In this guide:

1. How Do You Log Your Assets?
2. How Does A Fixed Asset Register Save You Time & Money?
3. Automating Your Asset Tracking Operations With Software
4. itemit’s Fixed Asset Management Software

In this guide:

1. How Do You Log Your Assets?
2. How Does A Fixed Asset Register Save You Time & Money?
3. Automating Your Asset Tracking Operations With Software
4. itemit’s Fixed Asset Management Software

A fixed asset register should be the most robust and complete record of your assets. It needs to be comprehensive, up-to-date, and contain all necessary, relevant and critical asset data.

Your fixed asset register will contain all of your company’s fixed assets. These are the assets you can’t easily convert into cash and that you use on a more permanent basis, such as IT assets including laptops.

Then, your fixed asset register will also include critical data, such as who is responsible for which assets, where they are, how they’re being used and their current values.

Logging your assets should be simple as it’s half the asset tracking battle. A fixed asset register works by showing you a log of what your business owns primarily. Not knowing what you own creates risks such as ghost and zombie assets. Then, these risks can translate into lost costs and fines.

If you’re using a spreadsheet for your fixed asset register, auditing will be a lot more difficult and ghost and zombie assets are almost guaranteed. Fundamentally, using only a spreadsheet creates a constantly out of date asset workflow.

Therefore, you should add your assets to a dedicated fixed asset management software. Then, you can have the benefits of a spreadsheet through the ability to export your entire asset register or subsets based on location, owner and/or asset type.

How does all of this save you time and money? First of all, a clear log of what you own reduces risks, but it also makes it more difficult to lose assets or purchase duplicates.

Then, the data you add to your assets also saves you money. Part of fixed asset management is lifecycle management. A lot of these operations aren’t physically possible to commence and log in a spreadsheet, so you need a streamlined fixed asset register software.

Using your fixed asset software as check in check out software and maintenance software saves you money as you can monitor asset usage and ensure your assets are running smoothly. This helps you extend your assets’ useful life meaning replacement purchases become more infrequent.

Then, the time-saving benefits come with the ability to use an app and web portal with these features integrated in a way that’s easy to use and user friendly. Don’t forget, time-saving benefits also save your business money as you have time to perform more.

Automating your fixed asset register is essential. Making changes to asset data when you have the assets in front of you entirely changes the way fixed asset management works. 

In the past, if you noticed an asset fault, you would need to make a note of the fault and send it on to your fixed asset manager who would then log it onto the system. 

There are multiple potential gaps in this system, and this is only for reporting an issue. Imagine the number of changes an asset goes through every day and trying to keep them logged and up to date.

Using a fixed asset tracking app and fixed asset tags revolutionises this process. Now, the way you report an asset fault is simple. Scan the tag, report the issue. It’s finished in three clicks and your administrators get an email notifying them of the fault, and your fixed asset register is updated automatically with this data.

itemit’s features make it the best fixed asset management software out there. With the ability to mix and match tracking technologies, including GPS, RFID, QR codes and barcodes, you can create the most accurate, automated, and up-to-date fixed asset register possible.

As itemit is scalable and shareable, you can also reduce the asset tracking load and create a much larger benefit for your company. This is because, with more users, more people can use the system for different things and contribute to an overall, accurate fixed asset register.

In other words, somebody on-site can perform maintenance checks, report issues, and update asset location data. All of this is tidily logged in itemit and visible and exportable as a fixed, IT asset, or general asset register.

itemit is customisable and makes asset tracking quick, simple and effective. To find out more about how itemit can help your business, you can contact the team at team@itemit.com. You can also fill in the form below to start your 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 Fixed Assets?
2. All The Things That Can Be Fixed Assets
3. How Does This Translate In Fixed Asset Management Software?
4. Using An Automated Fixed Asset Register & Depreciation

In this guide:

1. What Are Fixed Assets?
2. All The Things That Can Be Fixed Assets
3. How Does This Translate In Fixed Asset Management Software?
4. Using An Automated Fixed Asset Register & Depreciation

Your business needs to track fixed assets. You need a fixed asset register. Fixed asset management software saves you time and money. But, what are your fixed assets?

There may be clear-cut, defined fixed assets such as your tools and equipment, but there are also fixed assets that may be less clear. You know your business, so you’ll know which assets you use and which asset’s you’re in charge of, so what can a fixed asset be?

To put it simply, you can’t easily attribute a cost to a fixed asset or convert them into cash. This separates them from liquid assets such as a bank account.

This definition is quite broad and expands to furniture, IT assets, buildings, property, plant and equipment. To fine this down, fixed assets are purchased for long-term use and are tangible. Therefore, they’re not consumables or short-term inventory.

This is why you need to track them with a fixed asset management software as opposed to with any inventory management systems. Inventory management systems are great at tracking large scales of inventory and tracking the related numbers but don’t work when it comes to tracking unique, individual assets.

Fixed asset management software lets you log your unique assets, such as plant, property and equipment, as digital profiles and add critical data to these profiles.

The definition of fixed assets isn’t exactly restrictive but, counter-intuitively, this is a very, very good thing. Fixed assets are any assets that aren’t easily convertible to cash and that are to be used long-term in your business.

In accountancy terms, these can be expenses such as IT assets like laptops or furniture such as new chairs as you’re able to offset the cost of your tax returns against fixed assets.

Therefore, your fixed assets can be props if you’re working in a theatre, they can be cameras if you’re a production company or hot air balloons if that is your business.

Fixed assets, so long as they’re tangible assets that you don’t sell or convert into cash, can be anything that is used in your business to directly or indirectly generate revenue.

Fixed asset management software needs to be customisable and malleable. This is because your fixed assets can be a wide range of things.

In other words, it’s no good if your fixed asset management software only tracks laptops or only tracks phones. This is too limiting and doesn’t create an accurate picture.

The core of asset tracking software must be the ability to log unique assets and add unique asset information against those assets, such as maintenance dates and location data.

When you’re implementing fixed asset management operations, you need as full and accurate a picture as possible, which is why you need an accurate, up to date and automated fixed asset register.

When you use the best fixed asset management software on the market, any assets you add to your system are automatically logged into a customisable fixed asset register.

You can add and remove assets from this register on the fly and export smaller reports of, say, a school asset register or IT asset register that contains only that subset of assets.

However, all of your asset data will be pulled into a powerful reporting feature that allows you to view, manage and export your data with ease. 

This includes depreciation information. Part of the difficulty of tracking fixed assets is the fact that they depreciate in value, which adds a layer of tracking complexity. Therefore, you need to be able to track your fixed assets’ lifecycles.

This is why the best fixed asset management software has automated maintenance and reminders features and allows you to view your current, total fixed asset value at a glance and export subsets of this data. You can then see the amount your assets have depreciated month to month and add filters to these reports to manipulate the data.

To find out more about fixed asset management and how asset tracking systems can help save you time and money, you can contact the itemit team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Provide Accurate Asset Records
2. Fixed Asset Management Software Benefits
3. Keep Asset Data Up To Date
4. Maintain Transparency With Your Fixed Asset Register

In this guide:

1. Provide Accurate Asset Records
2. Fixed Asset Management Software Benefits
3. Keep Asset Data Up To Date
4. Maintain Transparency With Your Fixed Asset Register

A fixed asset register provides you with an accurate way to view your assets and information related to them. The best fixed asset registers are fluid and streamlined and have a system behind them that automatically updates their data. 

This is where you save the most money, with accuracy and accountability. Therefore, a snapshot of your assets won’t help when it comes to the intricacies of tax and insurance, but an automated, streamlined asset register will.

So, how does an effective fixed asset register help save you money?

First and foremost, your fixed asset register is used to show a business record of the fixed assets you own. This is immediately helpful as it immediately reduces the risk of duplicate purchases, for example.

So, even without any asset-specific data added, a fixed asset register already saves you money as just a log of what you own by allowing you to cross-check your business’ belongings against purchases.

In the same vein, accurate asset data is also usable. When you start adding columns of pricing information and warranty dates and maintenance histories and placing that against assets, you can use this data in other ways to extend asset life and usage.

This is why it’s critical to use a system that keeps your assets up to date. Any time an asset changes, whether it’s because it has changed hands or undergone maintenance, your fixed asset register becomes outdated that same instant.

Fixed asset management software curbs the risk of outdated asset records as it gives multiple people a quick way to keep them up to date. In other words, instead of one person monitoring a spreadsheet for hours a day, you get the ability to update asset data onsite and in an instant.

Using fixed asset tags, you can scan your assets into your fixed asset management software. Then, you can continue to use these tags to open up relevant asset profiles, ready for you to report issues, check assets out, add critical information and more.

Every time you scan an asset’s tag, the last seen location also updates as well as the user who scanned the tag and the time of the scan. This gives you an audit trail of where all of your assets have been and who has been interacting with them.

The ability to use fixed asset management features saves you time and keeps your fixed asset register up to date. Time-saving benefits, for example, save you money as you have more time to both generate revenue and get more things completed.

Up to date asset data is essential as, without an accurate fixed asset register, you run the risk of various problems including ghost and zombie assets and, therefore, tax-related fines and higher insurance premiums.

Accurate asset registers reduce risks with asset purchases, asset losses, asset misuse and help to mitigate the effects of asset theft. Any risks related to your assets are reduced when you’re monitoring your assets’ behaviour properly, saving you money.

Overall, transparency, fluidity and accuracy are key when it comes to saving money with your fixed asset register. If you don’t have one of these, your systems fall apart.

This is why fixed asset tracking software saves you the most money overall as it’s the only system that can reliably give you all three at once. With a spreadsheet, you only have transparency and accuracy once in a while, just after an audit where asset tracking software gives this to you every single day.

itemit’s fixed asset management software gives you a reliable and helpful suite of features as well as an automated fixed asset register that you can manipulate, edit and export.

itemit is used worldwide by companies tracking their fixed assets in every industry. To find out more about how itemit can save your business money, you can contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started