When it’s time to audit your business you need to know you have it under control. Making sure that you can show you’re complying with regulations can be easier said than done. The good news is that an equipment register can help with this. In fact, a register such as this can help your business in a wide variety of ways. But first, let’s take a look at what an asset register is. Then, we’ll explore how it can be useful for audits.

An equipment tracking register/equipment register is a type of digital database that stores a host of information. This information will relate to every asset that is entered into the register. A good register is one that’s updated frequently and is full to the brim with details about each asset. These details include each asset’s:

• Make and model number
• Seller
• Purchase cost
• Date of purchase
• Serial number
• Warranty and insurance information 
• Estimated current value
• Expected life span 
• Maintenance schedule
• And any other details that you wish to add

In addition to adding all of the above details, you can update your register as and when you please. If you purchase a new asset you can add it to the register. If an asset has been discarded, you can remove it from the equipment tracking register. Keeping everything up to date can be helpful if you need to access details about each asset in the future.

As soon as you have updated your asset register you can print off a report. Some asset register software allows you to do this. So, when you have exported and printed your reports you can verify it. The verification process can ensure that your audit is accurate thereby allowing you to show you’re complying with regulations. 

Imagine being able to export and print off reports about all of your assets. This is something that you could do if you use a register that details all of your assets. Just make sure that the software you choose offers you this feature.

This part of an audit involves you physically verifying your assets. Once this stage is complete you can potentially eliminate any ghost assets in the system. Another benefit of this is that you can quickly check the condition of each asset. 

The accounting process also involves ensuring that figures such as asset costs, depreciation, and tax are correct. While this may not seem like a lot of fun, having an equipment register to hand can make the process much easier.

Every single asset that you own will lose value over time. The loss of value is referred to as “Depreciation”. Working out or calculating an asset’s depreciation is a vital part of the audit process. When assets in your equipment tracking register lose value it needs to be recorded. As a result, you may need to adjust your insurance and tax figures. 

There are a few different methods for calculating depreciation. For example, you could use the units of production way, the written down value, or even the straight line method. The choice is yours. However, once you have calculated everything, you’ll need to update your register. Finally, don’t forget to update your insurance and tax values. This could help you to save money and that’s never a bad thing.

The final step of the auditing process relates to the valuation of your assets. This valuation needs to include every single piece of equipment that you own. You may have a lot of equipment and it could seem like a task but it’s vital everything’s included. As soon as you have confirmed the value of everything you’ll need to do one more thing. You’ll need to check that your business is meeting the regulatory requirements. This is often an anxiety-provoking task. However, if you take your time you can potentially iron out any issues. Don’t rush any part of this process. Take as long as you need to ensure that your business is meeting those regulations. When you are certain, then you can disclose everything. 

Using an equipment tracking register can prove to be very useful for the auditing process. You could have all of the information you need about your assets in one place. You may not have to go running around a warehouse or factory, for example, trying to gain the information you need. You can simply log into your tracking software and have access to the details you need for your audit. Consequently, this potentially stressful time could be made so much easier. 

Would you like to speak with someone knowledgeable about using an equipment tracking register to help you with audits? Contact us now at team@itemit.com. 

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or, download the itemit app to get started

Anyone who tells you that managing assets is easy has either never managed them or they use the cloud. The cloud is often used for storing a lot of data and in the same way it can be used to manage assets. This is simply because all of the assets’ data will be uploaded to the cloud. But why would doing this make life easier? Read on to find out.

Imagine being able to gain access to information about your assets whenever you need to. This is completely possible when you set up an ICT asset register. Depending on the software that you choose, you can add as much information about your assets as you’d like. You may not be limited to adding an asset’s make, model and serial number. You may also be able to add information such as:

• Warranty information
• Insurance information
• The asset’s user instructions
• Date of purchase
• Cost at purchase
• How long the asset is expected to last 
• The estimated value of the asset
• The estimated cost of a replacement asset
• A maintenance schedule
• A photograph of each asset as it can make identifying them easier
• A note about any issues that users are having with the asset

The list goes on. Some ICT asset register software will allow you to add as much information as you wish. What this means is that you could have a whole host of information to hand all day and night. You will have to add all of these details yourself. However, once you have, you can start to create a lot of data in addition to having access to very useful information. 

When data is created, and it may be created each time you use an asset, you can have better business insights. These insights can help you to see how well your business is doing. They may also help you to make better decisions as you could have some very useful data.

Another reason why managing assets in the cloud makes life easier is thanks to the security boost. This boost could occur as you always know where your assets are. Additionally, you may even know which member of your team is using an asset. You could, for example, see that employee A is using a laptop in the office next door. You may also see that employee B is using the desktop computer you gave them in an office 50 miles away. A result of this means that security is tightened. You won’t have to simply rely on your employees to return your computers to you. As long as they have been included in the ICT asset register, you can retrieve them. 

Security can also be boosted in a different way. For example, most employees will know that your assets are tracked. This means that they are a lot less likely to lose them. Such assets are also less likely to be stolen. If it’s clear that a laptop or a tablet is tracked, they may not be taken. If they are, you could track them.

We have just seen that if you add your assets to your ICT asset register you know where they are. We have also seen that this can help with security. However, it can also be wholly convenient. 

Let’s imagine that you’re moving to another office location. You need to make sure that the right computers are sent to the new location. The good news is that you can simply check your asset register app and understand which devices are where. Depending on the software that you use, you may even be able to see where they were 10 minutes ago. This means you could see whether the assets are still on the back of a lorry, travelling up the A1. 

When you know where your assets are you can have more control over them. You can even choose which employees have access to the assets and which employees don’t. Some ICT asset register software will come with a check-in and check-out feature. This feature offers even more control and more security. In any case, you can usually see who has checked the assets out and who still needs to check others in. When you have the ability to do this while making use of the location tracking feature you know you’re onto a winner. 

As you can see, managing assets in the cloud makes life much easier. Therefore, it makes sense for businesses everywhere to start using asset management software that works well.

Wish to speak with an ICT asset register expert about managing assets in the cloud? Contact us now at team@itemit.com.

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In this guide:

1. What is Pre-emptive Maintenance?
2. Managing Your Assets’ Lifecycle
3. Setting Up Maintenance Reminders
4. Pre-emptive Maintenance And More

In this guide:

1. What is Pre-emptive Maintenance?
2. Managing Your Assets’ Lifecycle
3. Setting Up Maintenance Reminders
4. Pre-emptive Maintenance And More

Taking good care of all of your assets is hugely important for all of the assets on your construction site.  However, it’s often much easier said than done. If you have a lot of tools, computers, machinery, equipment, vehicles, etc. maintenance can be difficult. The good news is that with a bit of planning and pre-emptive maintenance, your assets can be taken care of.

Pre-emptive maintenance is ultimately a strategic way of ensuring all of your assets are routinely maintained. When everything is taken care of, your assets are less likely to break down. In addition to this, downtime could be minimised. This can only be a good thing. When unplanned downtime occurs it can hold up the flow of the construction site. There’s a chance that your project could be set back a few hours or even a few days. However, when you pre-empt downtime by maintaining all of your tools and machinery, etc. downtime is less likely to occur.

Less downtime means there’s a real chance that you and everyone else on your site could become more productive.

It goes without saying that some of your equipment will sustain wear and tear. Consequently, the lifecycle of that equipment isn’t likely to be long. However, when you employ pre-emptive maintenance, your equipment could last longer.

Using asset tracking software can be of immense help. It can help you to locate your assets in addition to allowing you to set up maintenance reminders. Not only this, but you can also see which tools are being used and which have been left in the storage area. 

Did you know that when you use asset tracking software you can manage each asset’s lifestyle with ease? You probably already have an idea as to how long each asset lasts. When you add the date of purchase to each asset’s digital profile you can estimate when the asset will fail. This allows you to plan ahead and make sure you have replacement assets to hand, should you need to.

We already know that when your most essential construction equipment isn’t working it can cause issues. However, when you set up maintenance reminders you can almost say “Cheerio” to those issues. Maintenance reminders can ensure that your tools are checked over every so often. That machinery you rely on so heavily could be looked at and potential faults can be dealt with. This not only ensures that your machinery is less likely to break down, it can potentially mean it’s safer to use. 

When you use pre-emptive maintenance in such a way, you could complete your projects sooner rather than later. If you’re worried about the delay caused by maintenance you could always have a temporary replacement. As a result, you could still get on with the tasks at hand, ensuring that there’s less delay. 

When it comes to setting up maintenance reminders, consider how often maintenance is required. Perhaps some machinery needs to be checked out once a month. Your trusted tools may need to be looked at 4 times a year. Your vehicles may need a six-monthly check, and so on. Set up maintenance reminders that are specific to each asset. When you do, you’re less likely to have issues.

Pre-empting asset maintenance is hugely important to the assets used on your construction site. Many people use asset tracking software to help prevent issues. But did you know that using software such as this to pre-empt issues comes with a few benefits? Below, you can find just a few of them:

• There’s a lot less downtime due to unexpected issues
• Your team members are less likely to sustain injuries
• Your expenses could potentially be lowered
• You are likely to gain even more trust from your team members 
• You could have improved Root Cause Analysis data collection
• Your bottom line is likely to improve 
• The rate at which your equipment is turned over could reduce 
• Safety levels can increase due to everyone using safer equipment
• Security is improved as you always know where your assets are

As you can see, there are a lot of benefits associated with using tracking software to help maintain your assets. Additionally, your customers/clients are likely to be even happier with you. When you start to meet and maybe even beat deadlines your reputation could improve. This is never a bad thing as it potentially means that you could get more business. It also means that you and your team could work on a safer construction site that has a better atmosphere. 

Wish to chat with an expert about pre-emptive maintenance for assets on your construction site or anywhere? Contact us now at team@itemit.com.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Know What Assets You Have
2. Use Asset Tracking Software
3. Set Up A Maintenance Schedule
4. Use Pre-emptive Maintenance
5. Check Everything In And Out

In this guide:

1. Know What Assets You Have
2. Use Asset Tracking Software
3. Set Up A Maintenance Schedule
4. Use Pre-emptive Maintenance
5. Check Everything In And Out

From time to time, assets decide to break down. We all know that this downtime occurs when we’re at our busiest. Assets somehow seem to know that downtime is the last thing we need. In addition to this, equipment, computers, machinery, vehicles, and tools, etc. break down as and when they please. As a result, orders can take longer to process, sales aren’t completed, and customers are kept waiting. The good news is that if you use the right asset register format you can reduce downtime. 

Below you can find 5 tips that will help you to reduce asset downtime from today.

One of the first things that you can do is to know what assets you have. When you know what you have, you’ll know if you have a replacement asset. Let’s imagine that one of your conveyor belts breaks down. If you have a replacement belt you can attach it to the machine or move operations elsewhere. What this means is that you could still fulfill the orders and have less downtime. 

When you use a reliable asset register format you can see exactly what you have. So, if something does break down you know how many replacements you have. You’ll also know whether you’ll have the right tools to fix that broken down conveyor belt.

Another really useful way to help reduce asset downtime is by using asset tracking software. Software such as this can help you to understand which assets are being used and which are undergoing maintenance. Additionally, it can allow you to send tools, equipment, machinery, etc. to maintenance should you need to. 

Did you know that a digital asset register format could allow you to leave notes about equipment? If you used a hammer drill, for example, and it wasn’t working well, you could leave a note for the next person. You could tell them to make sure the drill bit is in properly. You could mention that the drill needs to be fully charged before use. You could tell them whatever you wish using the asset tracking software. So, the next time that hammer drill is used, someone will know exactly what to do.

A really good feature of many an asset register format/software is they often allow you to set up schedules. A maintenance schedule will undoubtedly be useful. A schedule such as this can tell you which asset needs to be looked over and help tools to stay in a better condition. 

You could, for example, set up a schedule for each asset at intervals that are ideal for them. For example, that hammer drill could be scheduled for maintenance every six months. A vehicle could be checked out once a year. Your conveyor belt and the rest of the production equipment could be examined every 3 months. The choice is ultimately yours. However, when you do set up a maintenance schedule you could find that downtime is minimal. All of your tools, equipment, and vehicles, etc. will be taken care of. Issues and faults are more likely to be found and dealt with. Consequently, downtime could be reduced and productivity can increase.

Pre-emptive maintenance is ideal if you want to reduce downtime. Pre-emptive maintenance is all about being one step ahead. So, if you think a computer or laptop isn’t working well, get it checked out. If you think a tool is less than perfect, send it to the maintenance department. Alternatively, you could leave the maintenance department a message via your chosen asset register format/software. Then, the maintenance team can advise you as to what you should do or retrieve the tool and examine it. All of this could result in fewer assets breaking down at the most inconvenient time.

The last and one of the least considered options for reducing downtime revolves around checking assets in and out. When you check equipment in and out you can see which ones are about to go for maintenance. If that hammer drill has died, you may be able to see that it’s on its way to be repaired. As a result, you could look for another drill to use instead.

When you check everything in and out you can also see who’s using which assets. You’ll learn whether you have to wait for the asset and even if there’s an issue with them. This feature saves downtime by showing you which assets can and can’t be used. You can also see which assets are being repaired and whether they’re likely to come back any time soon. As a result, downtime can be reduced and you can get on with the task at hand. 

Wish to speak with someone knowledgeable about a new asset register format that reduces downtime? Contact us now at team@itemit.com 

Instant access. No credit card details required.

or, download the itemit app to get started