In other words, a company’s fixed assets are its most important resource after the enterprise and the workforce. These assets define a company’s framework, its capability and determine its long-term performance. Given that fixed assets are of great consequence for an establishment, a firm must also devote adequate attention to their management and associated data to ensure streamlined and transparent business operations. 

Managing complete, correct, and up-to-date fixed asset records can be a challenging task. If and when you prepare for an asset audit, you might need a separate task force or have to outsource the audit due to all the intricacies involved. However, life is made much easier if you use a fixed asset management software solution. A fixed asset register can streamline the process, enable you to log, track and manage fixed assets in real-time and provide you with greater insight into how your assets are used. 

The benefits of fixed asset management software are much more than those listed above. Here are 5 major benefits of using itemit’s fixed asset register.

With itemit’s fixed asset management software solution, everyone has easy access to the business’ asset register. It can be accessed easily through Android or iOS apps or a web portal so multiple users have access to a single, secure and comprehensive database.  

This means no more arduous data entry or paperwork. itemit’s fixed asset management software lets you record much more detailed data in a much better-organised manner. Not only that, awesome features like being able to attach images and videos and AI image recognition make itemit the best asset tracking service!

This way, using itemit’s fixed asset register will not only save your business money but also enhance operational productivity. When a company has the ability to efficiently monitor its fixed assets, keeping them safe, scheduling timely maintenance and keeping things working smoothly is much easier.

This enables you to schedule maintenance for your fixed assets and ensure that the correct procedures are in use to keep the assets in good shape. Minimising assets’ downtime increases the company’s productivity, reduces maintenance costs and keeps everything flowing smoothly. 

Being able to keep assets in their best condition has much more amplified results in the long term. Well-maintained assets perform better and for longer, maximising the return to the company and enhancing long-term productivity.

Moreover, valuable insights on this data over a specific period let you see significant trends in fixed asset usage, condition and productivity. Rather than having to spend hours analysing lengthy spreadsheets and paperwork, you will have accurately summed up data with itemit’s fixed asset management software. This way, you can make informed and effective decisions much quicker.

With the smart fixed asset management software from itemit, your assets can no longer ghost you. With effective asset depreciation tracking, you can keep track of all assets in the future even if they quietly disappear or become redundant.

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

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. What Are Zombie Assets?
2. How Do Zombie Assets Arise?
3. Why Are Zombie Assets Such An Issue?
4. The Cure For A Zombie Outbreak: Fixed Asset Management Software

In this guide:

1. What Are Zombie Assets?
2. How Do Zombie Assets Arise?
3. Why Are Zombie Assets Such An Issue?
4. The Cure For A Zombie Outbreak: Fixed Asset Management Software

Zombie assets will lumber around your lots and buildings and infect your fixed asset register. These undead assets drain your finances, lose your business money and limit your productivity.

What’s the cure? Effective fixed asset management software. With the ability to log, audit, and manage assets onsite and on the fly, you can blast zombie assets with your smartphone.

Similar to ghost assets, zombie assets are gaps in your fixed asset register. So, where ghost assets are assets that are on your asset register but that you don’t have access to physically (they may have been decommissioned), zombie assets are the opposite.

Zombie assets, therefore, are assets that your business physically owns and uses but that aren’t logged on your fixed asset register. This means that you can pick up and use these assets, but in accounting terms, they don’t exist.

Spooky, right? Wait until you see the effects these zombies have.

A short answer is spreadsheets. Spreadsheets aren’t built for modern fixed asset tracking capabilities. They’re old, archaic tombs that are breeding grounds for undead assets.

To elaborate, the long answer is that old fashioned, archaic and unwieldy processes and operations create zombie assets. For example, every time an asset moves from one location to another, if your fixed asset register is a spreadsheet, the entire spreadsheet is out of date until you change one cell.

Then, you’ll know the number of cells that need to be added, removed, and changed and this can’t necessarily be done on the fly. Therefore, when an asset is purchased, it’s no wonder sometimes it doesn’t make it onto a register.

So, why do these undead assets pose such a threat to your business? There are a few different areas that are infected when your business has zombie assets.

First and foremost, there’s the practical issue that your colleagues don’t know they can use a tool or equipment. If this tool isn’t tracked on a register, there’s likely no clear way that it’s indicated that the asset is available, which means you’re paying for an asset that nobody is using. 

In other words, there’s a reason why the asset hasn’t made it onto the fixed asset register and this will likely span to other areas and limit visibility and accountability over assets on the whole.

Then, there are more pressing financial risks. If your asset is in use but isn’t part of your depreciation calculations, you have no visibility over when you need to decommission this asset which can cause a more literal zombie of an asset eating into your finances.

Then, if you’re using assets that you haven’t logged in your tax returns, you can risk fines. These assets will also mess with your insurance premiums as you’re sending out invalid information.

What’s the cure? It’s quite simple: effective asset tracking software. With fixed asset tracking software, you can add assets to your fixed asset register while performing onsite audits.

Instead of making a note of your new acquisitions and updating a spreadsheet, therefore, you can instead just add the asset whenever you need to.

It’s simple, fixed asset tracking software gives you much greater control over your assets with a lot more ease of use, which means you prevent the undead from seeping into your fixed asset register.

Your business can be free of zombies in under 28 days. In fact, with itemit, you can be rid of zombies a few moments after you sign up. We can import your asset information for you, then you only need to do one audit to see what’s onsite, what’s missing and what’s not there that should be.

We’re not zombie-killing experts, unfortunately, although some of our team do have high-scores on resident evil – but we can help rid your business of zombie assets.

To find out more about how itemit can help your business save time and money, contact us today at team@itemit.com. You can also fill in the form below to start your very own 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started

​​In the spirit of spooky season, we’re diving into one of the most haunting issues your business may face. The dreaded ghost asset. These ghosts will float around your fixed asset register and spook your finances.

Ghost assets will make you lose money and they pose a dark threat to your tax and insurance returns. You have to exorcise these assets before they drain too much from your business.

Ghost assets are assets that exist in your asset register but are not physically accounted for. As such, they’re literally ghosts on your system.

So, if you’ve decommissioned a laptop and scrapped it, for example, if this change isn’t then reflected on your asset register, then that asset becomes a ghost asset.

Any asset, therefore, can become a ghost asset as they are digital echoes of once physical, in use assets. This is where they get their spooky name from.

Why are they such an issue, though, and why should you exorcise your fixed asset register from these ghouls?

Ghost assets pose a number of issues, both financial and physical. For example, there is the immediate issue of needing to use an asset, checking if it exists on the register, and finding it has turned up missing.

So, first and foremost ghost assets cause productivity issues and can create slack times where your colleagues are searching for assets rather than using said assets. 

Maybe, therefore, ghost assets won’t jump out and scare you or your colleagues or whisper haunting words in an empty hallway, but they will definitely cause a sigh and an eye roll.

What will scare you and your colleagues is the amount of money these assets will lose you. The lack of transparency and accountability translates into your tax and insurance operations. 

If there are assets on your fixed asset register that you’re not using and that you have decommissioned, these assets will still be logged in your returns. Therefore, you’ll either risk fines for incorrectly logging a value or you’ll pay too much insurance because you’re insuring more assets than you actually own. Scary, right?

So, how do you get rid of these accounting spectres? Should you call in the experts? No. 

When you use fixed asset management software, you become the ghost-buster due to simple accountability-driven features and functionality. The best fixed asset tracking software is super simple to use meaning you won’t need years of ghost-busting training (or a proton pack), either.

This ease of use also means that you and your colleagues don’t have to cross the streams to contribute to your ghost-busting efforts. Instead, you can all pick up and use the system and lessen the accounting load for everyone.

Why can’t you just use spreadsheets? Spreadsheets are like tombs in that they’re old, unkempt and haunted by ghost assets. Any change an asset goes through makes your spreadsheet out of date, which is impossible to keep track of. Every time an asset is decommissioned, therefore, there’s a possibility that that asset will cross over to the spirit realm and remain on your fixed asset register.

This is where fixed asset tracking software gives you more functionality, as any changes are quick, easy and manageable. On top of this, you can run reports on your asset changes and export snapshot spreadsheets, giving you the best of both worlds without the spookiness.

itemit’s fixed asset management software gives you all of this and more. Built to help you keep track of your assets, you get more accountability and control over your tools and equipment with itemit.

You can track any asset on the system in multiple, easy-to-manage ways. This means that you can exorcise your ghost assets with consistent, speedy audits and run reports.

Fixed asset management shouldn’t be complicated, unwieldy, or time-consuming. Instead of staring into the void of unwieldy spreadsheets, return to the land of the living with effective software.

Our support team is always keen to make sure you’re getting as much return on investment as possible. This means that if you do need someone to call, you’re best reaching us at +44 (0)1223 421611. You can also contact us at team@itemit.com with any questions. We’ll help you bust your ghost assets.

Instant access. No credit card details required.

or, download the itemit app to get started