Reasons Why A Fixed Asset Register Is Essential

Reasons Why A Fixed Asset Register Is Essential

Reasons Why A Fixed Asset Register Is Essential

Any business depends on its fixed assets to keep things running smoothly. But, does your business know exactly what it owns? Fixed asset registers make this information readily accessible by keeping a complete record of all your assets in one centralised system. All the data associated with your individual assets is tracked and maintained online, allowing you to finally move away from tiresome spreadsheets.


What Is A Fixed Asset Register?

A fixed asset register is a list of assets that a business owns along with a record of key information about each asset. The purpose of an asset register is to accurately record and maintain information about fixed assets for both financial and non-financial tasks. This allows assets to be easily identified and verified as required. Businesses have the flexibility to choose what information they capture about their assets but the following information is typically stored:

  • Purchase date
  • Purchase price
  • Description of the asset
  • Location of the asset
  • Serial number
  • Value
  • Insurance information
  • Warranty information
  • Supplier
  • Owner
  • Maintenance schedules
  • Users
  • State of repair

 Fixed assets can be anything from tables and chairs to computer equipment, they are typically longer term investments that provide value to the business but depreciate over the years. Traditionally, a fixed asset register was kept on paper by a bookkeeper, with the introduction of Excel this moved to digital spreadsheets, and now with asset tracking software you can keep these records online. An online fixed asset register gives you greater levels of accuracy and automation. Every time an asset is scanned its location is automatically updated.  

 


Why Your Business Needs A Fixed Asset Register

A fixed asset register keeps track of everything a business owns and lays the foundations for smooth-running operations. Storing detailed asset information allows businesses to make smarter, more well-informed decisions.


Correct Balance Sheets

A complete list of fixed assets is essential to maintaining a correct balance sheet, however manually keeping track of your assets is time-consuming and prone to human error. This can damage the financial integrity of your business and create serious problems when it comes to end-of-the-year tax audits. Asset tracking software takes the headache out of auditing and ensures your business is tax compliant. Fixed asset registers also act as a checkpoint to help business owners detect fraud, theft and misappropriation of funds.


Lower Insurance Premiums

An up-to-date record of all your fixed assets and the data associated with them provides an accurate reference to ensure that the appropriate level of insurance is in place. As a result, your business can avoid overpaying on insurance premiums.


Inventory Management

Fixed asset registers help business owners to track what they own so they can avoid buying twice or identify old or unused assets. Keeping track of all your assets also helps to assess their value and eventual depreciation. This improves asset utilisation across the business and supports you and your team to establish maintenance schedules, estimate repair costs and forecast for the purchasing of replacements or additional assets.

Software - Fixed Asset Registers


Centralised System

A major benefit of using a fixed asset register is that all your asset information is contained within one centralised location. Having a view of your entire asset register in one place means you can assess your business at a click of a button. This facilitates a quick and easy asset audit and verification process.With itemit you can pull all your assets’ information together into customisable and exportable reports. Moving away from spreadsheets to a smarter system saves time and money, both of which are valuable resources that can be better funnelled into other areas. 


itemit’s Fixed Asset Register Solutions

With itemit’s asset management software you can easily set up your own fixed asset register in just a few clicks. Our cloud-based, user-friendly software is designed for smooth onboarding with minimal interference to your operation. This will provide your business with complete information on asset status, history and location, that can be utilised to make better decisions about maintenance, procurement as well as allowing for greater transparency for audit trail purposes. Tracking and recording each change that occurs during an asset’s lifetime gives you the confidence and control you need to take your business to the next level. 

If you would like to learn more about itemit’s asset tracking software, contact our friendly and helpful team today. You can reach them at team@itemit.com. Alternatively, you may want to consider signing up for our 14-day Free Trial to find out just how well itemit’s software can work for you. We’re confident that you will love the software’s features and how it can improve the day-to-day running of almost any business.

Fixed Asset Register

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Why Should You Use Asset Tracking Software?

Why Should You Use Asset Tracking Software?

Why Should You Use Asset Tracking Software?

The right asset tracking software can save you a lot of time if you run a business. When assets are misplaced it’s easy to spend time looking for them. When they break, having one less asset to use can mean less work is completed. Using asset tracking software can help to remedy both of these issues. 

There are many benefits associated with using the right tracking software. Here are just some of them:


Maintenance Costs Are Decreased

It is possible to substantially reduce all of your maintenance costs when you track your assets. itemit’s tracking software allows users to alert the maintenance team when an asset becomes damaged. The maintenance team can then choose to prepare the asset for maintenance. 

What this ultimately means is that tools and equipment are likely to be repaired much more quickly. There will be fewer ghost assets and more tasks are likely to be performed on time. Additionally, if an asset is found to be broken, the maintenance team can ask for a replacement. Knowing that an asset is not functioning well if at all, means it’s more likely to be replaced. As a result, every team member is more likely to have the tools they need to complete their tasks on time.

Business Asset Tracking


It’s Possible to Save Money

It is entirely possible to save money when asset tracking software is being used. This is as a result of being able to make better purchasing decisions. Additionally, a maintenance schedule that’s adhered to can result in potential issues being spotted. When equipment is inspected and repaired frequently, it means it’s likely to last longer. As a result, less money will be spent on replacing assets. Additionally, much-needed funds can be diverted to other areas of the business.


Time is Saved

Most people are aware of how much time they can spend trying to find an asset. However, when itemit’s tracking software is used, it virtually eliminates the search process. When searching for a specific asset, users of the software simply need to log into itemit. Upon login, they can select the asset they need. With a click of a button, it is possible to see where the asset’s last-known location is. As a result, the asset can be retrieved easily and used as needed. 

There is a lot less need to go from department to department searching for assets. Users can find out where they are. As long as the assets have a QR code tag attached, it’s possible to find out it’s last seen location.


It’s Easier to Carry Out Audits

When asset tracking software is used, it’s easier to carry out audits. As soon as users log into itemit’s menu, they can see how many tools they have. There will be lists of all the equipment in stock and any other assets that are of importance. 

Users can also see each asset’s 

  • Description
  • Location
  • Date of purchase
  • Warranty information
  • Insurance details 
  • Photographs
  • Estimated value
  • Estimated longevity
  • State of repair
  • And any other relevant information 

Carrying out audits can often be a hard task. However, when every piece of relevant information is added to itemit’s system, it’s possible to make the auditing process much easier.


Access Can Be Gained From Multiple Devices

itemit’s software can be accessed from multiple devices. Users do not have to be sitting at a computer to have access to the software. They can access the software via their mobile phones or tablets. This ultimately means that access can be gained no matter where the users are. As long as they are connected to the internet, users can log in to itemit’s menus and track multiple devices.

itemit can be used:

  • In offices
  • On construction sites
  • In schools 
  • On a train 
  • In a hospital 
  • At home 
  • In the studio 
  • In a car 
  • And many other locations

As you can see, itemit’s tracking software can be accessed from almost anywhere. This makes it highly convenient to use.


Use itemit’s Asset Tracking Software

Using itemit’s asset tracking software clearly has many advantages. Easy to use, the software can help businesses everywhere to run more efficiently. Gone are the days when audits take far too long, now audits can take place within hours. Users can see what equipment they have and where it is at all times. This can save both time and money as tasks are performed quickly and with ease. 

If you would like to learn more about itemit’s asset tracking software, contact our friendly and helpful team today. You can reach them at team@itemit.com. Alternatively, you may want to consider signing up for our 14-day Free Trial to find out just how well itemit’s software can work for you. We’re confident that you will love the software’s features and how it can improve the day-to-day running of almost any business.

Asset Tracking Software

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How to Increase Construction Equipment’s Lifespan

How to Increase Construction Equipment’s Lifespan

How to Increase Construction Equipment’s Lifespan

Functioning equipment is critical to the smooth operations of any construction site.  Without it the job simply can’t get done. From hard hats to cranes, each piece of equipment is essential to safe and speedy operations. However, the busy and hazardous nature of construction sites can make tracking and maintaining equipment a challenge. Far too often pieces of equipment become lost or broken leading to downtime and inefficiency. Equipment tracking offers a solution to this by giving you the tools you need to manage your equipment wherever it is. As a result, construction businesses can extend the lifespan of their equipment and enjoy greater productivity.

How To Use Equipment Checkout Software


What Is Equipment Tracking?

Equipment tracking is a way of keeping a record of everything a business owns and how it is behaving, allowing users to access the location of their equipment in real time. From a centralised online dashboard, users can view the status of each piece of equipment, its usage and assignment schedules. This makes managing maintenance and repairs a breeze.

Equipment tracking works by attaching physical asset tags or barcodes to physical assets. This enables the equipment to be tracked as each time the barcode or tag is scanned, the location of the asset is automatically updated in the online asset register. The type of tag you choose depends on the application but they all achieve the same outcome: letting you know where your asset is and how it’s behaving. With the addition of asset tracking software you can store all the relevant information about your assets, such as location, contact information, owner, and maintenance history, in a centralised online system.


How Equipment Tracking Can Increase Assets’ Lifespan

There are so many risks associated with the challenging environment of a construction site, equipment tracking makes managing equipment one less thing to worry about.


1. Maintenance reminders

When valuable pieces of equipment are out of action this can have a direct impact on the productivity of your workforce, costing you time and money. Maintenance reminders can help to improve the longevity of assets by reducing the need for replacements and lowering the risk of depreciation. Using our equipment tracking software you can create an online asset profile and add relevant information to it, such as who the assets are assigned to, issues for maintenance and even user manuals.

As a result, you receive handy notifications when an asset requires servicing or maintenance as well as the cost and utilisation of your equipment assets. With itemit you can build preventative maintenance strategies by setting monthly, bi-monthly, quarterly or annual maintenance schedules or use your own schedules. This results in fewer unexpected problems and the foresight to make them fit around varying schedules.


2. Lifecycle management

Construction equipment goes through extensive wear and tear in a short space of time due to the nature of construction sites. This can significantly reduce the expected lifespan of equipment. But with good lifecycle management, this can be alleviated. Equipment tracking keeps track of your assets through every stage of their lives: from procurement and maintenance to depreciation and disposal.

Keeping an up-to-date record of your assets means maintenance happens when it needs to, without the risk of further depreciation. With effective use of the equipment tracking businesses can gauge when an asset will reach its optimal peak performance and analyse how long it will remain useful.  This allows business to make better procurement decisions, maximise the efficiency of equipment, and reduce needless spending costs and maintenance. This data-driven approach to asset management ensures construction businesses get the most out of their assets and can use them for as long as possible.


3. Increased equipment uptime

By managing and tracking your assets from a centralised dashboard, you can see a timeline of your assets at a glance. This ensures your assets are in good working order, optimising the efficiency of your operations and increasing equipment uptime. Seeing where equipment is being used and specifying appropriate roles allows you and your team to ensure that the equipment is being used in the right way. This means your equipment is less likely to suffer from misuse or unauthorised usage, helping to protect the equipment from unnecessary wear and tear.  Equipment tracking allows users to take better care of their assets, this inevitably leads to better utilisation and prolongs their lifespan.

itemit’s Equipment Tracking

itemit offers complete construction asset and equipment asset tracking solutions, allowing construction businesses with multiple locations to keep track of which equipment is on each site. With up-to-date online profiles of your assets your business can prevent asset downtime and minimise the risk of emergency repair costs. This can drastically extend the lifespan of your equipment and maximise the return on investment. As a result, your business is able to perform more effectively and efficiently.

To find out more about itemit’s equipment loan software and how it will help you, you can contact our team at team@itemit.com that’s always happy to answer your queries. You can also fill in the form below to start your 14-day free trial.

Construction Equipment Tracking

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Discover the Best Asset Tracking Software Features

Discover the Best Asset Tracking Software Features

Discover the Best Asset Tracking Software Features

The right asset tracking software comes with a wide range of benefits. The software does more than simply track assets, it also has features that can prove to be very useful. Understanding where an asset’s location is can be vital, but so too can the best tracking software features.


Track Location of Tools and Equipment

When a QR code or an RFID tag is attached, tools and equipment can be tracked. Every time a user logs into the software, they can track multiple assets. Users simply need to select the tools or equipment and they will be shown the last-known location. 

This feature is ideal as it helps users to track tools that have been misplaced or stolen. It also allows users to understand whether the right equipment is at the right location.

Business Asset Tracking

Issue Reporting and Management

From time to time, there may be issues with tools and equipment. itemit’s software allows users to report issues quickly and easily. As a result, tools and equipment can be repaired or replaced. Better management ensures that every member of the team has the tools they need when they need them. It also ensures that every tool that they use can perform the task with ease.


Check Equipment In And Out

When multiple tools and equipment are used in various locations, it may be necessary to check them in and out. Thanks to the way that itemit’s asset tracking software works, users can check the equipment out when it’s needed. Once they’re finished with the equipment, they can check it back in again. This simple process allows management to keep a close eye on the equipment while giving the user more responsibility. 

Additionally, management can see what equipment is in demand and what’s surplus to requirement. This can prove to be useful when team members state that more equipment needs to be purchased.


App and Web Portal Availability

Users of itemit’s tracking software will have access to the software via an app and web portal. Easy to use while they’re on the go, an app is available for iOS and Android. This means that users can continue to track their assets via a tablet or mobile phone. 

Users can also track assets via a web portal. This is ideal when they’re sitting in their office or using a laptop on the train. No matter where they are, as long as the user has Wifi, equipment and tools can be tracked.


Stock Check Assets By Location

Assets can be stock checked by location, ensuring management knows all locations have the assets they need. This feature can prove to be highly useful as it can save time. Users no longer need to make inquiries to see if every location has the right assets. All they simply need to do is log in to itemit’s software and select the assets in question. It will automatically be clear where the assets are located as the last-known location will be shown.


Track Asset Depreciation and Life Cycles

After time, every asset will become less valuable. Depreciation can be tracked via our web portal. This is thanks to users being able to enter every asset’s current value. As the value depreciates over time, management can make a decision about replacing the asset. 

Management can also understand an asset’s life cycle. When an asset has a 6-year working life, for example, the life cycle is almost up after 5 years of use. Management can make a decision about replacing the asset soon or hanging on to it for a little longer. 

This knowledge ensures that funding is more likely to be spent in the areas it’s needed. It also ensures that every member of the team has the functional assets they need to complete their tasks.


Create An Accurate Asset Register

Businesses need to have an accurate asset register to ensure it’s clear what assets they own. Understanding what assets they own allows management to understand each asset’s value. This, in turn, helps management to understand the value of the business. 

Creating an asset register allows management to see exactly what they have in stock and where it’s located. Management can also add details about each asset such as its insurance and warranty information, size, colour, maintenance schedule, depreciation value, and more. In other words, management can have a wealth of information at their fingertips.


Use itemit’s asset tracking software

itemit’s asset tracking software has some of the best features around. With the ability to do more than simply track assets, the software can be hugely beneficial to businesses everywhere. Businesses of all shapes and sizes can find this software to be very useful. Find out just how well our asset tracking software can work for you by signing up for our 14-day Free Trial. Alternatively, you can contact our friendly and helpful team at team@itemit.com

Best Asset Tracking Features

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How itemit Can Help With Loaning Out Equipment

How itemit Can Help With Loaning Out Equipment

How itemit Can Help With Loaning Out Equipment

Loaning out your equipment is a great way to generate extra revenue for your business. But, inevitably, loaning out a piece of your business comes with its risks as well as its complexities when done at scale. Equipment loan software can help alleviate many of the challenges and risks involved in renting out your kit so you can enjoy all the benefits.

Hardware Asset Management


What Is Equipment Loan Software?

Equipment loan software is a tool for capturing all the necessary information for any equipment loan agreement. Using this software you can record the name of the asset being loaned, the borrower’s details, the duration of the loan, and the rental price. Recording all these details in a centralised system provides you with an overview of all your loan agreements in one place. But the true MVP of equipment loan software is that you can keep track of the asset’s location once the borrower has checked it out.

The Benefits of Equipment Loan Software

1. A centralised system

itemit provides a dashboard that enables businesses to generate administrative reports and gain an overview of potential issues or asset utilisation via actionable analytics. This capability unlocks new levels of organisation and visibility for you and your team, allowing for better planning, asset management and scheduling.   

2. Smoother invoicing

The software allows you to record the rent or charges for loaning out a piece of equipment easily. It also records the date it was checked out by the borrower and when it was brought back in. This means calculating loan charges and creating invoices is as easy as it gets. On top of that, all members of your team can see which items are loaned out at any point in time.

3. Straightforward bookings

Our equipment loan software has an in-built booking system making it straightforward and simple for someone to borrow your equipment. The system records all the necessary details of the borrower and you can even use it to reserve a piece of equipment for a particular borrower. The scheduling capabilities of equipment loan software means you can easily manage when equipment is out of action for maintenance and repairs.

4. Unique asset identity

A risk of loaning out equipment is not knowing whether you get the same piece back. This can be on purpose or accidentally when dealing with multiple, identical-looking assets.  This issue can easily be solved with asset tags. Using asset tags can supercharge the benefits of using equipment loan software. Tagging gives each of your assets a unique identity so you can never mistake what equipment is yours.

5. Quicker loan agreements

As equipment loan software provides a centralised, all-inclusive system you can track, update and manage equipment loans and lenders swiftly. Our easy-to-use online database can be accessed from multiple devices by multiple users, meaning managers and employees can both be responsible for equipment loaning. Users can quickly see how many items are available with a given timeframe and book equipment in a few clicks, taking the burden off one person.

How Equipment Loan Software Can Help You

Equipment loan software can benefit many different industries such as transportation, construction, manufacturing, rental, healthcare, pharmaceuticals, entertainment and more. Any business that is involved in renting out their assets, from bikes to camera gear, can use equipment loan software to minimise the risks and challenges associated with it. itemit provides a complete solution that can transform your current equipment loaning process. With a suite of features that you can use to track, locate, manage and book equipment you can completely streamline your operations and maximise your kit’s return on investment.

itemit’s Equipment Loan Software

itemit gives you a centralised platform to track all your loaned and available equipment. Our state-of-the-art equipment tracking solution is an automated, transparent and effective tracking system that reduces the gaps in your asset management and lets you lend your equipment without a worry. With an intuitive interface, excellent support, and an extensive feature set,  you can easily grow your business. itemit also offers other asset management purposes like fixed asset management, inventory management and IT asset management.

To find out more about itemit’s equipment loan software and how it will help you, you can contact our team at team@itemit.com that’s always happy to answer your queries. You can also fill in the form below to start your 14-day free trial.

Equipment Loan Software

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Start your free 14-day trial now

Instant access. No credit card details required.

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Why is Asset Management Important for IT?

Why is Asset Management Important for IT?

Why is Asset Management Important for IT?

IT assets are a hugely important part of almost any business. From helping a business to communicate with its customers to creating orders, assets such as these need to be managed correctly. 

Using the right asset management software, businesses can run more efficiently. itemit’s IT asset management software is ideal for businesses everywhere. Thanks to its ability to track assets while also offering other features, every aspect of a business can run more smoothly.


Offers A Complete Inventory of Equipment

One of the major features of itemit’s software is that it offers users a complete inventory of IT equipment. Users can scan all of their assets into the system and, therefore, have a complete inventory. This can prove to be very beneficial to businesses as it’s possible to update the inventory with details of upgrades, patches, and updates.

When an inventory is continuously updated, it means that every user can thoroughly track each asset. For example, when they log into itemit’s software, they can see that computer 1 in the human resources department was updated 2 days previously. Users can also see that there are issues with computer 4 in the customer service department. 

With this knowledge, it is possible to understand which computers are functioning and which are out of action. It will, therefore, be easier to fix any possible issues.

Business Asset Tracking

Creates Inspection Schedules

From time to time, IT assets fail to work well, if at all. Here is where using the right IT asset tracking software can help. Every time a new asset is added to the inventory, an inspection schedule can be created. This allows users to understand when a computer needs to be inspected. 

Frequent inspection potentially uncovers any issues that may have arisen. Issues that have been discovered can be rectified. This ultimately means that there are few computers, for example, that are out of action. When every employee has the tools that they need to complete their work, they can work more effectively.


Monitoring Each Asset’s Condition

It is possible to monitor each asset’s condition. Whenever an employee uses a photocopier, for example, they can note its condition. For example, should a printer fail to function, users can add the details to itemit. The maintenance team, for example, can receive a notification that there’s an issue with the printer. Maintenance can then repair the printer so that it’s back in action ASAP. This ultimately means that the printer will be out of order for a limited amount of time. Anyone who works in IT will know that having just one printer out of action can create issues. However, when the right tracking software is used, malfunctioning IT assets can be up and running again in no time.


Creates Detailed User History

Every time an employee uses an IT asset, they can log their action into the tracking software. Those who monitor the tracking software can see that Employee 6 used the computer in their office for 7 hours on July 11th, and there were no reported issues. 

IT assets that move from location to location such as scanners and mobile phones may have multiple users. Every time an employee uses such equipment, they can note why they are using the asset and if there are any issues with this. This allows a detailed user history to be created and ensures management can see how useful the IT asset in question is. 

Management can also see when the asset was last used. This can prove to be useful if an asset is lost, stolen, or broken.

Profit/Loss saved asset tracking


Improves Each Asset’s Life Cycle

As assets are looked after, they will have an improved lifecycle. Not only does this mean that assets will last longer, but it also means that costs will be reduced.

It may be that assets don’t need to be replaced quite as often as they currently do. This is thanks to each asset being repaired when there’s an issue while also being tracked. Users can locate the IT assets in question when they log into the software. This means fewer assets will get lost or stolen. It also ensures that every employee feels more responsible for the assets they use. 

With an improved life cycle comes reduced spending and a more efficient workplace. Businesses, therefore, have the potential to become more successful thanks to the fact that every IT asset is looked after.


itemit’s IT Asset Tracking Software

itemit’s IT asset tracking software combines technologies for the greatest power. With a range of tools at their disposal, users can track and manage their IT assets no matter where they are. Ask the friendly team at itemit how our tracking software can benefit your business. You can reach them at: team@itemit.com. Alternatively, you could opt for our 14-day Free Trial and find out just how well our IT asset tracking software works for you.

Track Your IT Assets Today

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