Why Use Fixed Asset Management Software?

Published on August 26, 2021 • 3 min read

Fixed asset management software helps your business keep track of what it owns. There are many risks associated with not having a transparent fixed asset register, including ghost and zombie assets, missing assets, duplicate purchases and tax and insurance errors.

Fixed asset management software automatically generates a fixed asset register while you're tracking your assets. This means that you avoid these common risks.

So, how does fixed asset management software work? And why should you use one?

How Does Fixed Asset Management Software Work?

Fixed asset management software allows you to log unique asset profiles. These profiles act as a representation of your fixed assets. Therefore, you can add asset-specific data to them.

So, if you want to track your IT assets as part of your fixed asset management operations, you can log each laptop, each phone and each desktop in its own profile.

Then, you can use effective asset management features to track these assets. So, if you need to track your IT asset's PAT tests, you can add a repeating reminder to do so. Then, when it's time to perform maintenance, your admin users will receive an email.

At the core of fixed asset tracking is this principle: the fact that every asset is unique, has unique information and needs to be tracked uniquely.

Fixed Asset Tags

Fixed asset tags help with this principle as they too are unique. Asset tags are stickers that contain a unique code, likely barcodes or QR codes. Because they're scannable, linking these tags to your assets is simple.

So, if you have a unique laptop, it will also have a unique asset tag. Then, you can scan this tag using your asset tracking app and the relevant laptop's profile will appear.

This saves you time and money as reporting issues becomes a simple process of scan and report. Without fixed asset management software, much more back and forth is needed before issues can be identified and logged with a need to fix.

Every time you scan an asset's tag, too, the asset's last seen location also updates, as well as the user who scanned the tag last and the time of the scan. This gives you a tidy audit trail for when you need to identify issues or retrieve assets from different sites.

How Does Asset Management Software Save You Time And Money?

Asset management software, therefore, saves you time and money as it improves the solution to existing needs. Fundamentally, you need to know what assets your business owns, where they are and what status they're in. 

In the past, this solution will have been almost entirely spreadsheet-based or even pen and paper. While these methods are low-cost, you end up losing money on them due to the incredible number of gaps a spreadsheet causes in your accounting processes.

With asset tracking software, you have a simple way to audit, monitor, track, update, edit, and export your assets and their information. As you have a system built for this, too, you also save time while you're doing this. Log updates on-site with an app and resolve these on a web-based system when you're back in the office.

You can even share the system so that users on-site can remain there while remote users filter, export, and monitor the data collected.

itemit's fixed asset management software allows you to do all of this and more. With itemit, you have a proven, scalable system that you can onboard your colleagues onto. itemit will then save you weeks in time a year and as much money as your assets cost.

To find out more about how itemit will help you, you can contact the team at team@itemit.com. Or fill in the form below to start your very own 14-day free trial.