A Simple Guide to Fixed Asset Registers

A Simple Guide to Fixed Asset Registers

A Simple Guide to Fixed Asset Registers

Whether you are just starting out as a business or you have been around for decades- you should be tracking your fixed assets in one way or another. That could mean using paper records, excel, or an automated software solution- but having some sort of fixed asset register is pretty much essential.

At the very least, you need to account for whatever assets you have for tax purposes. Auditing this every year is not only time consuming, it is often inaccurate and means that it will be difficult to keep on top of what is going on with hired or owned assets in real-time.


Why Use a Fixed Asset Register

Before we look at the how, let’s pin down the why! This isn’t an exhaustive list, but should give you a fair insight into the benefits of using a fixed asset register.

Tax Compliance                                                                                                                  

This is perhaps the most obvious and immediately practical reason to track assets. You need to know what you own, and how much assets have depreciated, doing this without asset tracking is extremely laborious and inaccurate!                                                                                    

Respond quickly to problems                                                                                               

You need to trust your assets to run your operation. If mistakes occur, you get a knock-on effect, which negatively impacts profits. This effect can snowball over time and as you grow.  

Protect Profit Margins                                                                                                           

Asset tracking can help you protect profit margins. A reduction in margins can be insidious, as revenue might be up and even profits. However, reducing margins can mean that you are not operating optimally. The basic reason is that systems that once worked are no longer adequate.

Increase the Security of Assets                                                                                       

Asset tracking, when done right, is an effective deterrent for thieves. Asset tracking can also give you recourse when something does go missing. Iif the worst happens, the loss can be effectively investigated. With manual tracking, this is tricky- almost impossible- but at the very least, you should have a decent idea of what assets you should have! With a full software solution, you can protect your investment and guarantee you are maximising the value of your assets.  

Risk reduction                                                                                                                               

Profits and profit margins are at risk as you grow. IT inventory management reduces this risk by alerting leakage issues before they escalate into leaks. By tracking, you can automate the management of your IT assets, which means you avoid additional management costs as you grow.


Types of Fixed Asset Register

There’s a few credible ways of going about asset tracking. The truth is, everyone is asset tracking in some way, really it’s about how well you are tracking assets. Here’s a few ways that you can go about it. Of course, within each of these methods systems and processes can be set up to personalise your asset tracking.


Paper

It’s easier to start a digitally savvy business than to transform paper records. However, if you have a very small operation then paper records might make sense.  For organisations that have been around for a long time, the job of uploading all the data to a new set of software solutions can be onerous to the point of futility!

It’s fair to say that using paper files to track your assets is not the most modern method. It would be unusual to start a business that relies solely on paper records. If you are looking to move from a paper system and you have a lot of data on paper, then one of the challenges you will have is transferring the data over. On the flip side, you will be surprised at the benefits you will get overnight through visibility of data and admin reduction.

Paper - Fixed Asset Registers


Spreadsheets

Spreadsheets are an obvious choice for a lot of businesses. You are probably already using excel to good effect elsewhere, so why not as a fixed asset register?

Well, it’s pretty easy to set up a basic asset with a spreadsheet. It’s just rows and columns. An asset per row and columns for each of the information types you want to capture. Stuff like: date of purchase, normal location, value, maintenance dates, insurance information or similar. There is no need to invest in software, and you have a total blank canvas to set up your own manual system. A lot of office workers have at least a basic understanding of how spreadsheets work, so it should be simple enough (in theory) for multiple people to use the tool.

One of the issues with spreadsheets is that everything is manual. Setting up any sort of automation is advanced and extremely limited. What does that mean? It means that you are totally reliant on data entry for all asset tracking. As you grow, this can become a mammoth task that becomes increasingly effective, and encourages users to track less often and less thoroughly.

That’s not to look down on organisations that are using spreadsheets for asset tracking! It makes sense for a lot of companies to do so, particularly if they are just starting out or have a small network of assets. Limiting expenditure when you are getting going or when you only have a few assets is a good idea. Investing in a software solution can feel like too much too soon. Having said that spreadsheets are seldom the best route in the long-term.


Software Solutions

Unlike spreadsheets or other manual tracking methods, asset tracking software is specialised. That means you don’t need to worry about creating systems and processes to support your asset tracking. Software has been developed in real-life scenarios, so you can feel certain that you are working with processes that offer maximum efficiency.

The other powerful benefit available to those managing their fixed asset register with a software solution, is automation. 

Software - Fixed Asset Registers


What Assets Should You Store?

There is no limit on what you can track, but you may find it too admin heavy to track smaller assets if you are using manual tracking methods. However, what is a false economy when you are using a manual system, becomes a benefit when using a software solution. That’s because you can easily add even low value items, which have an accumulative value and are much more likely to go missing!

Of course, what you will store will depend on the industry you are in.The lists below show some common assets that are tracked in a couple of different industries.


Education

  • Textbooks
  • SmartBoards
  • E-readers
  • Student desks
  • Tablets
  • Laptops
  • Office chairs
  • Cafeteria equipment 
  • Bathroom supplies 
  • Printers 
  • Standing desks
  • Projectors
  • Lab equipment
  • First aid items 


IT

  • Modems
  • Headsets
  • VoIP Phones
  • Desktop PCs
  • Laptops
  • Tablets
  • Routers
  • Servers
  • Network Switches
  • Printers
  • Monitors


Other Examples

Almost every industry can benefit from asset tracking. From construction to antiques. Almost any tool, piece of equipment, machine or vehicle can be tracked- and this has a tremendous value for your business when done right.


What Information Should You Store?

Of course, this depends on your industry and your business. The location of an asset is a fairly universally desirable data point. However, the more manual the tracking system, the less effective location tracking is. So, other than location information, what info should you store?

  • Value
  • Insurance info
  • Warranty info
  • Supplier
  • Owner
  • Maintenance schedules
  • Users
  • State of repair


How to Create an Automated Fixed Asset Register

Record Assets – You may already have a record of your fixed assets in a spreadsheet or on paper. If so, you will need to upload this into a central database. If you don’t, that’s fine, but it’s going to take you a little longer to get your new database up to scratch, as you will need to individually add all your fixed assets to your fixed asset tracking software. Useful features such as cloning and templates streamline this individual upload process if required. However, if you have an existing fixed asset registry, an import service may also be possible.

Add Relevant Information – Next up, you need to assign information so that you can maximise the value of your asset and protect your investment.

The information you add gives you control and insight into your fixed assets- giving you access to feature such as 

Tagging- This step is only really available if you are using an asset tracking software. Tagging means adding a physical ‘tag’ to an item so that information can be updated automatically in your fixed asset register. For example, with a manually scanned QR tag or a RFID tag which can send a location update when the asset passes a fixed point. 

Tagging is surprisingly cost-effective, and means that you have true and total control over your assets.

Automated - Fixed Asset Registers
Monitor Your Assets – This seems obvious, but it is worth expanding on this a little. The main benefit you can get with monitoring your assets beyond what we have discussed, is that you can upkeep and maintain your assets.Well-maintained properties not only have a positive impact on your financial outcomes, but this also has health and safety implications. 

An accessible and effective plan for keeping your equipment in good condition can ensure the safety of your employees and the validity of your insurance!

With a state-of-the-art device management system, you can quickly implement compliance with maintenance schemes that ensure the integrity of your functions. You can make this visible to everyone in your organisation and expand the responsibility for taking care of your equipment.

Understanding the state of all tools and equipment is more about making sure you have everything you need to be able to do what you do, to the standard your customers expect. It also means that you can anticipate failures before they occur. This means you reduce costs and avoid sudden, unexpected repair costs.

Not only that, but you can reduce the impact of depreciation.


Use itemit for you Fixed Asset Register

Itemit is a cloud-based, user-friendly software designed to be onboarded with minimal interference to your operation. The item is distinguished by an easy-to-understand user interface. 

With itemit you can use an unrivalled, in-depth concept with an intuitive interface. Gain full control of your fixed assets quickly and with the least problems. Talk to an asset management expert at team@itemit.com to learn how asset management can help secure the future of your business. Or, if you’re ready to experience the value of asset management software for yourself, you can sign up for a 14-day trial without obligation.

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Fixed Asset Registers: Explained

Fixed Asset Registers: Explained

Fixed Asset Registers: Explained

A Fixed Asset Register is comprised of a detailed list of a company’s fixed assets. The main purpose of a register such as this is to allow the company to record and maintain a range of information. The information includes details of the asset’s financial and non-financial details.

Why Use Fixed Asset Management Software?


What is a Fixed Asset?

A fixed asset is an item that is likely to be used time and time again. Machinery and some office equipment, for example, are known as fixed assets as are vehicles and buildings. Assets such as these are of great value to a company and having access to an asset’s details can be invaluable.


What a Fixed Asset Register Contains

An asset register such as this contains a range of highly useful information such as:


Each Asset’s Location

Knowing where each asset is can be highly useful. If an employee needed to locate some machinery, itemit’s asset register will show the employee exactly where it is. Should another employee be sent to work in another building, the asset register can show where it is located. 

Knowing exactly where each fixed asset is offers convenience and the ability to save time.


Date of Purchase

The date of purchase can be vital if the value of an asset needs to be understood. This information is relatively easy to enter. Users may need to know this information if they have an issue with it and need the date of purchase for warranty purposes.


Supplier Information

The supplier information allows the user to understand where the fixed asset was purchased. Information such as this ensures that the users can purchase more units or negotiate a price with the supplier.


Price of Purchase

Understanding the price of the fixed asset at the purchase point can be invaluable. This information can help users to understand whether the asset was of good value. Should more assets need to be purchased, knowing the price can help users to determine how many assets can be purchased.


Estimated Life Expectancy

Every asset has an estimated life expectancy. Knowing this information can help users to work out exactly when a piece of machinery, for example, may need to be replaced. Adding this information into itemit’s Fixed Asset Register allows users to plan for future costs.


Estimated Current Value

Each time an asset is used, it depreciates in value. Every estimated current value has an impact on a company’s worth. Knowing this information can help no end should the company be seeking a loan, asking for a buyer, or simply working out its worth. Additionally, knowing the current value of all assets can help to determine if the company is moving in the right direction.


Maintenance Schedule

itemit’s Fixed Asset Register can help users to set up and adhere to a maintenance schedule. This can be achieved by using itemit’s reminders feature, which will allow you to schedule in important dates and recieve email prompts so you never forget! When assets are regularly maintained, they are less likely to break down. In addition to this, frequent maintenance can improve the life of the asset.


Insurance Information

Every asset needs to be protected against theft, loss, and damage. When something goes wrong, having easy access to insurance information can be extremely useful. Insurance details can be accessed within a matter of moments. Users will no longer need to hunt for the information in a filing cabinet. The details can be found quickly and easily thanks to itemit’s menu options.


Warranty Information

Warranty information can help users to determine whether a damaged asset can be repaired by the supplier. Warranties can be complicated documents, however, finding them can be harder. When the relevant information is added to the Fixed Asset Register, users can have access to it within moments.


Everything in One Place

When you use itemit’s asset register, everything can be in one place. The need for countless piles of paperwork is eliminated. Users can gain access to all of the information that they need within a matter of moments. 

One of the best things about itemit’s asset register is that it can be accessed via a mobile app, tablet, or computer. What this means is that no matter where a user is, they can gain access to the asset register. Whether a user is on the factory floor, in the office, or working from home, the asset register can be accessed. This ensures that users can find the information that they need and at the touch of a button.


itemit’s Fixed Asset Register

itemit’s Fixed Asset Register is there to help you with all of your asset-related needs. We are proud to offer you our easy-to-use software that can work well for you. 


To find out more about how our asset register software can help you, contact our friendly, expert team at team@itemit.com. Alternatively, you can opt for a 14-day free trial to find out how well our asset register software works for you.

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How Asset Tracking Can Help Track Your Antiques and Collectibles

How Asset Tracking Can Help Track Your Antiques and Collectibles

How Asset Tracking Can Help Track Your Antiques and Collectibles

Asset tracking is all about protecting the value of your investment. So, it makes sense that a growing number of antique dealers and collectors are using asset tracking solutions to gain total insight into what they own, when they bought it and from who. 

So, if you have an impressive collection of rare or valuable objects, or a thriving antiques business, it may well be time to say goodbye to endless admin and complicated insurance claims, and hello to peace of mind!

Main - Asset Tracking


The Benefits of Tracking Antiques and Collectibles

Lots of collectors rely on paper records or spreadsheets to manage their collection. This works up to a point. However, it is time consuming to keep the entries accurate and almost impossible to achieve any level of automation.

As a collection grows and changes, this problem gets worse and it is likely that mistakes will start to happen. 

It’s not recommended to use a spreadsheet for your school asset register. With the above in mind, adding “missing” assets to an asset tracking software is simple and instant where they may remain missing on a spreadsheet.


Insurance Records

Insurance is an unavoidable failsafe in the world of antiques and collectibles. However, claims can get complicated. Each object is likely to need an individual valuation and insurance policies often have strict rules of compliance.

Using asset tracking, you can store all compliance information on a central database that updates automatically. Information like the insurer, the seller, the purchase value, the current value and proof of purchase- can all be accessed easily with asset tracking.


Location Tracking

If your antiques or collectibles need to be moved between different locations, then there is a greater risk of theft or loss. Using RFID or QR tags, it is simple to scan assets and update their locations. This information is then updated on your central database.

Not only will you have confidence on where your high value collectibles are, you will also have a paper trail of where they’ve been!


Easy Auditing

Asset tracking software comes with a set of insightful, customisable reports which means you can easily extract data that tells you vital information, like the total value of your assets. This means when you need to audit assets, you won’t need to wonder where to start!


Keep Precise Records

When it comes to selling your items, having an asset tracking history can help a lot with negotiations. You’ll be able to demonstrate how long you have had the item, where it came from, previous owners and any repair history without trawling through paper records.


How Asset Tracking Works

How to - Asset Tracking


Types of Asset Tracking

The answer to this largely depends on your needs. Put simply, a tag is added to a high value item like a collectible or antique and the item is added to a central database. A scanner (this can just be an app on your mobile) is used to update the central database about changes in the status of the item.

It may sound like overkill, but in recent years the technology associated with asset tracking has become accessible and affordable. 


QR Tracking

QR tags work a little like bar codes. A square ‘code’ of black lines and dots is adhered to an object. This can be used to update a central database using a scanning device, often a mobile phone. You can also quickly pull up information about the item by scanning the code, which can be useful during the negotiation process!


GPS Tracking

In some instances, collectibles might be put out on display in different exhibitions. Using a GPS tracker can help make sure that nothing untoward happens to the object in transit. However, in general, QR or RFID tracking will be more useful solutions for day-to-day management of assets.


RFID Tracking

RFID tracking works by adding a tag to your item. These tags need not be visible, which makes it ideal for antiques or collectibles that are on display. They can either work using a handheld scanner or fixed scanner. Essentially, the tag holds information which can be easily overwritten if something about the status of the changes, like its value. 

RFID Asset Tracking


Asset Tracking Software

All of these features and benefits are accessible via a central software. Within this, you’ll be able to see your asset register, which shows you everything you need to know about your collection. This gives you the power to view your collection all in one place without the logistical problem of getting everything in one place and updating everything manually.

Then, if you need to update an assets record (or even multiple records at once!) you can do this via your app. The information stored on the tag will also update, so you have a seamless, totally reliable and easily accessed record of your collection!


itemit: A Complete Asset Tracking Solution

Itemit is a complete asset tracking solution. Through itemit, you gain access to all the asset tracking features that you need to keep on top of your valuable antiques and collectibles. It’s easy to start small, and scale up as your confidence and business grows.

Every organisation has its own way of structuring and operating. As such, you need asset management software that can be tailored to fit the way you work, not the other way round. 

If you are using spreadsheets or paper records to keep on top of your antiques and collectibles, then you will see an immediate reduction in admin and a long term reduction in costs by implementing an itemit solution.

Book a demo today to see all itemit’s features in action. To find out more details, you can always contact our team at team@itemit.com

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How to Get The Most Out of Your Fixed Asset Register

How to Get The Most Out of Your Fixed Asset Register

How to Get The Most Out of Your Fixed Asset Register

Your fixed asset register is where you can truly harness the power of your asset tracking efforts. Here, you can access the most up-to-date information about the items your business owns, great or small. More than this, you can manage what you have and make intelligent choices based on the information you find there.

However, there is such a thing as a partial implementation of a fixed asset register. Not having the right information, notifications or even enough of your assets included, will vastly limit the value of your register.

Not using asset tracking software to track your fixed assets yet? This is a great place to get a clearer picture of what kind of functionality, control and insight is available to you.

Fixed asset tracking - main


What are Fixed Assets?

Generally speaking, a fixed asset is an item of company property that is expected to last more than 12 months. It’s as simple as that. Commonly, fixed assets fall under the category of property, plant and equipment (PP&E) on the balance sheet!

Conversely, current assets are items that are going to be consumed or converted to cash within a year. So the only defining characteristic of a fixed asset, is how long you plan to own it!


What is a Fixed Asset Register?

A fully-fledged fixed asset register is a database that holds all information about the fixed assets in your business. This database is generally accessible via a bespoke asset management software using an easy to use user interface.

Of course, in the past, companies often used spreadsheets for this sort of activity. Unless you are going to invest a lot of time and money in developing these sheets, you are not going to achieve anything like the capabilities of a true asset register. In fact, as a fully implemented register will be updated automatically using a network of tracking technologies (GPS, QR, RFID) to stay up-to-date, spreadsheets are now largely seen as not suitable as an asset register solution.

 

Essentially, your register will tell you what you have, where it is, who has it, where it’s going and the like. But really, that is the bare minimum information. 

 


What Information You Can Add To Get The Most of Your Register

What Exactly is The Asset?

Ok, sure, this is somewhat stating the obvious. But there is more to think about here. If you are a large organisation with multiple departments, then knowing exactly what equipment each team has is useful! It would be possible to understand, for example, if a department is under or over-resourced!

The Exact Location of Each Asset

The application of this information changes depending on your industry. In fact, it changes from business to business, you will know best how you could use the knowledge of where all assets are at any given time. But, for inspiration, it would be possible to tell at a glance if an asset 

Estimated Life Expectancy

Suppliers will generally be able to give you the life expectancy of an item. By entering this into your fixed asset register you can plan for costs and build them into your growth forecast strategy. Furthermore, you can hold suppliers to account if assets are not meeting expectations.

Procurement Details

This is vital data if you want to optimally manage your assets. Date of purchase and supplier are two key pieces of information that make it possible to understand the value of an asset. Your purchasing team will be grateful for this insight when it comes to negotiating on the price of new items or picking suppliers.

Depreciation Value

As most will be aware, a depreciation cost is the original value of an item with all the depreciated costs subtracted. The way you work out depreciation will depend on the asset itself and the depreciation method that you are using. A fixed asset register makes this process much simpler and will make annual accounts more accurate and compliant.

Insurance and Compliance Details

You will likely be using multiple policies to protect your business against breakdown, loss and theft. Or, if you are using one cover-all policy, it will have complex compliance rules when the time comes to make a claim. Add all of this key info to your fixed asset register and it will make claims more likely to be successful.

Warranty Information

Suppliers do not always make it easy to find warranty information or understand the terms of the warranty. Easily upload this information so that you can take full advantage of your supplier’s warranty, saving on repair and replacement costs.

Maintenance Schedule

We have seen how a fixed asset register can help you manage issues and depreciation. A maintenance schedule is all about preventing issues and lengthening the lifespan of an asset. Set up easy notifications that tell the relevant people when an asset is due a service or upgrade!


itemit: Maximise the Power of your Fixed Asset Register

Above everything else, the real way to get the most out of your fixed asset register is to have an asset tracking software that does the leg work for you. That’s where itemit comes in. itemit’s software solutions can be customised to suit the unique way that your business operates. Years of experience mean itemit understand how to set your asset management system up so that it supports an optimally implemented fixed asset register.

To find out more about how itemit’s fixed asset register software can help your business, you can contact the 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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What is an Asset Register and Why Should You Use One?

What is an Asset Register and Why Should You Use One?

What is an Asset Register and Why Should You Use One?

An asset register is a highly detailed list of all of a business’s assets. The list includes details such as the owner of the assets, the condition and location. An asset register helps businesses to understand the asset’s price, depreciation, status, and procurement date. In addition to this, the asset register also lets the user know the asset’s current value and insurance status.

How Can A Fixed Asset Register Be Beneficial To Your Business?


The Benefits of an Asset Register

There are many benefits of having an asset register, including:

  • Assets can be tracked and easily identified 
  • Assets can stay compliant in accordance with the industry’s regulatory standards
  • Helping to prevent assets from getting lost or being stolen thanks to itemit’s accurate location data services
  • Estimating repair and maintenance costs
  • It helps to provide complete transparency of all assets and associated data
  • Providing users with a highly accurate audit trail 
  • The calculation of depreciation

As your business grows, you’ll naturally gain more assets. It can become increasingly difficult to track all of your assets over time. Keeping a close eye on your assets is much easier when you have an asset register. While setting up the register can take time, once it is complete, it will automatically benefit your business. 

Another benefit of this type of register is that it can help to eliminate ghost assets. When an asset is damaged beyond repair or has gone missing, they are no longer of any use. By tracking every asset and its state of repair, ghost assets can be eliminated. Finally, the register can be accessed via a computer or mobile app.


What Should I Include in My Asset Register?

You can include any business assets you wish in your register. Assets can include: 

  • Computers, printers, servers, and laptops
  • Vans and cars
  • Furniture such as chairs, desks, and filing cabinets
  • Photocopiers, telephones, and scanners
  • Stationery and tools
  • Machinery and associated equipment

Add any assets that have value to your business. The above list is just an example, however, your business may have other types of assets. Adding these assets to the register can help you to track them. Using itemit allows you to track both high and low-value assets 24 hours a day.


What Data Should I Include in My Asset Register?

There is a real possibility for you to include a whole host of different data in your register. Including as much detail about each asset can be very useful. Some of the data that itemits users include is the: 

  • Asset’s Depreciation
  • Asset’s remaining life
  • Asset’s serial number or barcode
  • Current and previous users of the asset
  • Current value of the asset
  • Date and frequency of maintenance
  • Estimated resale value
  • Insurance coverage and what it includes (repairs, maintenance, etc)
  • Licence start date
  • Location of all assets
  • Manufacturer’s warranty information
  • Operating licence 
  • Owner of the asset
  • Purchase date and price 

When every asset in the register contains detailed information, they are easier to keep track of. Users will know where the assets are and what condition they are in. Notes can be left for the next user, and management can see how effectively each asset is being used.


Maintaining an Asset Register

Once you have set up a register of your assets, it’s crucial that you maintain it. By using itemit’s QR codes, it is possible to maintain your assets while tracking them. With a list of assets that can be accessed as and when it is required, a physical audit can be undertaken. 

By scanning each item, users can confirm that the asset has been located and accounted for. In addition to this, the detailed information that is listed can be compared to a physical inspection. A physical inspection allows appropriate action to be taken should any discrepancies arise.


Asset Registers and Ease of Use

Every asset register can be accessed and used with ease. itemit has designed the user interface in such a way that inputting and editing information is simple. Additionally, menus are easy to access, allowing users to make updates whenever they wish. As long as assets are logged in and out as required, they can be traced. The location information will be displayed in the appropriate menu.


itemit’s Asset Registers

itemit has made it possible for businesses of all sizes to keep a register of their assets. When a business starts to grow it can struggle to keep track of its assets. Having a complete register of every asset can make a huge difference. Asset control will be easier, allowing management to make more informed decisions. 

Please contact us if you have any questions about registering your assets. You can reach us at team@itemit.com. Alternatively, if you are ready to test the value of our asset management software, you can sign up for a no-obligation 14-day trial.

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How to Track Manufacturing Production Equipment and Why

How to Track Manufacturing Production Equipment and Why

How to Track Manufacturing Production Equipment and Why

Production equipment is not only costly, but it can be crucial to the manufacturing process. Having the right equipment to hand ensures processes are consistent and targets are more likely to be met.

By implementing equipment tracking solutions, it’s possible to keep track of your production equipment at all times. There are multiple benefits to equipment tracking, even when it’s used with equipment that is never moved.

Manufactoring Equipment


What Production Equipment can you Track?

  • Assembly line components
  • IT Assets
  • Jigs
  • Manufacturing equipment
  • Most fixed assets
  • Moulds
  • And more

Tracking equipment such as this has many benefits. There is much more to equipment tracking than merely knowing where it is located at all times.


How to Track Production Equipment

Tracking production equipment is a relatively easy process. While it does call for a lot of work to be undertaken, the results will be worth it.


Build Your Asset Register

Log all of your assets in itemit and tag each item with a QR code or RFID. Fill in each asset’s details so you can control them in real-time. 

While you are building your asset register you will gain an understanding of your assets. All of your assets can be viewed instantly via the web portal and your mobile app. The asset’s details will be clear for you to see. More information can be added about individual assets along with photographs and notes. 

Should a user wish to find out when a specific piece of equipment needs to be maintained, they simply need to scan the QR code or RFID. Details of the specific piece of equipment will then be shown on the screen. Any information that has been inputted will be displayed via a set of menus. Selecting the appropriate menu ensures that the user can find or add the information that they need.


Assign Assets To Staff Members

Specific assets can be assigned to your chosen staff members. The staff members can record the condition and status of the assets should they wish.


Tracking The Location of Production Equipment

Production equipment that can be moved from place to place can easily be tracked. It is possible to see where the equipment is at all times, either through QR code tracking which requires the interaction of scanning to update an items location or RFID tracking which requires no more than an RFID reader to be placed in a chosen location.

Production equipment that has been assigned to staff members is less likely to go missing thanks to asset tracking software. 

Tracking also ensures that equipment can be located in the warehouse, office, or wherever it is stored. This ensures that less time is spent looking for it.


Why Production Equipment Should Be Tracked

There are multiple reasons why production equipment should be tracked. Not only is it convenient to track equipment, but the tracking process comes with additional benefits.


More Maintenance Control

It is possible to monitor all of your assets for the purposes of maintenance control. itemit’s equipment tracking software can be used to help you to understand what equipment needs to undergo maintenance. 

Keeping a track of when each piece of machinery needs to undergo maintenance, can ensure the maintenance schedule is always adhered to. As soon as all machinery has been logged along with the maintenance schedules, users will be alerted when the date of maintenance is approaching. This ensures that equipment can be looked after so that it continues to work well. 

PAT test and inspection reminders can also be set.


Monitoring Inventory Levels

Monitoring stock inventory levels allows more stock to be ordered on time. It is easy to accidentally order stock that may be surplus to requirement. Ordering too much stock can result in it taking up too much room in storage areas. 

Tracking production equipment and its associated stock can ensure that goods are only ordered when stock levels reach a specific and agreed amount. The monitoring of inventory levels can help to keep stock levels consistent while preventing incidences of over and under-ordering.


Organising Your Warehouse

Equipment tracking can help warehouses to instantly become more organised. Stock can quickly be located. Additionally, the tracking software can help warehouse workers understand where stock needs to be placed. Rather than storing stock in the closest gap, it can be stored in the correct area.


Improving Security 

Assets can be assigned to staff members, ensuring management knows where the assets are at all times. Staff members can record the condition and status of the assets if required. Should a staff member take an asset off the premises, the equipment tracking software will locate it. 

The software can alert users if an asset is taken off the premises. Offering an improved level of security means that less equipment is likely to be misplaced or stolen. 

Equipment can also be checked in and out as and when it is being used. This extra level of security helps management to keep an additional eye on all assets.


Eliminating Ghost Assets

Ghost assets are pieces of equipment that cannot be accounted for. Assets such as these exist because they are either unusable or missing. As soon as a piece of equipment is labelled unusable, management can choose whether to repair or replace it. 

If a piece of equipment has gone missing, management can choose to replace it, should they wish. Equipment tracking may not be able to prevent the incidence of historic ghost assets. However, thanks to the way itemit’s tracking software works, it can eliminate future incidents.


Get Real-Time Updates

Real-time updates show users exactly where the production equipment is at all times. Users can also read notes and view photographs that staff members have left. Constantly updating, itemit’s production equipment tracking software keeps the guesswork to a minimum.


Easy To Use Interface

The easy to use interface ensures that users can gain quick access to the information they need. Whether the user is accessing the software via a laptop or mobile app, tasks can quickly and easily be undertaken. 

Production equipment can prove costly if it is not correctly maintained or it goes missing. Using the right tracking software can help to reduce costs and potentially increase production efficiency.


itemit

itemit is a user-friendly cloud-based software that allows you to track all of your assets with ease. Gain complete control of your assets with no fuss. Email our expert team today at team@itemit.com or sign up for a no-obligation 14-day Free Trial so you can see how well our asset management software works.

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