How To Bust Ghost Assets

How To Bust Ghost Assets

How To Bust Ghost Assets

​​In the spirit of spooky season, we’re diving into one of the most haunting issues your business may face. The dreaded ghost asset. These ghosts will float around your fixed asset register and spook your finances.

Ghost assets will make you lose money and they pose a dark threat to your tax and insurance returns. You have to exorcise these assets before they drain too much from your business.

Ghost Assets


What Are Ghost Assets?

Ghost assets are assets that exist in your asset register but are not physically accounted for. As such, they’re literally ghosts on your system.

So, if you’ve decommissioned a laptop and scrapped it, for example, if this change isn’t then reflected on your asset register, then that asset becomes a ghost asset.

Any asset, therefore, can become a ghost asset as they are digital echoes of once physical, in use assets. This is where they get their spooky name from.

Why are they such an issue, though, and why should you exorcise your fixed asset register from these ghouls?


Why Are They Such A Problem?

Ghost assets pose a number of issues, both financial and physical. For example, there is the immediate issue of needing to use an asset, checking if it exists on the register, and finding it has turned up missing.

So, first and foremost ghost assets cause productivity issues and can create slack times where your colleagues are searching for assets rather than using said assets. 

Maybe, therefore, ghost assets won’t jump out and scare you or your colleagues or whisper haunting words in an empty hallway, but they will definitely cause a sigh and an eye roll.

What will scare you and your colleagues is the amount of money these assets will lose you. The lack of transparency and accountability translates into your tax and insurance operations. 

If there are assets on your fixed asset register that you’re not using and that you have decommissioned, these assets will still be logged in your returns. Therefore, you’ll either risk fines for incorrectly logging a value or you’ll pay too much insurance because you’re insuring more assets than you actually own. Scary, right?


How To Bust Ghost Assets

So, how do you get rid of these accounting spectres? Should you call in the experts? No. 

When you use fixed asset management software, you become the ghost-buster due to simple accountability-driven features and functionality. The best fixed asset tracking software is super simple to use meaning you won’t need years of ghost-busting training (or a proton pack), either.

This ease of use also means that you and your colleagues don’t have to cross the streams to contribute to your ghost-busting efforts. Instead, you can all pick up and use the system and lessen the accounting load for everyone.

Why can’t you just use spreadsheets? Spreadsheets are like tombs in that they’re old, unkempt and haunted by ghost assets. Any change an asset goes through makes your spreadsheet out of date, which is impossible to keep track of. Every time an asset is decommissioned, therefore, there’s a possibility that that asset will cross over to the spirit realm and remain on your fixed asset register.

This is where fixed asset tracking software gives you more functionality, as any changes are quick, easy and manageable. On top of this, you can run reports on your asset changes and export snapshot spreadsheets, giving you the best of both worlds without the spookiness.


itemit’s Fixed Asset Management Software

itemit’s fixed asset management software gives you all of this and more. Built to help you keep track of your assets, you get more accountability and control over your tools and equipment with itemit.

You can track any asset on the system in multiple, easy-to-manage ways. This means that you can exorcise your ghost assets with consistent, speedy audits and run reports.

Fixed asset management shouldn’t be complicated, unwieldy, or time-consuming. Instead of staring into the void of unwieldy spreadsheets, return to the land of the living with effective software.

Our support team is always keen to make sure you’re getting as much return on investment as possible. This means that if you do need someone to call, you’re best reaching us at +44 (0)1223 421611. You can also contact us at team@itemit.com with any questions. We’ll help you bust your ghost assets.

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How Does Fixed Asset Management Save Your Business Money?

How Does Fixed Asset Management Save Your Business Money?

How Does Fixed Asset Management Save Your Business Money?

Fixed asset management software is a useful tool for your business to have. With software, you can implement, improve, and monitor fixed asset management operations.

But, how does fixed asset management save your business money? Why is it so critical?

Fixed asset management is a way to monitor what your business owns and relevant costs related to your assets. This gives you more transparency over various asset issues or inefficiencies and gives you accurate tax returns and insurance costs.

3 Reasons Why There's Never Been A Better Time To Buy Fixed Asset Management Software


What Is Fixed Asset Management?

Fixed asset management is the process of logging, tracking and managing your fixed assets. What are fixed assets? Permanent business assets that you can’t convert into cash easily.

In other words, fixed assets may be inexpensive bits of kit, or they could be larger, pricier bits of equipment. They can also be IT assets, furniture, and more.

Why do you need to track these assets? It’s simple, these assets will either cost or save your business money, depending on how they’re used, their running costs, and their current values.

Fixed asset management is simply the process of gaining visibility over this data.


Using Fixed Asset Management Software

Fixed asset management software simplifies fixed asset tracking operations. When you use software, you can log your assets as unique asset profiles, and add data to these profiles.

All of the data you add contributes to an automated fixed asset register that you can then manipulate, manage and export for critical stakeholders.

For example, you’ll be able to export this fixed asset register and send it to your tax team for them to cross-reference and calculate expenses against, but you’ll also be able to use it for auditors.


How Tracking Fixed Assets Saves You Money

The idea behind tracking your fixed assets is that you collect critical data that feeds into your fixed asset register. So, when you track your assets, you update their locations, service history, report issues and log who is responsible for the assets.

These processes are critical for any type of asset tracking, as you’ll always have a need to see where your assets are, what you own, how your assets are behaving and who has them. This reduces asset loss, duplicate purchases and addresses any issues surrounding accountability.

Then, adding fixed asset tracking to these operations saves you more money as you mitigate risks such as ghost and zombie assets and gain visibility over your assets’ depreciation.

Overall, the idea behind fixed asset management is visibility and control over your assets, and this visibility and control feed into a number of benefits that provide your business with a return.


itemit’s Asset Tracking Software

itemit’s asset tracking software gives you all of this and more. With itemit, you can monitor, track and manage any type of asset, whether it’s a fixed asset or not.

itemit is used across the globe in all types of industry, tracking billions of pounds worth of assets. From high-value assets to props to tools & equipment, it’s likely on someone’s asset register in itemit.

The core of itemit’s asset tracking software is that you’re supposed to be saving money when you perform asset audits and asset tracking operations, which is why the system is built to be easy to use and built to save your business money.

To find out more about how itemit’s asset management software can save your business money, 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.

Fixed Asset Management

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How Does A Fixed Asset Register Differ From Inventory?

How Does A Fixed Asset Register Differ From Inventory?

How Does A Fixed Asset Register Differ From Inventory?

When you’re looking to manage assets or inventory it’s important to know the differences. In short, your inventory is consumables and stock, where your assets are the things you physically use day to day.

As such, having a system for either helps you track and manage different things. An inventory management system will help you keep track of supply levels where a fixed asset register software will help you monitor asset locations and use.

Should You Use RFID or QR Codes?


Fixed Asset Register Software

Fixed asset register software allows you to log all of your assets into a digital system. What is a fixed asset? An asset that can’t be easily converted into cash.

So, your fixed assets are furniture, laptops, tools, equipment and other assets that are used in the day to day running of your business and not assets that you sell.

Why do you need to track fixed assets? When you track your fixed assets you can monitor how they depreciate and avoid common risks, such as asset loss, duplicate purchases or ghost and zombie assets on your asset register.

Having a fixed asset register allows you to customise reports on your asset data and export this, giving you everything you need to know about your assets.


Inventory Management Software

Inventory management software is a system whereby you can monitor your stock levels and consumables. Inventory is not a permanent fixture in your business like furniture or laptops are and so needs to be tracked differently.

When you’re tracking your inventory, there may be some overlap with what you track on a fixed asset register. For example, you’ll need to know the locations of your stock so that you can monitor a workflow.

However, with inventory management software you’ll be tracking numbers and trends more than specific asset data such as “twenty of this into that warehouse”.

In turn, this kind of tracking gives you more visibility over your business’ supply chain and helps you foresee and mitigate potential disruptions in service.


The Key Differences

The main difference, therefore, is the granularity of data. A fixed asset register lets you track asset data on an asset’s level. So, you’ll know the ownership details of that asset, where it is, and if it’s well maintained.

On the other hand, inventory management software lets you track a group of assets without that granularity. So, instead of seeing pinpoint asset data such as which of your assets is damaged, you’ll see where a group of your assets have come from, in bulk, with ease.

Traditionally, these two systems are kept separate as they do very very different things. Fixed asset tracking software would need to be scaled up significantly to show trends of thousands upon thousands of assets when the fact of the matter is that this granularity isn’t needed for inventory. Some functionality does still overlap between systems, however.


itemit’s Fixed Asset Management Software

itemit’s fixed asset management software lets you monitor, track and manage your fixed assets. With itemit, you get more visibility over how your assets are behaving, who has them and where they are.

itemit does have inventory management features integrated into it, too, but the system is best used for asset management first with elements of inventory second.

The features in the system allow you to add, track and monitor any asset data. Then, you can export customised reports of this information.

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.

Fixed Asset Register Software

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What Should You Log On Your Fixed Asset Register?

What Should You Log On Your Fixed Asset Register?

What Should You Log On Your Fixed Asset Register?

When it comes to optimising your asset operations, your fixed asset register should be where you head to first. With a fixed asset register, you can log, monitor, and save money on your assets.

What are fixed assets? Fixed assets are assets that you can’t easily convert into cash. So, unlike liquid assets, you can’t attribute banking data to them and will likely use them for a longer time.

How does a fixed asset register work? It’s a log of all of your business’s fixed assets and relevant data. This means that risks such as ghost and zombie assets are mitigated, as well as asset losses and duplicate purchases.

3 Reasons Why There's Never Been A Better Time To Buy Fixed Asset Management Software


How Does Fixed Asset Management Software Work?

Fixed asset management software automatically creates a fixed asset register for you. This provides you with many different speed and ease-of-use benefits.

In other words, every time you add an asset to your fixed asset management software it automatically gets pulled into your fixed asset register. Then, every time you update an asset’s data it is also updated in your fixed asset register.

A good example of how best to use this is by using asset tags. With asset tags, you can automate many of your operations. All you need to do to report an issue, for example, is scan an asset’s tag and click “report”. 

This works as you will have linked your asset tag to the relevant asset. So, you can stick a QR code on a laptop and then every time you scan that QR code, the laptop’s asset profile opens ready for updates and edits.


Running Reports On Your Fixed Asset Register

Once you’ve logged your assets and are keeping them up to date, you can run reports on their asset data. This is where you’ll save a lot of time and money as reporting lets you pinpoint specific asset details.

For example, if one of your colleagues hands in their notice you can see all of the assets they have simply by heading to a reports page and adding filters to view this data.

These reports are all exportable as pdfs and excel spreadsheets. These are very handy for an automated way to create data for auditors and in creating a log of who has which assets and when.


Logging Fixed Assets & IT Assets

So, what assets should you log on your fixed asset register? The answer is quite simply anything that you need to track. With the best fixed asset management software, you can track depreciation with ease for example.

A good place to start is your IT assets as these will move around and change hands a lot and so creating a log of who has what and how much it costs is very useful. Then, you can expand into a few IT asset management operations to save money in that area.

Your system will be scalable, so after you’ve logged your IT assets you can then log different categories of assets, such as tools & equipment. This way, you can build an asset register from the ground up and add everything you need to piece by piece.


itemit’s Fixed Asset Register Software

itemit’s fixed asset register software gives you the ability to create and monitor a fixed asset register with ease. When you use itemit, keeping your data up to date is simple, meaning you’re much less likely to run into any costly gaps.

itemit comes with a full suite of features, allowing you to tailor the system to your needs. So, if you need a check in check out software you can use itemit; if you need to track your fixed assets you can use itemit and if you’re tracking high-value assets you can use itemit.

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

Fixed Asset Register

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The Best Ways To Track Your Fixed Assets

The Best Ways To Track Your Fixed Assets

The Best Ways To Track Your Fixed Assets

Fixed asset tracking is essential when your business is trying to find ways to save time and money. The benefits are clear. When you track your fixed assets, you avoid tax and insurance risks, lose fewer assets, purchase fewer duplicates and create an effective accountability trail.

Is a spreadsheet good enough to handle this? The short answer is no. A spreadsheet is good for logging which assets you own, but then further than that you’ll start to lose money. Every time an asset is decommissioned, moves or is damaged, a spreadsheet becomes incomplete and so the money you’ve saved is completely lost.

Fixed asset tracking software gives you a return on investment so, while it isn’t free, you end up with more time and money than you would if you were using a spreadsheet for your fixed asset register.

How Does A Fixed Asset Register Help Save You Money?


The Best Way To Log Fixed Assets

You may already be logging your assets onto a spreadsheet and using this as your fixed asset register. This isn’t the best way of doing things as spreadsheets create accountability risks and gaps.

The concept is clear, though, you need to log each of your assets (a row) and add data and information against them (a column). The reason that a spreadsheet is so unwieldy is that every time an asset changes, single cells change and it can be difficult to pinpoint what needs editing.

This is where fixed asset management software comes in. With fixed asset management software, instead of logging your assets as rows, you log them as unique, digital profiles.

Then, you can add data to these profiles, such as maintenance reminders, usage history and assignees, to indicate which of your colleagues is responsible for the asset.

This automatically gets pulled into a fixed asset register that you can export as a pdf or spreadsheet. So, you still get the benefits of a spreadsheet without the risks they create.


Tracking Depreciation & Lifecycle

One of the best ways to track your fixed assets is tracking their lifecycle. This allows you to extend asset usage and get more out of your assets, a cost-saving benefit that is often overlooked.

Not only does more transparency and control over your asset register mean that you purchase fewer duplicate assets, but it also means that you purchase assets less frequently in general.

This is why tracking maintenance, using reminders and issues management, and tracking how your assets are depreciating is essential. Knowing the value of your overall asset register is critical for auditing, but also gives you a good idea of how up to date your asset register is and shows you if there are any gaps.


Tracking Asset Locations & Usage

Another way to track if there are gaps or issues in your asset register is by tracking asset locations and usage. There are a few ways to do this in the best fixed asset management software.

Primarily, you can use fixed asset tags and last seen GPS location tracking. This works by allowing you to attach a tag to your assets and scan it with your smartphone. 

Every time you scan an asset’s tag, the last seen location is updated automatically and the asset’s profile opens. This means, for example, if you notice a misplaced laptop, you need only scan that asset’s tag to view who it belongs to. In doing so, you’re also adding to the laptop’s location trail and automatically adding to a larger picture of where the asset has been.

You can also track locations more manually, using bulk adding, removing and scanning functionalities. This allows you to bulk assign assets to users, to indicate who has what, or bulk move assets from one location to another. In other words, if twenty assets are entering storage, you can log it as such simply by bulk scanning the twenty assets’ tags.


itemit’s Fixed Asset Management Software

itemit’s fixed asset management software gives you the highest levels of accountability, transparency and control over your assets. With itemit, you can monitor where your assets have been, how they’re behaving and who is responsible for them.

This is coupled with powerful tagging and tracking technologies, as you can mix and match RFID asset tracking with GPS trackers and QR code asset management. This means that your assets never have to go missing again.

To find out more about why itemit gives you the best ways to track your fixed assets, you can contact the friendly team at team@itemit.com. If you’re ready to dive in, you can also start your 14-day free trial by entering your details into the form below. Fixed asset tracking is easy when you use itemit.

Fixed Assets

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How Does A Fixed Asset Register Work?

How Does A Fixed Asset Register Work?

How Does A Fixed Asset Register Work?

A fixed asset register should be the most robust and complete record of your assets. It needs to be comprehensive, up-to-date, and contain all necessary, relevant and critical asset data.

Your fixed asset register will contain all of your company’s fixed assets. These are the assets you can’t easily convert into cash and that you use on a more permanent basis, such as IT assets including laptops.

Then, your fixed asset register will also include critical data, such as who is responsible for which assets, where they are, how they’re being used and their current values.

How To Keep Your Fixed Asset Register Accurate


How Do You Log Your Assets?

Logging your assets should be simple as it’s half the asset tracking battle. A fixed asset register works by showing you a log of what your business owns primarily. Not knowing what you own creates risks such as ghost and zombie assets. Then, these risks can translate into lost costs and fines.

If you’re using a spreadsheet for your fixed asset register, auditing will be a lot more difficult and ghost and zombie assets are almost guaranteed. Fundamentally, using only a spreadsheet creates a constantly out of date asset workflow.

Therefore, you should add your assets to a dedicated fixed asset management software. Then, you can have the benefits of a spreadsheet through the ability to export your entire asset register or subsets based on location, owner and/or asset type.


How Does A Fixed Asset Register Save You Time & Money?

How does all of this save you time and money? First of all, a clear log of what you own reduces risks, but it also makes it more difficult to lose assets or purchase duplicates.

Then, the data you add to your assets also saves you money. Part of fixed asset management is lifecycle management. A lot of these operations aren’t physically possible to commence and log in a spreadsheet, so you need a streamlined fixed asset register software.

Using your fixed asset software as check in check out software and maintenance software saves you money as you can monitor asset usage and ensure your assets are running smoothly. This helps you extend your assets’ useful life meaning replacement purchases become more infrequent.

Then, the time-saving benefits come with the ability to use an app and web portal with these features integrated in a way that’s easy to use and user friendly. Don’t forget, time-saving benefits also save your business money as you have time to perform more.


Automating Your Asset Tracking Operations With Software

Automating your fixed asset register is essential. Making changes to asset data when you have the assets in front of you entirely changes the way fixed asset management works. 

In the past, if you noticed an asset fault, you would need to make a note of the fault and send it on to your fixed asset manager who would then log it onto the system. 

There are multiple potential gaps in this system, and this is only for reporting an issue. Imagine the number of changes an asset goes through every day and trying to keep them logged and up to date.

Using a fixed asset tracking app and fixed asset tags revolutionises this process. Now, the way you report an asset fault is simple. Scan the tag, report the issue. It’s finished in three clicks and your administrators get an email notifying them of the fault, and your fixed asset register is updated automatically with this data.


itemit’s Fixed Asset Management Software

itemit’s features make it the best fixed asset management software out there. With the ability to mix and match tracking technologies, including GPS, RFID, QR codes and barcodes, you can create the most accurate, automated, and up-to-date fixed asset register possible.

As itemit is scalable and shareable, you can also reduce the asset tracking load and create a much larger benefit for your company. This is because, with more users, more people can use the system for different things and contribute to an overall, accurate fixed asset register.

In other words, somebody on-site can perform maintenance checks, report issues, and update asset location data. All of this is tidily logged in itemit and visible and exportable as a fixed, IT asset, or general asset register.

itemit is customisable and makes asset tracking quick, simple and effective. To find out more about how itemit can help your business, you can contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

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.

You're in great company

or, download the itemit app to get started

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