What Does An Asset Register Do For Your Business?

What Does An Asset Register Do For Your Business?

What Does An Asset Register Do For Your Business?

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.

create a fixed asset register

What is an Asset Register?

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.

What Features Does itemit’s Asset Register Have?

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.

Asset Tagging

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.

Equipment Booking

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.

Extreme Scalability

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!

Asset Security

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.

 

Conclusion

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!

Asset Register Software

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How Santa’s Elves Track Their Assets

How Santa’s Elves Track Their Assets

How Santa’s Elves Track Their Assets

This Holiday season, you won’t find a better entrepreneur than Santa himself. With his team of elves, he’s managed to develop a global enterprise that’s famous for its world-class information management, spot-on customer support and impeccable service. 

Oh, and the robust logistics! Christmas presents are delivered just in time all over the world, and all to the right addresses. And Santa does it all with a big HO HO HO laugh! 

The earnest business owner is, no doubt, really impressed observing such effortless and professional operations management. How does he manage it all? 

Here are some business tips from Santa. These are nice to have, but he’s kept his most valuable practises secret. He won’t tell you even if you ask him!

Psst! We know them…

How Santa's Elves Track Their Assets


What’s the Secret to Santa’s Unmatched Management?

As we know, Santa’s not a one-man show. He’s got his team of elves that help him manage everything from receiving letters from all over the world, sourcing and building presents and delivering them on Christman eve. So, how does he manage to keep his business operations going smoothly at such a vast scale? 

Here’s the big reveal: All of this is made possible with itemit’s asset tracking software!

Santa and his elves have to deal with billions of presents every Christmas! With so many presents that have to be delivered to so many locations all over the globe, things can get hectic. There’s no other way Santa and company could make sure each present goes under the right Christmas tree if they didn’t have itemit.


How Do Santa and His Elves Use Asset Tracking Software?

It all begins when you write a letter to Santa about what you want for your Christmas present and post it over to the North Pole. As soon as the elves at the North Pole post office get your letter, they arrange your present and prepare it for delivery.

The elves use an asset tag to tag your present and set up an asset profile in the itemit app. This way all the other elves and Santa are notified that your present is ready to be packed and loaded onto Santa’s sleigh.

Christmas Present Visual Verification

The itemit app also has an option to add images. The elves take a picture and upload it to the asset profile so that Santa can check if they got the right present for you. This way Santa doesn’t have to leave his warm office and can see each present right from his mobile phone or web portal. 

Yeah, Santa uses all that tech. How else do you expect him to run such agile operations!?

Packing Up Presents

Once approved, your present moves to the next phase where it’s all packed up so it’s ready to deliver. As soon as your asset is packed, the elves scan your present’s asset tag to reach its asset profile and move it to the ‘packed and ready for loading’ category.

How Santa's Elves Track Their Assets


Loading Presents with Asset Tracking Software

When the elves in the logistics department see that a present is ready for loading, they pick it up and load it on. They never forget to scan it once again so they can update the asset profile and move it to the ‘loaded presents’ list. 

With itemit, Santa has a clear overview of each phase. He can track your present right from the moment the elves bought it to when it was loaded onto his sleigh. Asset tracking software allows the elves to make sure no present goes missing or unreported all this time. But not just that, asset tracking has a crucial role to play when Santa is finally delivering presents.

Present Delivery 

So how does Santa remember all those addresses? How does he know which present goes where? Especially with everything packed up, there’s no way of differentiating one box from another! 

Santa tracks his assets, or presents, with itemit, and that helps him deliver the right present to the right address. As he flies on his sleigh, he scans your present with the itemit app and finds the asset profile. The elves have already recorded your address and all the other details he needs in the asset profile. And that is how Santa is able to deliver so many presents all over the world and get it perfect every time!


Try itemit For Yourself

If you want your business to become as legendary as Santa’s, you’ve got to have itemit by your side. Its asset tracking software solution leads the industry with its extreme scalability. 

Just like Santa can share it with his elves for seamless collaboration, you can too! Your team members can view, add and monitor assets from wherever they are. itemit can help every department and can be used as a fixed asset register, for equipment tracking or high-value collection audits too!

To find more about how itemit can help you and your team of hardworking elves, reach out to our team at team@itemit.com. Or fill in the form below to start your free 14-day trial.

Santa’s Secret To Asset Tracking 

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Top Five Tools Tracking Software Features

Top Five Tools Tracking Software Features

Top Five Tools Tracking Software Features

Equipment and tools tracking software, a must-have for any fast-paced company that has to work with different kinds of tools. But when it comes to choosing the right tool tracking software solution, things can get a bit overwhelming.

If you’re an entrepreneur or team manager, you’ve already got a lot on your plate. You don’t have enough time to thoroughly review each piece of asset tracking software and try to decide the best one for you. 

Worry not, because you’ll have an answer by the end of this 4-minute read. We’re going to tell you about the top five features you should look for in tool tracking software, and if you find one offering them all, you’ll be able to reach a decision much quicker. 

Top Five Tools Tracking Software Features

Why Do You Need To Choose the Right Tools Tracking Software?

When you’re looking for tools tracking software, you’re not just searching the internet for any other app. You’re making a significant decision that will affect your team’s performance in the future. If you manage to strike the right chords, you’ll most likely see your productivity shoot up in the upcoming months.

However, if you land on a poor choice for a tools tracking app, you might not be able to do much with it. We are here to make sure whatever investment you make gives you handsome returns. 

So what are the criteria that help you decide the right tools tracking software? We believe it primarily depends on everything you can do with it. The greater flexibility and scalability it offers, the better! Apart from that, here are the five things your tool tracking software must have:

1. GPS Asset Tracking Capabilities For Higher Performance

Did you know that the average construction employee spends 90 minutes of their work time every day just looking around for tools and equipment? That average can multiply up to outrageous amounts of wasted time when we look at multiple employees! A tool tracking app that lets users locate tools can reduce this misspent time significantly.

Equipment tracking software should allow you to see where your vital tools and equipment are. You may wish to choose a system that has a GPS tracker option that allows you to tag assets with individual trackers that update a tool’s location automatically. Or alternatively, you can use QR codes/barcodes and still benefit from GPS location tracking thanks to smart systems recording GPS addresses for all tools just by scanning the QR code/barcode on an asset. So whenever a team member can’t seem to find a piece of equipment in the usual places, they can look it up in the app and save themselves and the company plenty of time.

2. Check In Check Out Functionality

We often end up looking all around the office or site for a tool, searching every nook and cranny, but all in vain. Turns out, another team member took that tool out of the workplace yesterday. You could’ve avoided spending your time pointlessly if you knew the item was not there in the first place.

Tools tracking software that lets you mark items as ‘checked out’ whenever you’re taking them out is the perfect solution! This way, your team members can open the tool’s asset profile to see where it is and with whom. So just like location tracking, the equipment checkout feature in tools tracking software saves you a lot of time.

3. Ability Book Tools and Equipment in Advance

A tool tracking app that lets you or your employees book tools and equipment in advance allows you to plan ahead and make the most out of your time. This feature minimises uncertainty and boosts productivity. 

An equipment booking feature is a must-have because it lets your team members synchronise together so you can get more things done. For instance, if you need an item next week, you could book it for the dates you need it on so that it’s available. If you couldn’t book it, you might find that someone else is using that tool when you need it, resulting in prolonged delays.

4. Issue Reporting and Management

When you’re working with a lot of tools and equipment, running into malfunctioning equipment and asset issues is not uncommon. Being able to report issues directly from the tools tracking app is a great functionality that can streamline your asset management. 

The issue tracking feature lets you report all problems with an item directly from the asset profile. When you report, managers or admins get notified immediately via the tools tracking app so that they can initiate the required maintenance procedure. Go for a tools tracking solution that has this feature if you don’t want to keep nagging your manager to get the copier repaired.

5. Asset Tagging

Last but not least, asset tags can supercharge your tools tracking, speed things up and make the tools register much more accurate and up-to-date. The software solution should ideally be able to work with asset tags where you can tag an item and scan it via an app, with no need to purchase any additional hardware.

With asset tags, you can easily identify each of your assets without having to look up their name in the asset register. Using tags also makes it easier for you to update tool locations quickly.

itemit Does it All!

Well, that’s quite a lot of unique and amazing functionalities to find all in one solution. But guess what? itemit can do it all.  

From GPS location tracking to asset tags, it has all the five features plus a lot more that make it the one to go for. Not only that, itemit is the most scalable solution you’re going to find because it can work with every department!

Check out all the things itemit can do with a 14-day free trial. Fill in the form below to begin. Or if you have any queries, feel free to contact the folks at itemit at team@itemit.com.

Tools Tracking Software 

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How To Use A Fixed Asset Register For Audits

How To Use A Fixed Asset Register For Audits

How To Use A Fixed Asset Register For 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.

How Does A Fixed Asset Register Differ From Inventory

Step 1: Keeping an Up-to-date Asset Register

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.  

Step 2: Verification of Records

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.

Step 3: Accounting Process

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.

Step 4: 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.

Step 5: Valuation and Disclosure

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.

The Right Fixed Asset Register For Robust Audits

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.

Fixed Asset Register For Audits

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What Are Equipment Asset Management Software Tools?

What Are Equipment Asset Management Software Tools?

What Are Equipment Asset Management Software Tools?

For any organisation, it’s crucial to know and understand everything you can about your tools and equipment. Knowledge about these assets in detail holds key importance in making the most out of them. 

Using equipment asset management software tools is nowhere as important as it is when you need to have every bit of information about your assets on your fingertips so you can make data-driven decisions. If you’re an entrepreneur, equipment asset management software is not just for you. Everyone in your team can have quick and easy access to the asset data so your organisation can work smarter as a whole. 

But you might be a little confused. Yes, ‘equipment asset management software’ is a big term and most of us have a hard time getting our heads around it when we come across it for the first time. Here’s a detailed guide on what equipment asset management software is and what it can do for you.

IT Equipment Management

Why Do You Need Equipment Asset Management Software?

Your tools and equipment, more technically known as your ‘assets,’ are the building blocks of your enterprise. Every modern business employs a wide range of tools and equipment that are indispensable to its day-to-day operations. As they are essential for you and your team members to make a living, they should receive due care and attention to ensure your work operations run smoothly. 

While there are more expensive, time-consuming and inefficient methods to keep track of your equipment, equipment asset management software makes it cheap and effortless. 

Plus, a lot of organisations today are not willing to allocate resources to acquiring new equipment. With increasingly ageing equipment, it becomes even more important for firms to track their assets closely and keep them well-maintained. Equipment asset tracking software can do wonders for you if you’re looking to do this in the most convenient way.

What Does Equipment Asset Management Software Do For You?

We’ve already discussed why you need it, but you still might not have a clear idea of what exactly equipment asset management software is, how you use it or the range of tools that make asset management easier for you. 

So, to define it in a few words, equipment asset management software is an asset tracking solution that lets you keep a close eye on each of your tools via an easy-to-use, highly integrated mobile app or web portal. This is what this software solution does for you at its very core, but in order to get a better understanding of how it works, let’s have a look at its different features.

Equipment Asset Management Software Tools

Neat and Organised Asset Register: Equipment asset tracking software organises all your assets in a single, centralised platform that can be divided further into asset categories for quicker navigation. The register gives you a search option to look up an asset immediately. 

While spreadsheets and other conventional asset management methods can be very messy, this software solution lets you store all essential asset details in respective asset profiles neatly. 

Assignee Feature: When you’ve added an asset to the register, you can use the assignee feature to assign a particular tool to one of your team members or contacts. This is an especially useful feature if you want to develop accountability and enhance asset security in the workplace. 

Check In Check Out Feature: If you or an employee are taking a business asset out of the workplace, they can use the equipment asset tracking software to ‘check out’ the asset. This lets all members know which asset is being moved out of the workplace and by whom in real-time. 

Booking Feature: If someone needs a piece of equipment at some point in the future, they can ensure its availability at that time with the booking feature. To book an asset, users have to simply open an asset profile, select the ‘Book’ option and mark the dates.

Asset Tags: You can tag each of your assets with QR code or RFID tags and give them a unique identity. This speeds up the asset tracking process. If you want to interact with an asset’s profile, all you have to do is scan the asset tag rather than look it up in the asset register.

Location Tracking: Each time an asset tag is scanned, the equipment asset management tool automatically updates its location on the asset register. If an asset is scanned frequently, you can stay up-to-date with its location at all times. 

itemit’s Equipment Asset Management Software

Most companies already have some kind of equipment asset management practises in place. But the problem with conventional asset tracking methods is that they can’t perform when it comes to scalability, shareability and tracking assets while they’re being moved or taken away from the workplace. 

itemit offers a highly scalable equipment asset tracking software solution that can be used by multiple users at the same time. It’s the most versatile asset tracking solution available on the market which means it can be used by every department in an enterprise. 

To find out more, feel free to contact our friendly team at team@itemit.com. If you’re ready to take itemit on a test drive, fill in the form below to start your very own 14-day free trial!

Equipment Asset Management 

Choose a better way to track your assets

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5 Reasons Why You Should Use An Asset Register

5 Reasons Why You Should Use An Asset Register

5 Reasons Why You Should Use An Asset Register

Five problems, one solution. 

Lost assets, maintenance issues, low productivity, regulatory compliance and duplicate purchases. These are arguably the five most pressing asset-related issues businesses have to face when they’ve got a below-par asset management system. 

What’s the one solution you may ask? The itemit asset register. 

That’s correct! All you need is to get itemit’s amazing off-the-shelf asset tracking software, start using it and voila; say goodbye to all your asset problems. Continue reading to learn how exactly using an asset register solves these problems for you. 

5 Reasons Why You Should Use An Asset Register


What Does an Asset Register Do? – A Brief Overview

If you’re not very familiar with an asset register or asset tracking software, you might want to get an overview of what it is. This will help you develop a better comprehension of all the other benefits it can bring to your organisation. 

In essence, an asset register is a software solution that makes it easy for you to keep a detailed and comprehensive record of all your assets. You can record essential details about every asset in unique asset profiles, group assets into categories and have the entire record available to you at all times.

Since itemit’s asset register is a cloud-based solution, any authorised person can access asset details from a mobile phone or PC. Moreover, the solution is extremely scalable and allows for multiple users to collaborate, add, and edit asset information on the register.

5 Reasons to Get the itemit Asset Register

Lost Assets

Losing and misplacing your assets is one of the biggest reasons for decreased productivity and financial losses. This is very common in sectors that involve business assets moving from one place to another and employees checking out equipment frequently. 

When you’re not tracking your equipment with robust tracking software like itemit, the chances of asset theft increase too. All of this amalgamates into huge dips in productivity, let alone financial losses. This is primarily because when your tools and equipment are untracked, you won’t realise a particular asset is missing until you or one of your team members need it and can’t seem to locate it. In this situation, work operations have to be halted until you can arrange a replacement.

With an asset register, you have a clear view of all your assets, who has them and where they are. So whenever you can’t find an asset, just check its asset profile for its last seen location or ask the assignee about where it is.

Maintenance Issues

Consider you were trying to print something on the office printer and you realise it’s low on ink. You give a heads-up to your manager to get it refilled. The next day you try to print something again but the printer is completely out of ink. This can be frustrating, but not just that. Poor maintenance is a severe productivity killer. 

Chances are the manager may have simply forgotten to place the order for additional ink. Regardless of what may or may not have happened, the situation could’ve been much better if your company used an asset register. 

You could simply scan the asset tag on the printer, set a reminder on its asset profile for an ink refill and assign it to your manager. This would automatically send a notification to your manager so they can take care of the problem in a timely manner without forgetting about it. 

Low Productivity

The two reasons we’ve already talked about above ultimately lead to lower workplace productivity. But there are other causes too. For instance, the time that you or your employees spend every day trying to find tools and equipment that they need for work.

According to construction experts, the average construction employee spends around 90 minutes of work time every day just looking for stuff. So for a company that employs 50 such workers, the figure of lost work time amounts to 18,000 work hours wasted every year! And as a company, you’re still paying for all those hours that resulted in zero production.

With itemit’s asset register, the figure of lost time can be cut down drastically. Employees can check the last seen locations for assets through the itemit app or reach the last assignee to get to tools quicker.

Regulatory Compliance

Different industries have different requirements for companies to be compliant with regulations. For example, IT-intensive firms have to be GDPR compliant as the European Union requires such firms to keep a record of all assets used to collect, store or process clients’ personal data. 

In the same way, the construction regulators require companies to track their assets to ensure all of them meet safety and quality standards. Having an asset register makes it really easy for companies to achieve regulatory compliance.

Duplicate Purchases

Nothing hurts your balance sheets more than duplicate purchases. And if you don’t address this issue in time, you’d probably end up with shelves upon shelves of unused and unneeded assets that’ll never see the light of day. 

When you don’t have an asset register to tell you what you have and what you don’t have, you’re bound to make mistakes when purchasing new assets for your company. This is especially true for larger companies that have to buy assets in bulk. With an up-to-date asset register by your side, you only have to spend money on assets that you really need rather than burning out your budget on things you already have a lot of.

Bottom Line

Getting itemit’s asset register is a decision you will surely not regret. To find out more about how itemit can help your business, book a demo here. You can also contact the team at team@itemit.com if you have any questions. 

Start your 14-day free trial by filling in the form below.

The Best Software For Asset Tracking 2021

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