything you intend to keep for a while and that helps you make money, how do you list them?

Tag them! Use asset tags on all of your assets, then you’ll know instantly what’s been recorded to your asset register. You can use RFID or QR tags, but once everything has been scanned with a physical audit or walkaround, it’ll all be in the right place.

This is the important part. You’ve scanned in all of your fixed assets and know exactly what you have and where it is.

Now what? What do you need to know?

There’s a lot of information you can add. Some helpful for tax purposes, some helpful for tracking, some helpful for finances. Itemit attributes are configurable and so you can add any information that you need.

First of all you’ll want to add a description of the product. You can add a picture on itemit, as well as adding in the colour, model, and year of manufacture. This’ll help similar assets stay distinguished.

itemit also adds a unique serial number for your items to help you track your assets closely as well.

The next things you can add is purchase information, including the date of purchase, the price, insurance coverage and warranty information. This will not only help with tax purposes but also with tracking your finances.

When the asset is placed in service, this can be added as well as how long the asset is expected to survive. If there is a salvage value, this should be added here too.

Finally, an appropriate depreciation method could be added, just so there is absolute clarity with how your fixed assets are getting managed.

How you choose a depreciation period depends on the asset itself.

However, it’ll usually relate to tax and the usefulness of the product.

First of all you need to calculate how long the asset will be useful for. To do this you can use the percentage calculated between the cost of the asset and its usefulness at the end of various time periods.

You can look at similar fixed assets and see how long they survived for.

You can even contact the manufacturer to ask how long the product will last.

If there is built in obsolescence into the asset, it will also be possible in this way to see when the asset will cease to be useful.

After this, the method itself should be discussed with tax authorities to see if it is allowable. How the cost declines will either be linear or accelerated across the usefulness of the asset, however.

itemit also has depreciation built in, so you’ll be able to track your assets this way.

itemit is a useful and effective asset management software that can help you inventory and create a fixed asset register with ease.

If you want to do all of this, it’s more helpful to have a handy asset management app with you that you can share with your colleagues, rather than simply relying on spreadsheets. 

Spreadsheets can be limited and frustrating, so use itemit instead to save valuable time and money.

To find out more, you can contact the team at team@itemit.com or fill in the form below to start your 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started