How A Fixed Asset Register Transforms Your Business

How A Fixed Asset Register Transforms Your Business

How A Fixed Asset Register Transforms Your Business

A fixed asset register is a brilliant solution for businesses of all types and sizes to keep an accurate record of the assets they own. But not just any assets. As the name suggests, fixed asset tracking involves tracking important information about your fixed assets. 

It wouldn’t be wrong to say that a fixed asset register can transform your business. It can turn your enterprise around from being an average performer to being a leader in your industry. All of this is done by improving the very basics of business management: increasing productivity, reducing losses and maximising your asset turnover ratio

A fixed asset register brings various benefits to your business. Although it’s a long list and varies from business to business, we’ll try to enumerate some of the most important things it does to transform your business. Let’s get right into it.

How A Fixed Asset Register Transforms Your Business


Introduction to Fixed Asset Registers

Although the term might’ve meant a physical ledger or spreadsheet a few decades ago, today fixed asset register refers to a software solution that lets you add, edit and view asset information on a digital database. Usable either via a mobile app or web portal, a fixed asset register lets you create unique asset profiles for each of the assets you want to track. 

The asset profiles are stored in a digital asset register online and can be accessed from anywhere with the right credentials. Now that we have some idea of what fixed asset registers are and what they do, let’s explore how they can enhance your business operations.


A Fixed Asset Register Boosts Your Productivity

When we talk about fixed assets, we’re referring to physical items you own that play an important role in your daily operations. By definition, a fixed asset is something your business owns and uses for the long term (usually 1+ years). For instance, IT hardware or company vehicles.

Delays and losses caused by maintenance issues are a leading reason why businesses lose both time and money. This loss of productivity can be reduced and even avoided altogether. All it needs is robust management and some planning. 

With a fixed asset register, managing all your fixed assets becomes much more convenient. This, of course, involves reporting and resolving maintenance issues. As soon as an employee spots an issue with an item, they can report it in a matter of seconds via our asset tracking software

This notifies the relevant team members so they can take care of it timely. Better yet, prevent a maintenance issue in the first place by setting up maintenance schedules with the asset register.


Minimise Losses with Fixed Asset Tracking

A large part of your company’s capital goes into acquiring and operating your fixed assets. It’s no wonder that businesses mismanaging these assets are most likely to make losses. You can lose a lot of money if your assets get lost or stolen, stop working due to bad maintenance, and even if you simply don’t utilise them fully. 

You can bring an end to these leakages with itemit’s fixed asset register. Firstly, it helps keep a peeled eye on all items of value you own. itemit also gives you real-time location updates of each asset every time its tag is scanned. You can add an element of accountability with the assignee feature so every team member takes responsibility for the assets assigned to them. This way, chances of assets getting lost or stolen are greatly reduced. 

Secondly, as mentioned in the section above, fixed asset tracking also enables you to maximise assets’ life cycles with timely maintenance. Lastly, it makes proper asset utilisation easier. This lets you maximise your ROI right away.


Track Depreciation and Eliminate Ghost Assets

Tracking fixed assets’ depreciation and getting rid of ghost assets are important in stopping financial leakages. Depreciation is when you track the overtime decrease in value of some assets so you don’t overpay taxes and insurance premiums. 

Ghost assets are assets that show up on your balance sheets but don’t exist in the real world. This is when an asset gets lost, stolen or falls out of service but it remains on the financial documents, again making you overpay taxes and insurance premiums.

With a fixed asset register, tracking depreciation becomes a walk in the park. And when you’re tracking all your assets in real-time, identifying and eliminating ghost assets is also very convenient.


Transform Your Business with itemit

There are innumerable other benefits of using itemit’s fixed asset register. It comes with an array of powerful features that let you streamline and automate your asset management. itemit also stands because of its impressive scalability – you can use it for all your asset tracking purposes. 

To find out more about itemit’s fixed asset register contact our team at team@itemit.com. We look forward to hearing from you! Alternatively, if you wish to experience itemit for yourself, sign up below for our 14-day free trial!

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Fixed Asset Tracking Use Cases And Benefits

Fixed Asset Tracking Use Cases And Benefits

Fixed Asset Tracking Use Cases And Benefits

Wondering how your business can employ fixed asset tracking?

Well, you’ve come to the right place. 

Regardless of what sector it may deal with, each and every business benefits from employing fixed asset tracking. Be it IT or construction, baking or NGO’s, asset tracking is a boon to all businesses.

Fixed Asset Tracking


Fixed Asset Tracking: Different Use Cases


IT Asset Management

If your business belongs to the IT sector, using itemit’s asset register for fixed asset tracking is a no brainer. Naturally, your day-to-day tasks will involve keeping track of many different assets-and itemit can make your life a breeze.

By making use of fixed asset tracking, you can assign unique profiles to each of your IT assets. For example, you can create an asset profile for a printer, storing its purchase date, current valuation, warranty information, and so forth.

Likewise, by using itemit’s IT asset management software for fixed asset tracking, you can instantly locate your assets.

If your business lends out laptops and smartphones to employees, you can easily use itemit’s asset register to track your assets’ location. Their locations are automatically updated each time their asset tag is scanned. This improves accountability and can help reduce losses due to asset misplacement.


Construction Equipment Tracking

Keeping track of all the tools and equipment can be quite a hassle. As such, it’s no wonder that fixed asset tracking proves to be so fundamental in the construction businesses. 

Tools and equipment make up the nuts, bolts and gears of your construction business. Using construction equipment tracking allows you to track all your assets, ensuring they work smoothly. Using itemit’s asset register, your workers can instantly locate the tools and equipment required. By simply searching the asset on the asset tracking software, they’ll immediately know its last seen location, exponentially reducing the time taken to search for equipment.


Vehicle Tracking

You can also track your business’s vehicles using fixed asset tracking. 

Say you want to track a certain vehicle. By sticking a QR code to the vehicle’s dashboard, you can easily utilise QR code asset management. However, it is important to note that the main benefit of using a QR code asset tag here isn’t for location tracking. Rather, a QR code asset tag serves to aid asset discovery.

GPS tracking is a much more viable option when tracking your vehicle’s locations. GPS asset tags work best in vehicles: you can plug them into your vehicle’s cigarette lighter, ensuring that they remain charged. With the help of GPS asset tags, you can rest assured that all your vehicles are accounted for.


Medical Equipment Tracking

With the increasing pressure on healthcare systems due to COVID, it’s imperative that hospitals and other medical facilities streamline their workflow, eliminating snags in the line. 

In this scenario, medical equipment tracking is a brilliant solution. itemit’s medical equipment tracking software allows staff to track important medical devices, reducing the time taken trying to locate different assets.

By tagging each asset with a QR code sticker or RFID tracker, you can assign each asset a unique code. Doing so allows you to track assets location in real-time. Moreover, each time a tag is scanned, the software automatically updates the asset’s location.


Benefits of Asset Tracking To Your Business


Asset Details At Your Fingertips

Business operations require frequently accessing asset information. Whether you need the name, or the location, accessing asset information requires asset data to be stored in localised storage space. Asset tracking is a routine operation, used to locate assets, create routine asset maintenance schedules. Therefore, it comes as no surprise that when asset data is both readily available and easily accessible, your business’s productivity increases.


Improved Consumer Satisfaction

Fixed asset tracking helps improve customer satisfaction. Though it may not be so obvious at first sight, by using fixed asset tracking, you can streamline your business operations. By providing a more transparent, quicker service with minimal interruptions and breakdowns, you can provide your clients with the best service possible. Consequently, your customers’ satisfaction will improve, and happier customers translate to loyal consumers.


Boost Profitability

There are many ways in which fixed asset tracking helps reduce losses. From improved planning to more efficient improved resource utilisation, asset tracking helps you do it all.

For example, using itemit’s asset register, you can create reminders for asset maintenance. Timely repairs help increase an asset’s lifespan and prevent the likelihood of equipment breakdown. Essentially, your business productivity rises, resulting in improved profitability.


Simplifying Fixed Asset Tracking

In the past, businesses often used spreadsheets and other traditional means of tracing assets. However, conventional methods of fixed asset tracking are quickly becoming outdated. 

Not only is using an asset register convenient, but it is also more secure and error-proof. Highly effective at preventing asset losses and duplicate purchases, asset registers are quickly becoming a mainstay in businesses routine functions.  

Fixed asset tracking software can allow you to have a clear overview of your asset data. Rather than providing you with a bird’s eye view, itemit’s asset register can also get up close and personal-allowing you to access each assets unique profile individually.


itemit: Streamlining Fixed Asset Tracking

Fixed asset tracking is a crucial business process. Whether your business deals with construction, IT, or healthcare, fixed asset tracking is critical in nearly every scenario imaginable. Featuring an array of powerful features, itemit’s asset management software can give you the upper hand over your competitors. 

To learn more about how itemit can help your business, book a demo here. Alternatively, you can contact our team at team@itemit.com.

To experience itemit for yourself, fill out the form below and start your 14-day free trial today!

Fixed Asset Tracking

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Why Tracking Fixed Assets Is Critical

Why Tracking Fixed Assets Is Critical

Why Tracking Fixed Assets Is Critical

Your business needs to track its fixed assets. Without a robust system in place, there is a lengthy variety of risks that span from accountability issues to fines to losses.

A fixed asset register is essential so that your business has the visibility over your operations it needs. The best way to achieve this visibility is by using fixed asset management software.

why tracking assets is critical


What Are The Risks?

First and foremost, you need to keep your auditors happy. To do this, you need an accurate and up to date record of your equipment, tools, and assets. 

Nobody wants to sift through a spreadsheet, and a spreadsheet creates inevitable and costly gaps that your auditors will pick up on. Having ghost and zombie assets, for example, create inaccurate tax returns and insurance information, which can lead to overpayment or fines.

Without visibility over your fixed assets, too, you run the risk of misplacing or losing your critical equipment, which can lead to delays in work alongside health and safety risks and more.

No visibility or limited visibility means your business is likely bleeding money from a wide range of places.


What’s the solution?

Tracking your fixed assets with a dedicated asset management system means that you have complete control over your fixed asset register.

As your system is dedicated to tracking, managing, and controlling any changes assets go through, you start generating a return on investment from day one.

This is because of helpful features such as the ability to assign users to assets. In the context of IT asset management, having an assignee is hugely beneficial for a range of reasons. For example, if a colleague hands in their notice, finding which assets they’re responsible for is quick, simple and effective. 

This is one small, simple feature within an entire suite of fixed asset management solutions, and it already gives you more visibility over who is using what.


Taking Fixed Assets Further

Tracking asset information lets you take your fixed assets further. You can use asset tags, for example, to track and manage asset last seen locations with ease.

Simply attach a QR code or barcode to your assets and link this with the system. Then, every time you scan your assets’ tags, the last seen location will update and the relevant asset’s dedicated profile will appear, ready for edits.

This process automates your fixed asset tracking and puts more accountability on your workforce. With this power over your assets, you lose fewer assets and assets are far less likely to become ghosts or zombies.


itemit’s Fixed Asset Tracking Software

itemit’s fixed asset tracking software gives you a huge range of features to play around with. Because of this, itemit is used around the world for tools and equipment tracking, IT asset management, fixed asset management and more.

itemit truly is a customisable software, which is why it’s used by so many for so many different purposes. As such, it’s worth enquiring to see how itemit can help your business.

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

Fixed Assets Management

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The Importance of Fixed Asset Tracking

The Importance of Fixed Asset Tracking

The Importance of Fixed Asset Tracking

Before we go on to discuss the importance of fixed asset tracking, here’s a short overview of what fixed assets are, and what they mean for your business. 

A fixed asset is a term used to define objects of value that cannot be readily converted to cash. They are used in the business process to generate revenue and may vary from land to equipment.

Fixed asset tracking involves storing important asset details, such as the purchase date and the valuation of an asset in a single, localised directory. Be it a spreadsheet, a physical register, or an advanced fixed asset tracking software solution, the basic purpose remains the same – tracking asset data. 

Below, we’ve listed some of the most important reasons as to why fixed asset tracking is important.

The Importance of Fixed Asset Tracking


Benefits of Asset Tracking To Your Business


Accessible Asset Information

The day-to-day business operations often involve frequently accessing asset information. Be it for locating your assets or routine asset maintenance scheduling, your assets data is critical in many situations. 

As a result, whether your business lies in the IT or the construction sector, knowing where your assets are, and who has them is imperative to accountability. 

When asset data is both readily available and easily accessible, your business’s productivity increases.


Improved Customer Service

Though it may not be outwardly apparent, tracking your assets yields serious returns when it comes to customer satisfaction.

For instance, by utilising asset tracking to better analyse customer buying patterns, you can ensure that high-in-demand products are never out of supply. This in turn will improve customers’ satisfaction, and happier customers translate to loyal customers.


Reduced Spending

Of all the listed advantages, being able to save money definitely takes the crown. 

Asset tracking reduces losses in many different ways. Be it better planning, or improved resource utilisation, asset tracking has it all.

For instance, asset tracking allows you to track when an asset’s maintenance is required. Timely repairs help increase an asset’s lifespan and prevent the likelihood of equipment breakdown.


Fixed Asset Registers and Their Impact

Due to the immense importance they hold, managing complete, correct, and up-to-date fixed asset records can be quite a daunting task. However, asset tracking software can make all these time-consuming and laborious business functions seem like a cakewalk.

Fixed asset tracking, streamlines these functions, enabling you to log, track and manage your fixed assets in real-time. Furthermore, asset registers provide you with greater insight into how your assets are being used. 

Fixed asset tracking via asset registers has far more benefits than those mentioned above. Below are 4 major benefits of using itemit‘s fixed asset register.

  • Improving asset-level operations
  • Eliminating ghost and zombie assets
  • Reducing lost assets and duplicate assets
  • Assisting in business decisions


How Does itemit’s Fixed Asset Register Improve Asset Tracking?

Compared to traditional means of tracking assets, itemit’s advanced fixed asset register makes asset tracking a breeze while also providing you with an array of advanced features.

From logging what you own and monitoring how your assets are behaving to viewing your assets’ depreciation, itemit’s asset register comes equipped with all sorts of features.

In addition to all these features, itemit’s asset register allows you to view operating and purchasing costs. What this means is that you’ll be able to create clearer, and more accurate predictions owing to a more transparent view of your annual net and gross profits.

Being able to view what you own is critical, too. Ghost and zombie assets are a pest that plagues many a business. itemit’s fixed asset register makes combating these nuisances simpler. It accomplishes this by giving you an easy-to-comprehend view of the assets that you own. This allows you to improve accountability within your business and can prevent fines that would set you back an arm and a leg!

Compared to your run-of-the-mill asset tracker, itemit’s asset tracking software reduces the likelihood of asset losses and duplicate purchases. As opposed to traditional means of asset tracking, itemit also employs asset tags to facilitate asset tracking.

Fixed asset tags are physical tags that you stick onto your assets. They contain a unique code that links them to their unique digital counterpart. Once tagged, you need simply scan an assets tag to access its unique profile on itemit’s asset register.

Every time an asset is scanned, the time of the scan, who scanned the tag, and the last seen location, all get automatically updated and logged onto itemit’s asset register. This allows you to get a full audit trail and pinpoint when and where issues were reported.


itemit: Revolutionising Fixed Asset Tracking

To sum it up, asset tracking is a fundamental business procedure, one that is essential in nearly every business situation. Whether you’re looking to improve your business decision making or improve customer satisfaction, asset tracking is the way to go.

However, to take full advantage of asset tracking, itemit’s asset register is an indispensable software solution. Not only is itemit scalable, but it also features RFID asset tracking and image recognition via AI. Consequently, itemit should be your go-to asset management software solution. 

To find out more about how fixed asset tracking can help you in improving your business, feel free to contact our team at team@itemit.com. We are always happy to assist you with any queries you may have. 

You can also choose to test itemit yourself using our free 14-day trial. Fill in the form below and test out the fixed asset tracking features today!

The Importance of Fixed Assets Tracking

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How Does a Fixed Asset Register Help Your Business?

How Does a Fixed Asset Register Help Your Business?

How Does a Fixed Asset Register Help Your Business?

In the past two decades, technology has advanced by leaps and bounds, influencing and affecting all circles of life. It comes as no surprise that trade and transit have been riding the crest of the wave-after all, it is demand that drives supply.

The taxing task of noting and recording details of a business’s fixed assets has always been a spanner in the works of smooth business function. Even double checking each detail of a recorded asset does not warrant it from being completely free from slip-ups. The need for an accurate and reliable means to store asset data materialised in the form of a software solution: the fixed asset register.

In this blog, we’ll discuss how you can use a fixed asset register to place your business in the catbird seat, giving it an edge compared to market competitors.

Fixed Asset Register


1. Helps You Track Assets Efficiently

Recording the ID, valuation, purchase date and other details for each asset manually can be quite a lengthy task. What’s even more daunting is the task of updating each asset’s data individually by hand. In fact, rough estimates state that it’s quite common to spend nearly 80% of your time simply collecting, cleaning, and organising data.

Luckily, a fixed asset register shrinks the workload by a considerable amount. Rather than employing conventional methods of asset tracking, you can use itemit’s powerful features to save time. Features such as scanning asset tags to automatically access assets stored details can then be used to update data with just a few, simple screen taps.

Equipped with the capability to track asset locations, itemit’s fixed asset register can help your business prevent asset misplacement. This makes use of GPS location tracking, which, bundled with other asset tracking features help minimise the raw work of tracking and storing asset details. You can use this feature to save loads of time that would otherwise have been spent just searching for misplaced assets.


2. Helps Manage Asset Finances Easily

Running a business requires both vigilance and dedication. Only by keeping a tight check on the changing values of assets can you micro-manage and improve the efficiency of your fixed assets. Having said that, the detailed analysis does come at the expense of taking more time, and time is a very precious commodity.

However, what if we told you that it was possible to have a detailed analysis ready at hand, requiring nearly no time investment?

Though it may sound hard to believe, an asset register can track the annual depreciation of your assets with merely the tap of a screen. Available on mobile, itemit’s software solution provides such powerful tools to strengthen your business position in the market.

Need a graph? Or perhaps a pie chart? How about a report? itemit’s got you covered. Providing support for all types of different exports, it’s simpler than ever to understand trends using itemit’s fixed asset register.


3. Improves Decision Making

From board meetings to understanding a business’s survivability, business evaluations are used throughout the business process. Measures such as liquidity and the fixed-asset turnover ratio are all used to put a figure on vague business terms. 

Using a fixed asset register cuts down the error and the time taken in computing these calculations, leading to faster decision making. Sometimes, business valuations can even take up to 2 weeks!


4. Helps you Make Insightful Predictions

The usage of an asset register can be broadly categorised into two specific groups. It is either used to track and comprehend a business’s current position, fixed assets, and present value or on the other hand, the asset register may be used to graphs trends to help make plans and goals “future-proof”, i.e. prevent the assets from losing meaningful value in future objectives.

From estimating the repairs and maintenance costs of fixed assets to predicting future capital investment in assets, itemit’s fixed asset register has it all. 

Accurately estimating the cost of repairs for an asset can be used to gauge whether it would be better to replace or to continue using the same asset. Naturally, factors such as productivity can be factored into making this decision completely sound and error-free.


itemit – Business Simplified

If you’re looking to simplify your business decision making and to reduce the time taken and human errors in hefty business calculations, itemit should be your go-to asset management software solution. 

itemit is scalable, allowing you to use it for not only fixed asset tracking but also for IT asset management, high-value collection audits, RFID asset tracking and more.

To find out more about how itemit can help you in improving your business, feel free to contact our team at team@itemit.com. We are always happy to assist you with any queries you may have. 

Alternatively, you can also choose to test itemit yourself using our free 14-day trial. Fill in the form below and test out the fixed asset tracking features today!

Fixed Asset Register

Choose a better way to track your assets

Start your free 14-day trial now

Instant access. No credit card details required.

or, download the itemit app to get started

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Fixed Asset Tracking: How Easy Is It To Deploy Asset Tracking Software?

Fixed Asset Tracking: How Easy Is It To Deploy Asset Tracking Software?

Fixed Asset Tracking: How Easy Is It To Deploy Asset Tracking Software?

To understand how asset tracking software works, and how to deploy it, we must first understand what fixed asset tracking is. A fixed asset however is an asset that is used by the business over a long period of time. Selling such assets takes time, which is where the term “fixed” originates from. 

Fixed asset tracking involves keeping a record of essential information for all such items owned by the company for accurate auditing, enhancing productivity and ensuring a high level of transparency in business operations.

Fixed Asset Tracking Software


Why Should You Track Fixed Assets?

Fixed assets play an important role in every business. Not only are they used to produce goods and services, but these assets also hold significant financial value. By analysing the trends portrayed by these assets and their changing values, it is far easier to make better decisions while keeping long-term business objectives in mind.

Furthermore, tracking your fixed assets can assist you in identifying data discrepancies by highlighting oddities in the database. Asset tracking can be used in identifying the depreciation of the assets. 

This information can be used to make well-informed asset-related decisions. With concise and informative data available at the ready, you can trust yourself to make the best decisions possible for your company.


Using Asset Tracking Software

Asset tracking software is a specialised software application that businesses can use to maintain their asset register. By allowing you to add your assets – each with a unique profile – you can store every piece of relevant, important information for that asset within the software.

Moreover, by utilising the powerful toolset offered by itemit’s asset tracking software, you can give each individual asset a unique identity with the help of asset tags. These asset labels enable you to track assets easily. Bundled with other features like equipment checkout, bookings and accurate auditing, itemit’s asset tracking software offers you a competitive advantage compared to all the different asset tracking software available.


What is a Fixed Asset Register?

A fixed asset register is an asset tracking software consisting of a database that stores a compiled list of all the fixed assets owned by a company. It holds all the important details regarding your fixed assets in one place, improving accessibility and simplicity.

The information stored in the asset tracking software contains information ranging from the asset identity, location, assignee, financial data and every other piece of information you want to track. Additionally, the fixed asset register also records financial data of the asset, such as the cost, date, current valuation, depreciation details, and so forth.


Advantages of Asset Tracking Software

Tracking assets using asset tracking software comes with a wide range of benefits. By increasing the amount of automation in the business, the tracking software aids the business in many ways. 

Not only does it help in lowering administrative costs (by reducing the time taken to manually analyse asset usage to improve accuracy and efficiency), using a fixed asset register can help improve the profitability of your business. Some other advantages of asset tracking are:

  • Streamlining auditing
  • Enabling GPS positioning for assets
  • Tracking asset maintenance
  • Improved customer service
  • Improved accountability

Being able to access itemit’s services via a mobile app help promote manageability, allowing you to make use of itemit’s services at any time, and from any place.


Deploying Asset Tracking Software

Before beginning to use asset tracking software productively, it is important to understand what your asset register keeps track of. Therefore, we have briefly explained which of the fixed assets and the attributes of the fixed assets are to be recorded.


Fixed Assets and Their Attributes

An asset tracking software should contain only important and relevant data regarding your assets. Fixed assets such as buildings, property, and different equipment are all considered to be unique entries for your fixed asset register. It must be noted that only information such as the purchase date, current valuation, and owner are recorded by the asset register.


Adding Your Fixed Assets

The first step in setting up your asset tracking software is none other than adding your fixed assets to your asset register. It is always better to physically cross-check before adding quantitative data to your assets profile; doing so will help improve the accuracy of your data and as a result, the quality of the decisions made will improve.


Use Asset Tags

While you’re adding your fixed assets to the asset tracking system, it’s a good idea to tag them with fixed asset tags. Asset tags are physical tags that are used to link physical entities to their digital counterparts stored within the software.

Asset tags allow you to scan the tag and the corresponding asset will appear on your asset tracking software. Furthermore, every time you scan an asset’s tag, the last seen location of the asset will be updated automatically, giving you an audit trail of where your assets have been.


Collect and Add Data For Your Fixed Asset Register

Once you’ve added and tagged your assets, you can then proceed to track and manage all your assets data. For instance, you can add check-in/check-out information, maintenance data, asset reminders, and so on.

While using your asset tracker software to add (or update) information regarding your assets, the itemit’s tracking software automatically stores this data, which can then be recalled and presented in all forms of configurable exports and reports.

How Do I Begin Tracking Fixed Assets?

itemit’s asset tracking software solution can fulfil all of your needs- and more. With a horde of specialised features, it will optimise your business productivity making fixed asset tracking a breeze. 

To learn more about how itemit can help you track your fixed assets, feel free to reach out to us at team@itemit.com. You can also try out itemit’s unique features for yourself and get a hands-on user experience with a 14-day free trial. Fill in the form below to start!

Fixed Asset Tracking

Choose a better way to track your assets

Start your free 14-day trial now

Instant access. No credit card details required.

or, download the itemit app to get started

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