How An Equipment Register Can Be Used For Audits

September 22, 2023 • 3 min read
Home 5 Equipment Management 5 How An Equipment Register Can Be Used For Audits
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.

What An Equipment Tracking Register Is

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.

Business Asset Tracking

Verifying Your Records

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.

The Accounting Process

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.

Asset Depreciation

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 Valuation

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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Beyond money saved, good inventory tracking makes operations smoother:

  • Faster picking and packing
  • Less time hunting for missing items
  • Better use of warehouse space
  • More productive employees
  • Smoother workflows between departments

These operational improvements create competitive advantages that make the inventory tracking process excellence a strategic asset.

Article by

Dr. Alex Wong is the CEO & Co-Founder of RedBite Solutions, a spin-out from the University of Cambridge and creators of itemit. For more than 2 decades, Alex’s innovations have disrupted industries and reimagined traditional solutions, delivering breakthrough results. A pioneer of the RFID EPC Network and IoT, Alex has shaped modern tracking technologies. RedBite powers the world’s largest RFID deployment across 60+ countries and launched itemit, a leading barcode, QR code, GPS & RFID SaaS tracking platform. Dr. Wong holds a PhD in Engineering from Cambridge and remains an embedded researcher, leading EU & Innovate UK projects to bridge research with real-world applications.

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Home 5 Equipment Management 5 How An Equipment Register Can Be Used For Audits

Asset tracking providers often present customers with two primary options: GPS technology or QR codes. These technologies frequently compete for market share, with many businesses unaware that they can serve similar functions. However, QR codes typically outperform GPS in versatility and functionality.

For businesses maintaining ICT asset registers or monitoring vehicle fleets, understanding the strengths and limitations of each system matters.

Let's examine these technologies alongside newer options like RFID and NFC to help you make better decisions about asset management.

GPS Tracking Technology Explained

GPS has become commonplace for drivers navigating unfamiliar routes. This satellite-based technology constantly transmits signals to your device, pinpointing your exact location. For asset tracking, GPS functions similarly by showing where specific items are located.

An interesting historical note: GPS was first developed for military applications before becoming available for civilian and commercial use.

Companies typically deploy GPS tracking for vehicle fleets, though many organisations also use it to monitor warehouse assets that move between locations. For complete information about managing physical business property, our guide on Fixed Assets provides valuable insights.

GPS for Business Asset Tracking

GPS tracking offers several distinct advantages for business asset management:

  • Real-time monitoring: GPS provides location data without requiring staff intervention, reducing human error while enabling 24/7 surveillance.
  • Geographic precision: Modern GPS systems achieve accuracy within 3-5 meters, sufficient for most commercial applications.
  • Theft recovery: According to insurance industry data, the ability to track stolen equipment improves recovery rates by up to 85%.
  • Movement history: Most GPS platforms store historical movement data, allowing businesses to analyse usage patterns and optimise asset deployment.
  • Geofencing capabilities: Companies can establish virtual boundaries that trigger alerts when assets leave designated areas, enhancing security protocols.
GPS technology

However, GPS technology brings notable limitations for comprehensive asset management:

  • Update frequency constraints: Standard business GPS systems refresh every 10-15 minutes, creating blind spots in high-speed movement scenarios.
  • Battery dependency: Active GPS trackers require power sources, necessitating regular maintenance or charging cycles.
  • Signal interference issues: GPS performance deteriorates inside buildings, underground locations, or areas with heavy concrete or metal infrastructure.
  • Implementation costs: Quality GPS hardware typically costs $50-300 per unit plus ongoing subscription fees ranging from $10-25 monthly per device.
  • Size and attachment challenges: GPS trackers remain too bulky for smaller assets and require secure mounting systems to prevent removal.
  • Limited data capacity: Unlike tag-based alternatives, GPS primarily delivers location data without storing extensive asset details.

These constraints explain why many operations managers complement GPS with alternative asset tracking tags that address these limitations. For stationary assets or equipment housed primarily indoors, passive tracking systems often deliver better value and functionality.

QR Code Technology

QR (Quick Response) codes resemble traditional barcodes but store significantly more information in their square matrix pattern. Nearly any smartphone or tablet can scan and interpret QR codes within seconds, making them highly accessible.

QR codes have quietly integrated into daily life—restaurants place them on tables for digital menus, theatres use them for seat-based ordering, and marketers embed them in advertisements for instant website access.

Like GPS, QR codes help monitor asset registers and track locations. However, they offer expanded functionality beyond simple location data. For those building IT equipment inventories, What is an IT Asset Register? explains key implementation concepts.

QR Codes in Practice

For businesses implementing QR code asset management, several key advantages emerge:

  • Information density: A single QR code can store up to 4,296 alphanumeric characters, enabling comprehensive asset profiles including serial numbers, purchase dates, warranty information, maintenance histories, and responsible departments.
  • Cost efficiency: QR labels cost between $0.05 and $0.30 per unit with no recurring fees, representing 70-95% cost savings compared to active tracking technologies.
  • Implementation simplicity: Deployment requires minimal technical expertise—standard label printers generate QR codes that attach via adhesive backing or cable ties.
  • Device compatibility: Over 97% of modern smartphones can scan QR codes without additional hardware or specialised apps.
  • Customisation options: Enterprise QR solutions allow for custom branding, colour-coding by department, and tamper-evident features.
  • Dynamic updating: Cloud-connected QR systems enable real-time information updates without replacing physical tags.

Integration capabilities: Modern QR systems integrate with ERP, CMMS, and accounting software through standard APIs, creating unified data ecosystems.

QR system

However, QR technology presents several notable limitations:

  • Scan dependency: QR codes remain passive—they require manual scanning rather than automatically broadcasting locations.
  • Line-of-sight requirement: Tags must be visible and accessible to be scanned, which can be challenging for assets in hard-to-reach locations.
  • Environmental vulnerabilities: Standard QR labels can degrade from UV exposure, abrasion, or harsh chemicals, though industrial-grade options mitigate this issue.
  • Security considerations: Public QR codes can be replaced or duplicated without sophisticated tampering detection, creating potential security vulnerabilities.
  • Process reliance: Effectiveness depends entirely on consistent scanning protocols and staff compliance.
  • Location triangulation limits: Without supplementary technologies, QR codes cannot provide autonomous location data.

To address these limitations, many organisations implement hybrid systems where QR codes work alongside checkpoint scanners at entry/exit points or integrate with Wi-Fi positioning systems for approximate indoor location data. This approach balances QR's information richness with improved location awareness without the full cost of active GPS or RFID asset tags.

RFID and NFC: Advanced Asset Tracking Alternatives

RFID vs NFC technologies represent sophisticated alternatives to traditional tracking methods, each with distinct operational characteristics:

RFID Technology Specifications

RFID asset tags operate through radio frequency identification in three primary frequency ranges:

  • Low Frequency (LF, 125-134 kHz): 10cm read range, slower data transmission, excellent performance around metals and liquids, commonly used for animal tracking and access control
  • High Frequency (HF, 13.56 MHz): 10-30cm read range, moderate data speeds, used extensively in library books, pharmaceuticals, and payment cards
  • Ultra-High Frequency (UHF, 856-960 MHz): 3-15m read range, fastest data transmission, susceptible to interference from liquids and metals, widely deployed in supply chain tracking and retail inventory

RFID implementation offers distinct advantages:

  • Batch scanning capability: A single reader can simultaneously capture 200+ tags per second, reducing inventory time by up to 95% compared to barcode methods
  • Non-line-of-sight reading: Tags function even when covered, dirty, or embedded within products
  • Durability: Industrial-grade tags withstand temperatures from -40°F to 400°F, chemical exposure, and mechanical stress
  • Data security: Enterprise RFID systems employ encryption standards like AES-128 to prevent unauthorised access
  • Automated inventory: Fixed RFID portals at entry/exit points create autonomous tracking without human intervention

Hardware costs present the primary barrier to RFID adoption:

  • Tag costs: $0.10-$0.50 for passive paper tags; $2-$25 for hardened industrial tags
  • Reader costs: $500-$2,000 for handheld units; $1,500-$5,000 for fixed portal readers
  • Infrastructure costs: Enterprise implementations typically require middleware ($5,000-$25,000) plus integration services

NFC Technology Applications

RFID asset tags operate through radio frequency identification in three primary frequency ranges:

  • Low Frequency (LF, 125-134 kHz): 10cm read range, slower data transmission, excellent performance around metals and liquids, commonly used for animal tracking and access control
  • High Frequency (HF, 13.56 MHz): 10-30cm read range, moderate data speeds, used extensively in library books, pharmaceuticals, and payment cards
  • Ultra-High Frequency (UHF, 856-960 MHz): 3-15m read range, fastest data transmission, susceptible to interference from liquids and metals, widely deployed in supply chain tracking and retail inventory

RFID implementation offers distinct advantages:

  • Batch scanning capability: A single reader can simultaneously capture 200+ tags per second, reducing inventory time by up to 95% compared to barcode methods
  • Non-line-of-sight reading: Tags function even when covered, dirty, or embedded within products
  • Durability: Industrial-grade tags withstand temperatures from -40°F to 400°F, chemical exposure, and mechanical stress
  • Data security: Enterprise RFID systems employ encryption standards like AES-128 to prevent unauthorised access
  • Automated inventory: Fixed RFID portals at entry/exit points create autonomous tracking without human intervention

Hardware costs present the primary barrier to RFID adoption:

  • Tag costs: $0.10-$0.50 for passive paper tags; $2-$25 for hardened industrial tags
  • Reader costs: $500-$2,000 for handheld units; $1,500-$5,000 for fixed portal readers
  • Infrastructure costs: Enterprise implementations typically require middleware ($5,000-$25,000) plus integration services

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