Spring Cleaning Top Tips and asset inventory management

asset inventory and spring cleaning

Sparking Joy and Getting Tidy: How asset inventory management can help

Out with the old and in with the new, Spring is finally here! Spring means a lot of things. New life, small cute animals, the smell of blossom on the trees and, of course, spring cleaning. Spring cleaning means an effective asset inventory management system is needed to make sure everything is in it’s right place.

Now, there are two types of people when it comes to Spring cleaning. Those who relish it, and those who do not. Whether you’re someone who runs around the home with glee, singing like Snow White and buffing out your old cabinets, or if you’re more like Grumpy and only want to tidy because you have to, we have a few tips, tricks, and methods to help you out.

Therefore, if you need cleaning ideas to get rid of all the mess and get your home neat and tidy, you’ve come to the right place.

Method One: The Classic

Well, ok, we’ll start with the obvious one. When you’re Spring cleaning you may not have a method, as such. So, in a way, the classic way of cleaning up is madness with method to it.

This is the method where you start off going room to room, then you start finding more and more interesting objects and spiralling down memory lane. Maybe you’ll even call in a loved one and ask them if they remember what you’re holding treasured in your hands, to which they’ll invariably grunt and shrug.

Obviously your things are important to you, so the classic method to avoid ending your Spring clean in Summer is to categorise your loved objects and come back to looking at them and reminiscing when you’re finished. You’ll probably find you don’t actually care about them as much as you did when you were cleaning.

Another trick to this method of going from room to room and just tidying, is to start off with the most boring rooms in the house. If you’re going to get distracted by your possessions, then start in the kitchen. Pots and pans are far less interesting than childhood toys.

You may be more tempted to get distracted the more you clean, but if you’re going to get distracted it’s better to happen when half your home has been cleaned rather than *walks into room* “Ooh”. Therefore, the best way to tackle this Magpie Syndrome is to start off bored, that way, it can only get better.

With asset inventory management, you can take as long as you want and set items as a priority. This means when you’re asset tracking your home you’ll know exactly what to tidy up first and what to leave. What’s more, you can tag your favourite items with rfid or QR code asset tags, so you know exactly what to come back to when you’re done and where it is.

Method Two: The Konmari Method

This method is for the hardcore cleaners.

Marie Kondo has been hailed as the Queen of the Spring Clean. Of course, while this means that her methods of cleaning work, it also means that they’re not for the faint of heart.

Only there’s more to it than that. Kondo’s method is respectful to the items and objects getting thrown out. So it’s not like that ex that you weren’t too sure about and then savagely dumped over text.

The main premise is “does the object you hold in your hands spark joy?” If it does, then keep it. If it doesn’t, then throw it out. Thank the things you’re throwing out for their service to you. Thank the home for letting you clean it. And thank the items that bring you joy.

You can then categorise things by size, and by a variety of folding methods that Kondo displays online. It’s also recommended that you add things to clear boxes and sort by how often you use something. Love pasta? Put the colander closer to the front of the cupboard.

Asset inventory management makes categorising your belongings quick and easy, meaning that you’ll know what does and doesn’t spark joy in no time at all.

Method Three: Time Keeping Method

It is said that Immanual Kant’s routines were so rigid, you could set the Cathedral Clock off him. If this sounds like you, and if you like time and routine, then this is the method for you.

It’s quite simple, really. Set alarms that correspond to jobs. Clean certain things at certain times and stick to it.

For example, wash the pots at 14:00, then move onto the pans at 14:10. Depending on how many pots and pans you have, of course. Don’t wash one pot for ten minutes.

One of the great things about this method too, is that you don’t have to finish everything in one day. Go room by room, alarm by alarm. As long as when it goes off, you move onto the next thing, then you have your to do list set up perfectly.

So set alarms and reminders! Link rooms to your asset inventory management app so that you know what to start doing and when to end doing it to the exact moment you need to.

Method Four: The Lazy Way

This way is the most attractive for the lazies. It’s simple, just throw everything that’s going to get thrown out onto the floor and leave everything else neatly where it belongs.

There is one difficult part, though. You mustn’t just leave it on the floor. You actually have to throw it out.

When this is done, however, and this is the clever part, there’s less to tidy! It’s not recommended you throw everything out so that you don’t have to tidy up, so keep it within reason, but with less things to handle, there’s less to do.

Tracking your Treasures and your Trash with asset inventory management

So where does itemit come in? Everyone is different, and everyone will favour a different way of Spring cleaning, but all of itemit’s features can help you in your quest for a cleaner home no matter your style.

First of all, you can separate your treasures from your trash. Categorise using qr code tags or rfid tags with our unique pre printed asset labels. You can do this after you’ve thrown the trash out, or so you know what not to throw out.

When you’ve tagged your assets, whether with asset tags or just by taking a picture, you can put them into collections. Whether the collection is trophies, socks, trash, items “to be cleaned” or items that have been cleaned, you can get more out of your spring clean.

You can even categorise by “sparks joy” or “doesn’t spark joy” so that you can throw out the old in an instant and bring in the new.

If you’re going for the time method, you can add reminders to assets so that you know what needs to be cleaned and when. Or, you can even track rooms as if they’re assets, and add dates of which room you want to clean and when.

Tracking rooms is also helpful in the sense that you can mark them as done when they’re finally looking like you can live in them.

Finally, you can add information about your assets so that you either spend less time reminiscing, or so that the time you do spend reminiscing is much, much sweeter.

Spring Cleaning? Need asset inventory management?
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Complement your Contents Insurance: How asset tracking can help

insurance asset register

Cover your assets: How an insurance asset register can help

Contents insurance isn’t a legal requirement, but this doesn’t mean that it isn’t a good thing to think about making the most out of. What about all of your covered assets, though. How do you keep a close eye on them and make sure they’re transparent to insurance companies? If you start tracking them, a simple insurance asset register will be created by itemit that you can use however you need.

There’s a range of insurances you can get when you’re covering your belongings. Contents insurance is a type of home insurance, rather than all risks insurance, however, meaning that the type of cover you’ll be getting with with your contents insurance means only personal belongings inside your home are covered.

So, with your contents insurance you are getting cover over your belongings in case of loss, theft, or damage. This means things are easier to replace if things break. If something happens and you’ve chosen the right cover, it may end up cheaper to have and use the insurance. You also have peace of mind that should something happen, you’re covered.

There must be a way to get more out of your contents insurance, however. Something to complement it. Because you don’t want a legal battle or to be contested on whether you owned items in the case of theft, loss or damage.

itemit can help make everything run a bit more smoothly, should the worst happen.

 

What are your assets?

insurance asset register

Your assets in this case will be what your contents insurance covers. Above is an example of an insurance asset register created automatically by itemit in the app.

Depending on your type of cover, therefore, your assets can be anything from your furniture to your valuables.

Your type of cover can change how you handle your assets. For example, with accidental damage cover, the process to compensate damaged items will be different to if valuable items are stolen. There are different things to show evidence for.

2015 statistics in the Crime Survey for England and Wales show that Jewellery or watches are the most commonly stolen items. How you track them and cover them will be different to how you track a sofa, due to the size and type of the asset, also.

How asset management can help

So how can tracking and asset management software help?

With asset inventory management, you can identify your assets with asset tags, whether these are rfid tags or qr code tags, and put each in a unique profile.

A collection of these profiles will then mean that you have an asset register.

With profiles and and an asset register, what you can do with both an individual item and a collection of items is more than just keeping a collection of receipts in a drawer, slowly deteriorating.

For a start, you can link and add information to each unique profile. This can include digital receipts emailed after purchase, or scanned PDFs of paper receipts, it can include warranties to prove that an item isn’t supposed to have broken, it can even include instruction manuals to prove responsible use.

Tracking with your pre printed asset labels will mean that you can also find out what’s missing in no time. Should the worst happen and everything has been scanned into its unique profile, you can simply rescan items and find out what has and hasn’t been recently seen. For example, if there is a theft, you can find what has and hasn’t been stolen in a faster and therefore less stressful manner.

Pre printed asset labels can also serve as a proof of location. If something has been stolen, with location tracking it can be proven that the last known location of that asset was inside the house.

These asset labels can also act as a theft deterrent, as all of ours say “tracked by itemit”, meaning tracked assets are less likely to be stolen.

Make the most out of itemit for your insurance asset register

So, how can you use itemit itself as insuretech?

All of the ways mentioned before are some of our asset management tools, but there are also more specific uses when it comes to insurance.

As mentioned, using our pre printed asset tags is not only an inexpensive solution to track the locations of your assets, but it can also mean that your valuables are less likely to get stolen.

Our asset tags come in all different shapes, sizes and materials also, which means that how you track your larger assets can be different to how you track your smaller assets, which is helpful in terms of insurance due to the range of contents you wish to cover.

Not only this, but you can simply export all data from an online insurance asset register to show the information an insurance provider will need.

Exporting will show the last scan, last seen location, who scanned the item, the description of the item, added documents and information such as receipts, and more. This means that not only can there be a simple way to show proof of purchase and/or ownership, but also proof the item has been displaced or broken.

How else can you cover your home?

Not only can itemit help in terms of house insurance or contents cover, but it can also help with the day to day running of a house.

For example, landlords can use itemit as an asset inventory tool. Tenants can then quickly and easily report an asset as broken rather than jumping through hoops to get information across.

itemit is great for transparency in terms of what assets are doing and where they are.

Get tracking!

So get started and your insurance asset register will be ready in no time!

Not only can itemit complement your contents insurance, but it can also help you keep a closer eye on what’s where and when.

itemit is the simple asset management software that’s easy to use and that can help keep your peace of mind.

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Stop Using Spreadsheets!

Leave Spreadsheets in the Past

How spreadsheets can hold back your asset tracking

Spreadsheets are limited.

There’s a lot more to it than this, but when it comes to simple asset management solutions, spreadsheets are hardly usable.

Whether you’re trying to create a fixed asset register, or if you’re trying to implement simple asset tracking, spreadsheets, or Excel, is not the direction you should be going in.

Spreadsheets have limited asset management features, much less than even the most simple asset management software. In what ways? Find out below with eleven reasons why spreadsheets are less effective than free asset tracking software, such as itemit..

1. Spreadsheets are difficult to maintain on-the-go

To get the most out of a spreadsheet, something is needed: a desktop or a laptop.

Imagine if you’re onsite, how difficult it would be to fetch your spreadsheets up on your phone for some property management.

Small boxes. Difficult to type in. Difficult to see.

Yet we’ll all have a smartphone stashed somewhere. Needing to update assets onsite makes everything a lot easier too, rather than noting down the necessary changes and bringing them to a computer.

With an asset management app, this isn’t even a problem. Simply open the app and update at will onsite.

2. Asset records aren’t linked to the physical assets

This creates an instant difficulty.

Imagine your fixed asset register on a spreadsheet, “CCTV cameras: x3”. Which is which?

You can add serial numbers, you can add columns and columns and rows and rows on your spreadsheet, you can take up an incredible amount of time trying to distinguish multiple identical assets.

Or, you can use asset management software.

With itemit, you can instantly add photographs, a unique serial number is created just for that singular asset, and you can even use unique asset tags.

Stick your asset tags onto your assets, whether they’re QR asset tags or RFID tags, then you simply need to scan them into your asset management system with your smartphone or an RFID reader.

How much do RFID asset tags cost? The answer is: it depends on size, use, read range, etc. You can find out more here.

3. It’s difficult for multiple users to access and contribute to a spreadsheet

This is a common office problem: Too many people on the same spreadsheet.

Even if the changes are being tracked, multiple users editing your sheets gets messy, confusing, and chaotic. Then there’s the risk of accidental deletion!

For example, what if two people are trying to update an asset simultaneously? What you get is a conflict of interests and a waste of time. With asset inventory management, the process is streamlined.

4. Multiple spreadsheets? No easy solution!

Creative asset management software means that you no longer need multiple spreadsheets.

There might be one spreadsheet with absolutely everything on it, there might be one with pages and pages of assets or information, or there might be multiple, all linked together and then linked to maintenance records, photos, user manuals. How is this efficient?

With asset register software, everything can be organised and in the right place. Easy.

5. No confidence when handing records over to other stakeholders

Imagine if instead of exchanging email after email to delay having to show your asset records, you could just open your phone and share with ease and comfort?

Sharing your asset records can be a real problem… If you’re using spreadsheets. If there are incomplete, inaccessible, or inaccurate records on your spreadsheets it might not be easy to just hand them over to a customer or stakeholder. If you’re using asset management software tools, however, then this becomes easy.

Save yourself the stress. Use asset management software!

6. Asset records are not updated instantly. Errors or outdated information are possible!

A big time-waster and a big potential for errors is that if you’re using a spreadsheet, maintenance teams will update asset records when they return to base.

How is this practical? Information might be lost, especially if it’s noted down either on a phone or on a notepad.

Use asset maintenance management software and update your assets instantly. No more wasted time and no more errors.

7. No real time view of assets and their status

Spreadsheets aren’t live.

How can you know the asset data is valuable, effective, accurate, and up to date? Time without updates increases the chance of errors.

With even the most simple, free asset management software you can update your assets and view them in real time. You can see where the locations are and when maintenance is scheduled.

8. Only one-way communication

This builds on the previous points. With spreadsheets you’re not communicating with your assets.

Your assets can’t send you automatic emails when maintenance is needed, they can’t tell you when they’re lost, they can’t tell you who was using them last. All the information on a spreadsheet is added by the user.

With asset management software, however, your assets can communicate with you in a proactive and productive way.

9. No accountability. Who changed what and when? Who knows!

When there are lots of users adding a lot of data it’s almost impossible to keep track of who put what and where.

There’s no accountability of who has created an error on the sheet which makes it much more difficult and time consuming to rectify.

As well as this, if an asset is lost it’ll take a lot longer to track with a spreadsheet. If you know who misplaced the asset with a more functional asset management system, you can find it a lot more quickly.

If every interaction is recorded, like it can be with asset tracking software, an audit trail is created and there is accountability.

10. No attachment features!

It’s possible to add pages and pages to spreadsheets involving external links to attempt to make it easier to attach relevant information and vital documents.

With an asset management app, however, it’s possible to simply attach records such as user manuals, photos, inspection sheets, receipts, warranties with ease.

That’s all there is to it, it’s really that simple!

11. Excel wasn’t designed for asset management!

This is the simplest and most compelling reason you should stop using spreadsheets for asset management. They weren’t built for it!

Excel is for analysis. It is not for tracking and maintaining assets.

There are no features in spreadsheets that can help you manage your assets, meaning that you have to create all the information yourself and add it. This means there might be features and capabilities you’re missing out on!

Not only this, but there’s the problem of smartphones as well. Excel was built for office use and not for on-the-go asset updating or management on your phone.

Asset management apps, however, are built for on-the-go usage!

Asset management software is the solution!

Hopefully by now the limitations of using spreadsheets to manage your assets is clear. From how you add the information to how limited the information is.

Luckily, there is an inexpensive asset tracking solution: itemit!

Find out more about who we are: here, and if you sign up for a free trial below, you can even receive free QR tags to see for yourself!

Want to track your assets better?

Begin a trial of itemit Enterprise and you’ll receive free QR asset tags!

Start your free 14-day trial now

Instant access. No credit card details required.

or, download the itemit app to get started

Music Tracks

Making a New Track

How you can track your band’s instruments and equipment

The screaming fans. The blaring speakers. The amps vibrating. Being in a band, whether it’s an indie rock band or a metal band, can give life meaning. Music can give your life meaning.

So maybe three years down the line you’ve made it. You can hear the festival crowds. You look to your drummer, your bassist, your guitarist. You can see the microphone onstage. You take the leap and everyone goes wild.

Now, though, is time for the graft. Playing in pubs and on the street on a Friday night. A singer trying to make it, fighting and loving their craft. Waiting for the next tour or at home writing for their next gig.

Whether you’re onstage in front of thousands or if you’re playing in garages and underground clubs, knowing where your equipment, instruments, and music is at all times is very important, and so is knowing what state it’s all in. Asset management systems can help.

The background work

Bands don’t just turn up to concerts and perform. Maybe if you’re a jazz band there’ll be some improv onstage, but generally, there’ll be rehearsals, practice, time to write songs and space for a few creative differences too.

The road to fame is difficult. It’s paved with disappointment sometimes. Looking around and seeing people buying into fame. Looking down at the song you’ve spent hours on and wondering if it’s good enough. That’s the graft. That’s the leap of faith.

Music is a leap of faith. It can be a leap of faith that takes one moment or years. Maybe, just maybe you’ll be in the right place at the right time. Maybe you’ll get heard by the right person. Or maybe you’ll have to struggle and fight for your place in the hall of fame.

Why take every risk then? If there’s anything you can do to make sure everything is where it needs to be, why wouldn’t you?

This is where itemit, the simple asset management software comes in.

Tracking your equipment

So let’s start at the beginning of the concert.

Maybe you’ve chosen to track the writing of the music itself, it’s possible to track your notes! But one thing’s for certain, you’ll want to track your equipment.

While you’re setting up, the nerves and the hours and hours of practise will be on your mind. You can get out your phone, open the asset management app and check that you’ve left all of your music in the correct places for peace of mind for a start. This’ll only slightly tackle the nerves, however.

If you want to be certain that everything that needs to be onstage is sitting where it’s supposed to be, though, itemit is the answer! Simply open the app and see that the location has been updated to onstage!

This is great for packing away as well. Don’t leave pieces of kit behind when you’re on tour. Stocktake in your van with asset inventory management. You can even use asset tagging to make this even easier! Use our unique asset tags, whether they’re QR codes or RFID tags, but stocktaking is much easier with RFID.

You can even know which of your groupies is in charge of what tech, just so there’s absolutely no confusion as to who has to pack away what!

Tracking your instruments

Now for the important thing. Using your creative asset management software to track your instruments.

Making music can be easier with your asset management tools. Less time setting up and tuning, more time jamming!

microphones

You can link all of your instruments to leads and amps and speakers, but getting it right is probably most important for microphones.

It can feel shameful to have the build up, to start owning the nerves, to bound onstage ready to yell “Good evening *insert place here*!” Only to be met with either silence or feedback.

This issue is easily avoided with cheap, simple asset management software. You can link up your microphones with the correct speakers and the correct wires.

Using different mics for different songs? You can even link these mics to your songs or your backing singers.

guitars

One of the fun ones. Know your stratocasters from your telecasters with asset inventory maintenance.

There are a lot of different ways to track guitars, but with asset maintenance management software, such as our app, you can track when the last time you tuned your guitar was.

Link your guitar to your capos, your amps, your leads, your loop pedals. Make sure it’s all plugged in onstage so that when you’re waving to the screaming fans, all you have to do is pick up and shred those solos.

This all goes for bass guitars as well, track them for your tour, and when you’re packing up, know your baby is safe and sound in the van without double, triple, and quadruple checking.

Now you can know she’s onstage waiting for you while you’re backstage, so sit back and have another drink.

Want a more futuristic look? Add a QR tag to the body. Want to keep it simple? Get a smaller asset tag. It’s just that simple.

drums

This one’s more complicated, but still made simple with our asset management software.

Track each of the drums individually and then link them all together. This way, you can know which ones have and which haven’t been tuned or tightened.

Link the set to setlists, so you know exactly which drums you need onstage for when you’re playing hard and sweating to your crowd.

Now you can even transport them in different vans, making things quicker and easier. Instead of one by one adding a drum to the back of the van, separate them and know they’re all in the right place with a simple check of the app.

Plug in and play

So you’ve tracked your tech. You’ve added your instruments. Now what?

Bring the band together.

Link everything together so that you know where it all is at all times. Set up rehearsals and concerts alike in a matter of moments

All there is left to do… Is play!

Jamming?

Begin a trial of itemit Enterprise and you’ll receive free QR asset tags!

Start your free 14-day trial now

Instant access. No credit card details required.

or, download the itemit app to get started

Flood Restoration Damage and Asset Tracking

flood restoration
How asset tracking can help you out of the rain

Tagging and tracking water restoration service assets

It happens. Whether it’s been on the forecast or not, a flood can set someone back a lot of time and a lot of memories through no fault of their own.

Their dogs have been barking at the grey skies. They’ve checked the weather over and over again. They’ve triple checked their flood insurance. However, this doesn’t mean they’ll be prepared for the worst, as a flood is always going to destroy more than what’s in its path.

They might be sitting there when river banks burst and water starts slipping in. They might be asleep as the rainfall simply doesn’t end. Or they might have already left the house for somewhere safer, knowing what’s about to come. When it happens, though, it can ruin more than just a day.

Speed, therefore, is important. Whether an emergency response team gets there quickly or not, water restoration and emergency flood damage can be a lengthy process, or, with the right tools and assets, it can be finished as soon as possible.

When somebody’s lower floor hangs in the balance and they just want their house back to the way it was, flood restoration needs to be quick and it needs to be effective. Asset tracking software can help with this.

 

The challenges

Flood restoration comes with a lot of challenges. Working hard, safely, quickly, and as a team is important, but there are still a variety of issues to overcome.

The first issues are related to speed. If somebody’s property has been ruined by flood damage, they’ll want to get back to their life as soon as possible. The problem is, if there’s been a flood, emergency flood response will likely have more than one property that needs fixing.

In terms of both efficiency and urgency, flood restoration and drying services need to know exactly where all of their assets are.

This can present another problem as a lot of teams are involved with flood restoration and so assets can be separated by distance. There’s also a problem here with flood restoration equipment rental, as information about how long the equipment can be used for or who is using it can also create a challenge.

 

Meeting the standards

As well as this, assets must be properly maintained. An asset that is slowly deteriorating and untracked is not an optimised piece of equipment.

All flood restoration companies, from dry flood restoration to flood restoration, must know what state their assets are in. To do this requires some form of asset management.

However, spreadsheets have somehow taken over as a lot of companies’ asset management system.

Spreadsheets create clear limitations, especially in the field, where communication and clarity are a must have to keep everything flowing smoothly.

If an asset breaks, time taken to flag the issue and rectify it is limited but crucial. Imagine trying to use your phone to open a spreadsheet and update asset information whilst in the field and then having to contact team members about it all the same.

It’s not just about assets breaking, though. Regular servicing to ensure preventative maintenance optimisation and to keep track of how well assets work is also essential. It’s difficult and time consuming to use a spreadsheet and switch dates back and forth depending on if a test is successful. When this happens, time that could be spent on more important things, such as going on water damage jobs, is lost.

 

A better way

Is there a better way? Yes. Asset tagging.

It’s really that simple. Using asset tags, whether RFID tags or QR code tags will instantly open up a lot of asset management options and opportunities.

Better than an equipment barcode tracking system, using QR code asset tags means that you can simply use a phone to scan any piece of hardware into your asset tagging software.

Ditching old and inefficient barcode asset tracking software or the use of spreadsheets and updating to a new asset management system can save time and therefore provide a better ROI, also.

 

What can it do?

Great asset management software can show which team members have which assets and where they are. This makes communication in the field a lot easier as if other teams have an essential asset, it can be retrieved faster if where the asset is has been made clear.

Specifically, this shows that with asset tracking software, you can keep track of where assets are left, what is owned and what is rented, how many of a certain asset you have, and who assets have been left with.

Routine maintenance is also tracked a lot more effectively as it’s tied to an individual asset which just needs to be scanned, then the information updated. This is a lot faster and easier than sifting through a spreadsheet to find which asset needs updating and when.

Assets can also be linked to manuals and warranties to ensure that a company can get the most use and optimisation as possible out of their assets.

 

Asset tagging

So, how should things be tagged? You can get all sorts of asset tags from the UK or from all over, but it’s sometimes best to keep it simple and effective.

An RFID system can help, as can one using QR codes. In flood restoration, however, it’s important that the right tags are used.

What do RFID asset tags cost? This simply depends on the asset tags you’ve decided to use, but ones with a bigger read range can be costlier and an RFID asset tag scanner will be another necessary purchase.

With itemit, you can use our pre-printed asset labels, however. We’re always willing to talk with companies and help find solutions to their specific needs.

This has meant that we’ve developed more robust, waterproof, and easy to scan QR asset tags.

Durability is a must for flood damage restoration equipment, so why should the tags be any different?

As well as this, you can even try our asset tagging software for free!

 

How asset management will help

Not only can asset management help make a lot clearer, such as who assets have been left with and where they’ve been left, it will also save time that’s usually wasted on an older “pen and paper” kind of system.

In any case, time is money, but in this one, time is also what makes the difference between a happy homeowner and a wet one.

Don’t just take our word for it, though, Action Dry Emergency Services had this to say:

“itemit has saved us a lot of time. It is the only software we trust to accurately allow us to see the locations of equipment on demand without paying a fortune.”

Looking for a way to keep dry?

Begin a trial of itemit Enterprise and you’ll receive free QR asset tags!

Start your free 14-day trial now

Instant access. No credit card details required.

or, download the itemit app to get started

How to Create a Fixed Asset Register

How to Create a Fixed Asset Register

How to Create a Fixed Asset Register

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

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

create a fixed asset register


What Are Your Fixed Assets?

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

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

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

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

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

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

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

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

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

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


What Is A Fixed Asset Register?

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

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

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

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

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

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


Listing Your Fixed Assets

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

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

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


What Information To Add

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

Now what? What do you need to know?

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

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

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

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

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

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


Choosing A Depreciation Method

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

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

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

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

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

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

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

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


Why itemit?

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

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

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

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

Fixed Asset Register

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