To understand fixed asset tracking, let’s begin by defining what a fixed asset truly is. A fixed asset is a long-term asset that a company has purchased and is using for the production of its goods and services. Fixed asset tracking may involve a wide range of assets, from physical objects as large as the buildings you work in, to the furniture or the devices used in day-to-day business processes. 

Fixed assets are identified by their lack of liquidity – that is, they cannot be readily converted into cash. Neither are they sold nor are they consumed. Rather, the asset is used to manufacture goods or deliver services over the long term.

An asset register – or in this case – a fixed asset register, is a complete and detailed list of all the fixed assets owned by a company. It holds all details regarding your fixed assets in one place-making it both accessible and simple to use.

An asset register records important information such as the identification, location, assignee, and condition of the asset. Furthermore, it also records financial data, such as the cost of purchase, date of purchase, current valuation, depreciation details, and more.

A business’ fixed assets are pivotal in ensuring a smooth and efficient working process. Naturally, due to their inherent importance, it is often essential to track and manage these fixed assets. If the need arises, you have a proper analysis of the role played by these actors in the business’ fiscal income. Analysing this information can help you in ascertaining the best possible solutions.

From identifying ghost assets to making well-informed asset-related decisions, fixed asset tracking can assist you in numerous situations. In this blog post, we’ll discuss what assets you should add to your fixed asset register. We’ll also slightly delve into how these assets are to be tracked. 

This in-depth review will help you understand the importance and the specificities of tracking your fixed assets, along with their impact on your business.

To start off, an asset register is simply a means to store or record data regarding different assets. Maintaining a fixed asset register holds countless benefits for a business.

At its core, it is the way a business maintains its asset register that determines how much time and effort goes into keeping it accurate and up to date. Ideally, asset management should take the minimum amount of investment of time and resources, whilst providing you with maximum productivity. This is made possible with automated asset tracking software such as itemit.

If you’re new to fixed asset tracking, you might be a little confused about which assets to track. There’s nothing to worry about as we’re here to assist you in this painstaking task of identifying which assets to track in a fixed asset register.

 We begin by listing the most important fixed assets that are to be tracked:

• Buildings: Physical structures used by your company.
• Property: Any land or different installations owned by the company.
• Hardware: Different forms of physical devices used by employees, such as computers, laptops, servers, and tablets.
• IT Software: Any software that has been purchased or leased.
• Furniture: Tables, chairs, filing cabinets, all forms of furniture are considered to be fixed assets.
• Machinery: Machines used on production lines. 
• Equipment: Any equipment employed by the business.
• Vehicles: Company-owned cars, trucks, other vehicles.

After having identified the fixed assets, another question arises, “What information do I track?” Adding excessive data proves to be only a hindrance, and a lack of sufficient data will make fixed asset tracking more difficult, acting as a hurdle while making important business decisions.

First – and arguably the most crucial point to note – is that the data should always be up-to-date. This is because the database storing assets information should always have the correct information about the location, identification of its custodian, and its last maintenance date so that this information is utilised accurately to deliver the due benefits to your business. 

We’ve compiled a list of the most important attributes of your fixed assets to be tracked within the asset management software. 

• Vendor
• Purchase Cost
• Effective Lifetime
• Serial Number: important for warranty information
• Warranty Expiration Date

Fixed asset tracking enables you to track assets over time and monitor depreciation efficiently. Tracking the depreciation – or appreciation – can help you in making well-informed and much more suitable decisions while keeping an eye on your own financial position and the turbulent business landscape. 

It is important to note that taking depreciation into account is a crucial part of the financial process. Fortunately, itemit’s fixed asset register handles tackles this issue with ease.

Naturally, the topic of tracking assets inherently raises the question “How do I track these assets”. This is where the topic of the fixed asset register comes into play.

Whether you already own an asset register or wish to shift to using a better fixed asset register to achieve your company’s financial goals, itemit can fulfil all of your needs. It’s an off-the-shelf solution that’s easy to use, time-saving, and economical, making fixed asset tracking a cakewalk. 

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!

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. If You Need a More Accurate Fixed Asset Register
2. If You Want Greater Transparency and Accountability
3. If You Want to Save Money
4. If You Want to Make Auditing Easier
5. It’s Always a Good Time to Invest in Fixed Asset Tracking

In this guide:

1. If You Need a More Accurate Fixed Asset Register
2. If You Want Greater Transparency and Accountability
3. If You Want to Save Money
4. If You Want to Make Auditing Easier
5. It’s Always a Good Time to Invest in Fixed Asset Tracking

Your businesses’ fixed assets are a defining component of your company’s net worth and what it’s capable of. If you’ve experienced considerable discrepancies in your asset register, difficulty getting accurate audits or miscommunication regarding assets’ whereabouts and other information, it’s time you invested in a fixed asset tracking software. 

itemit’s fixed asset tracking software combines the most sophisticated asset tracking technologies and powerful features and makes it accessible to you through an easy-to-use and intuitive user interface. But before we get into the technicalities, let’s read through why and when is it time to use a fixed asset tracking software.

The purpose of a fixed asset register is to keep a track record of all your assets with essential details like purchase cost, purchase date, valuation, depreciation and so on. All of this helps an enterprise make the most out of its assets, boost productivity and save money in the long run. 

However, none of that would be possible if the asset register you’re keeping is not accurate. When using obsolete methods for asset tracking such as spreadsheets and text files, it becomes very easy to make an error every now and then. The risks of human error drop significantly when you’re using specialised fixed asset tracking software. 

Every piece of asset information goes into separate text boxes on individual asset profiles. Moreover, multiple users can review the fixed asset register at once to double-check the accuracy of data. This way, itemit lets you have an error-free asset register that’ll surely save you money.

Whether you’re working from home, from the office or following a hybrid work model, you always want to maintain maximum transparency and accountability. This is especially true when it comes to fixed assets. 

Your fixed assets comprise the most valuable items or property your company owns and thus, proper steps must be taken to ensure their safety and security. A fixed asset register software empowers you to have a clear overview of all items. You can see all their locations, descriptions and every other important detail through the software at any time. 

Not only that but special tools like the Assignee and Check in Check out features let you assign individual items to team members and see which items are being taken out of the office and by whom.

Have you made a lot of duplicate purchases lately? Are you unnecessarily paying taxes on ghost and zombie assets? Do you want to save money on asset tracking itself? Or have you got a lot of misplaced and stolen assets in the last few months? 

You could save money on all these things and many more asset-related money leaks with fixed asset tracking software. The next time you’re purchasing tools and equipment, just open the asset register on your phone to see which assets you have and which ones you don’t. This prevents you from making any wasteful purchases.

itemit also helps you identify ghost and zombie assets and deal with them effectively. This can cut your tax bill down significantly. In the same way, conventional asset tracking methods are very time consuming and may even require you to hire a person to keep track of fixed assets. With itemit, asset tracking becomes a walk in the park, and much more economical than other options.

Accurate auditing requires keeping an accurate fixed asset register, which holds a lot of value in itself. Auditing saves you a lot of money by allowing you to avoid unexpected costs, asset damage and unnecessary taxes. But auditing is by no means an easy feat. But if you use a fixed asset tracking software, it can be.

More than 50% of your auditing work is already done if you have an accurate asset register. The rest of the procedure involves just a few more simple steps.

With so many new features integrated into the software, impressive functionality, and the ever-increasing trends towards asset tracking, one can confidently say that now is the best time as any to invest in fixed asset tracking. This is not only because of the factors we’ve mentioned above but for an investment that offers lucrative ROI, there’s never a bad time. 

The shift towards remote and hybrid work after the pandemic also calls for a solution that lets you adapt your asset tracking capabilities accordingly. Plus, itemit is a scalable option and will serve various purposes simultaneously. Whether you need a fixed asset register, IT asset management system, equipment checkout software, or tools and equipment tracking, you can do it all with itemit. 

To find out more, reach out to the team at team@itemit.com. You can also check all the features out for yourself with the 14-day free trial. Fill in the form below to start.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. What is an Asset Register?
2. What Features Does itemit’s Asset Register Have?
3. Asset Tagging
4. Equipment Booking
5. Extreme Scalability
6. Asset Security
7. Conclusion

In this guide:

1. What is an Asset Register?
2. What Features Does itemit’s Asset Register Have?
3. Asset Tagging
4. Equipment Booking
5. Extreme Scalability
6. Asset Security
7. Conclusion

An asset register helps your business grow at so many different levels. From financial accuracy and employee accountability to enhanced productivity, you can achieve it all with a good asset management system. 

Your assets are a pillar of your business enterprise, and how you manage your assets can often mean the difference between a failing venture and sustainable business growth. To make sure that your asset management lets you have the latter, go for itemit. 

itemit’s asset register empowers you to manage your like assets like never before. It gives you hands-on control over all your assets. It lets you identify every detail about every asset with pinpoint accuracy. It also lets you share the asset management responsibility with the rest of your team so that you can collaborate on better, company-wide asset management. 

Keep reading to learn more about all that itemit’s asset register can do for your business.

Also known as asset management or asset tracking software, an asset register is a software solution that lets you add, edit and monitor your business assets on a cloud-based database. It lets you add all your assets in a neat and organised online register which can be accessed through the itemit app or web portal. 

You can log your business assets onto the asset register via asset profiles. Asset profiles let you add all the information about an asset quickly, without scrolling through lengthy spreadsheets. Apart from that, the itemit asset tracking software offers a range of functionalities that can make life instantly easier for you and all your team members. 

Below we’ll talk about these different functionalities and how they can help your company.

There are quite a few features that make itemit an excellent choice for your businesses’ asset management. We’ll try to highlight a few most important ones.

You can use itemit’s asset tags to give a unique identity to each of your assets. You can either use QR code or RFID tags for each asset. When you scan an asset, the itemit app automatically recognises it and opens its asset profile. Not only that, but the location of the asset is also automatically updated in the asset register whenever it’s scanned.

This can save your team dozens of hours. Even though using an asset register is much better than using conventional methods to track assets, searching for assets in a register manually can still take up a lot of time. Smart asset tagging solutions also enhance asset security.

There are a lot of different ways how an asset register saves your time and ultimately boosts your business’ productivity. Its equipment booking feature, for example, lets you book a piece of equipment ahead of time so you can ensure its availability when you need it. 

It often happens that you were planning to do a task that requires a particular tool. When the time comes, you find out that that equipment is already being used by someone else and this spoiled plan not only delays your work but also frustrates you. This could be avoided if there was a platform to collaborate on tools and equipment management. 

With the booking feature, all your team members can synchronise with each other and maximise productivity.

itemit is the most scalable asset tracking solution you’re going to find. Because it’s shareable and extremely versatile, it can help every department in your company. You can use it as a tool tracking software that workers can use to collaborate on the company’s equipment. It can be used as a fixed asset register that the accountants can use to keep a track of your company’s finances. Or you could also use it to manage IT assets for regulatory compliance. 

You name it. itemit’s asset register can do it!

When each and every one of your business assets are logged and tracked with itemit, the chances of asset theft or misplacement are decreased to the bare minimum. The equipment checkout feature ensures that every asset going out of the workplace is recorded, so all team members can know who checked out what and when. 

That is not all. The asset register software also keeps recording assets’ location when they’re scanned so you can always find the last seen location for each asset through the itemit app.

We’ve only briefly touched upon a very few of the many benefits that an asset register brings to your business. The fact is that an asset register has a unique set of advantages when it comes to different departments and even different businesses. So there’s something different in store for every unique business that uses the software in a unique way.

To discover more about what specific benefits an asset register can bring to your company, please reach out to us at team@itemit.com. You can also fill in the short form below to take itemit on a test drive and discover for yourself!

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Step 1: Keeping an Up-to-date Asset Register
2. Step 2: Verification of Records
3. Step 3: Accounting Process
4. Step 4: Calculating Depreciation
5. Step 5: Valuation and Disclosure
6. The Right Fixed Asset Register For Robust Audits

In this guide:

1. Step 1: Keeping an Up-to-date Asset Register
2. Step 2: Verification of Records
3. Step 3: Accounting Process
4. Step 4: Calculating Depreciation
5. Step 5: Valuation and Disclosure
6. The Right Fixed Asset Register For Robust Audits

Accurate asset auditing is one of the many benefits of a fixed asset register. But why do you need to audit your business assets? 

Well, regulatory compliance is one thing. But did you know auditing has some other, much more significant benefits for your business? Accurate auditing involves keeping an accurate track record of your fixed assets, which itself holds a lot of value. 

Furthermore, auditing can save you plenty of money by letting you avoid unexpected maintenance costs, damage incurred by using outdated assets and unnecessary taxes. And there’s more! Internal audit procedures boost productivity, make you more organised, and increase accountability in the workplace. 

That said, if you want to learn how to use a fixed asset register for audits, this short guide is for you. We’ve prepared a step-by-step guide that’ll walk you through the auditing process.

An accurate and comprehensive asset database forms the foundation for a successful audit. A well-kept asset register is the first thing you need and preparing is not a one-off thing. This involves recording asset details for all your fixed assets consistently over a period of time. 

You need to record all or most of the below-mentioned details for every fixed asset: 

• Vendor: The company you purchased the assets from
• Purchase date
• Purchase cost
• Effective Lifetime
• Serial Number: important for warranty information
• Warranty expiration date
• Depreciation particulars
• Particulars regarding sale, or discarding assets
• Details of fixed assets retired from use and held for disposal

You should have all your fixed assets listed on the register and their details updated as frequently as they change. You can utilise asset tags to make the asset tracking process simpler and quicker. 

If you already have a well-developed and up-to-date fixed asset register, you’re ready to move on to the next step. You can export configurable reports directly from your fixed asset register that makes the auditing process much easier.  

When you have the asset details in front of you in a report, chances are there might be minor fallacies in the information. Although using an advanced fixed asset register reduces errors to the bare minimum, the risk of human error is still there.

This is where the numbers game kicks in. Financial information like purchase dates, costs, tax and depreciation details should ideally harmonise between company balance sheets and the asset register. The accounting process also includes the physical verification of assets. 

Physical verification is the best part because this is where you’ll be busting ghost assets and bringing zombie assets back to life. The auditing procedure gives you the opportunity to physically verify each and every asset on your fixed asset register for its existence and the condition that it’s in. 

If a fixed asset is recorded on the register but you can’t find it anywhere in the office or worksites, that asset might be a ghost asset. In the same way, if you find an asset that does not exist on the register, it’s a zombie asset. Furthermore, you also have to evaluate each fixed asset for the condition it’s in. 

Condition evaluation enables you to identify whether or not an asset is in need of maintenance, or if it’ll be retired soon. This brings us to the next step in the auditing process: calculating depreciation.

Your fixed assets lose value over time. This phenomenon is known as fixed asset depreciation. Calculating depreciation over an asset’s life cycle and reporting updated values for tax and insurance purposes is a crucial financial process.

Fixed asset depreciation can be calculated by using depreciation methods like WDV (written down value), straight-line or units of production method. Once you’ve calculated depreciated asset values, don’t forget to record them in the fixed asset register and report updated values for tax and insurance so the company can save money wherever possible.

This is the last step in the audit procedure. Once you’ve finalised the audit reports, identified ghost assets, calculated depreciation and confirmed your business assets’ valuation, you have to make sure everything falls in line with regulatory requirements. Take your time to set things straight in case there’s an anomaly.

itemit’s fixed asset register software empowers you to set up a comprehensive asset register in a few simple steps. Adding and updating asset information with itemit is as easy as it gets. 

Apart from configurable reports for easy auditing, itemit brings a great range of features, scalability and shareability. So feel free to use the system the way you want. For instance, if you need tools tracking software or equipment checkout software, itemit is your all-in-one solution.

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.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Which Assets Should I Log on a Fixed Asset Register?
2. What Details Should I Track on a Fixed Asset Register?
3. What Can I Do with a Fixed Asset Register?
4. Streamline Maintenance Operations
5. Export Fixed Asset Details for Insurance and Audits
6. Secure Your Fixed Assets
7. itemit’s Fixed Asset Register Software

In this guide:

1. Which Assets Should I Log on a Fixed Asset Register?
2. What Details Should I Track on a Fixed Asset Register?
3. What Can I Do with a Fixed Asset Register?
4. Streamline Maintenance Operations
5. Export Fixed Asset Details for Insurance and Audits
6. Secure Your Fixed Assets
7. itemit’s Fixed Asset Register Software

Investing in a fixed asset register is surely going to save your business a lot of time and money. You should, however, acknowledge the fact that this is not a one-off engagement that will continue to reap benefits on its own after you’ve purchased fixed asset management software. 

In a nutshell, you are recommended to engage your fixed asset register frequently and keep it updated with the latest and the slightest changes in your assets. As it goes, the more frequently an asset register is used, the better it performs. This might sound a bit vague to you. Continue reading for a quick guide on how to use a fixed asset register.

As the name suggests, a fixed asset register is for fixed assets. But not everyone is aware of what fixed assets are, or how to differentiate between a fixed asset and a current or temporary asset. 

Fixed assets are usually physical objects that cannot be readily converted into cash. An easy way to define a fixed asset is anything that you purchase with the intention of using it for more than one year. They’re meant for long-term use. Some examples are furniture, hardware, machinery, vehicles, buildings and land.

Another way to determine which assets to track on a fixed asset register is to include anything you own that you want to log for depreciation.

To make the most out of fixed asset management, it’s imperative to track essential details for each of your assets. Here are some of the asset details that you should typically track:

• A unique identification number in case you’re not using asset tags
• Asset name
• Department
• Description 
• Purchase and capitalisation dates 
• Purchase cost
• Warranty details
• Residual value and asset life
• Depreciation details

Please note that even though this list seems quite meticulous, these are only the generalised details you’d want to track for every fixed asset. Although it’s not compulsory to have all this information at hand to be recorded in the register, it’s much easier with an easy-to-use software rather than using a spreadsheet. 

This list, of course, doesn’t apply to every fixed asset. Some details may not apply to some assets, and others may have extra information that you’d want to add to their asset profile.

There are many helpful uses for a fixed asset register. Let’s see what they are and how they improve your control over your assets, ultimately saving you time and money.

With all your fixed assets only a few touches away, you can easily see which assets require maintenance. With a shareable asset register, employees can mark assets for maintenance and managers will get notified. 

Scheduling asset maintenance is a pretty simple process, and you can also track the maintenance process until the asset is up and running again. This way, you’d be able to reduce asset downtime and make your team more productive.

Another great functionality you can take advantage of is the ability to export your asset register for insurance and accounting needs. If you’ve kept your asset details up to date, carrying out accurate audits becomes a breeze.

Moreover, this will help you prove ownership of your assets easily. This means insurance companies can use your fixed asset register to quote you and if something goes wrong, it can turn out to be a great piece of evidence for you.

Similarly, fixed asset management is a great solution for better accounting and tax calculations. With an easy way to prove the ownership and value of your assets, you get accurate tax breaks. This also makes sure you’re compliant with industry regulations and don’t incur penalties by over or under-reporting your asset finances.

If you could categorise your most valuable assets in one group, you’d call them fixed assets. And because they’re so valuable, they should be secured accordingly. Asset tags are a great way to keep track of your assets and reduce the chance of theft. 

Asset tags allow you to update asset locations regularly. Every time you can’t seem to find an asset, you could just look up its last-seen location to find it.

itemit’s fixed asset register software enables you to set up and monitor an asset register in a few quick and simple steps. With itemit, keeping data updated is as easy as it gets. 

It comes with a great range of features, and you’re free to tailor the system according to your needs. For example, if you need equipment checkout software, tools tracking software or if you want to track high-value assets only, itemit can be used for all that and more.

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.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Five Strong Reasons to Track Fixed Assets
2. Maximise ROI on Fixed Assets
3. Maximum Transparency
4. Regulatory Compliance
5. Reduce Maintenance Costs
6. Better Decision Making
7. itemit’s Fixed Asset Register

In this guide:

1. Five Strong Reasons to Track Fixed Assets
2. Maximise ROI on Fixed Assets
3. Maximum Transparency
4. Regulatory Compliance
5. Reduce Maintenance Costs
6. Better Decision Making
7. itemit’s Fixed Asset Register

Tracking fixed assets enables firms to grow like never before. Companies all over the world are utilising asset tracking technology to be more productive, save money and discover ever new horizons of sustainable growth. 

While the trend towards fixed asset tracking is on the rise, you should be concerned if your business has not yet adopted or started thinking about adopting automated asset management. To help you with your decision, here are five reasons why you should track fixed assets.

1. Maximise ROI on Fixed Assets
2. Maximum Transparency
3. Regulatory Compliance
4. Reduce Maintenance Costs
5. Better Decision Making

A fixed asset is an object you purchase for long-term use. Any piece of hardware, furniture or tool that you own and intend to use for more than a year is termed as a fixed asset and plays a crucial role in work operations. 

Your fixed assets help you earn money. While it’s not easy to put a monetary value on the service an asset has provided you with, Return on Investment (ROI) aims to compare the amount of income that’s generated by a given amount of investment. 

At the time of buying a fixed asset, every business owner or manager wants to extract the maximum amount of value or serviceability from it. This means utilising it at full capacity for the longest period of time. This is easy to achieve with a fixed asset register. 

That’s not all. What about the ROI on fixed asset tracking technology? Hear this out: ROI on asset tracking software takes less than a year!

Take the amount of time the average employee spends trying to find and recover tools and equipment. Multiply that by the number of employees who do the same thing every day of work. Have a figure? Multiply that again with the average hourly rate for employees at your company. There’s more. What about the time spent on managing asset spreadsheets manually? 

Some quick mental maths will give you the answer you’ve been looking for.

How about having a clear overview of all your fixed assets at all times? When you have all your fixed assets tracked with a fixed asset register, you have a comprehensive dataset about each asset available to you at all times. 

This way, you can instantly tell what assets you have, where they are, who has them and even the most intricate details like the purchase price, warranty information and much more: all that at your fingertips. 

Tracking fixed assets is also a great way to deal with ghost and zombie assets. The level of transparency you can have instantly upgrades productivity, accountability among employees and enhances financial accuracy for better audits.

Governments and regulatory authorities around the world require enterprises to keep track of their assets, more importantly, IT assets. This is done primarily to promote financial integrity and personal data security so firms can prove the credibility of their operations.

For instance, GDPR compliance in the European Union requires businesses to track all assets used to collect, store or process clients’ personal data. If you’re already tracking your fixed assets, acquiring most asset management compliance certifications will be easy.

A company-operated vehicle requires an engine oil change and some other maintenance. If taken care of on time, you can minimise maintenance costs. But if you fail to keep track of that vehicle’s maintenance needs, and delay maintenance for too long, you will inevitably have to pay more for maintenance since the asset has suffered a lot more damage due to a late oil change.

This is only one example. But the same is true for every other fixed asset that needs occasional maintenance. With fixed asset tracking, employees can mark an asset due for maintenance so that the managers can look into it in time and save the asset from wasteful damage.

Fixed asset tracking gives you valuable insights on what assets your company needs, what it doesn’t, which assets are utilised the most and which ones went underutilised. Having all this information enables you to make well-informed decisions when planning for the future. 

Having a fixed asset register can save you from making duplicate purchases. In the same way, you can predict which tools or equipment will be needed at a particular time by studying asset utilisation trends.

Fixed asset tracking is something for every business to do. And the best way to do it is with itemit.

itemit’s fixed asset register is a very user-friendly and advanced software solution that fulfils all your fixed asset management needs efficiently. What’s more? It’s integrated with over 2000+ apps including Google Calendar, Trello, Slack and Gmail for seamless collaboration. 

Book a demo now to learn how itemit can solve your fixed asset management. For queries, contact us at team@itemit.com. You can also fill in the form below to start your own 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started