The Benefits Of Fixed Asset Register Software

Published on June 7, 2021 • 3 min read

Fixed asset register software gives you a clear record of what your business owns and how your assets are behaving. With a robust, easy to use and transparent fixed asset register, you reduce the chance of a wide range of issues, too.

Overall, great fixed asset register software saves your business time and money by:

• Improving asset-level operations
• Speeding up asset discovery
• Reducing the chance of ghost and zombie assets
• Reducing lost assets and duplicate assets
• Assisting in business decisions

What To Add To Your Fixed Asset Register

Your fixed assets are permanent fixtures in your business. They aren't stock or consumables and aren't bought and sold. For this reason, asset tracking software is slightly different to inventory management software.

Your inventory will need to be tracked in bulk and granular data isn't needed, where you need to know specifics, such as location, with your fixed assets.

So, your fixed assets will be assets such as laptops, phones, furniture, equipment and tools to name a few examples. To create an accurate view of your asset register, these will all need to be added to your fixed asset register software as unique, digital profiles.

This way, you'll be able to add and pinpoint asset-specific data, such as maintenance data and bookings information. A spreadsheet isn't the best way to do this, either, as the data you need will be in one cell of many, where fixed asset register software gives you a cleaner view through the use of asset profiles.

Using Fixed Asset Tags

Fixed asset tags can then be used to speed up your operations. These tags will create the ability to perform bulk actions on your assets and totally minimise asset discovery time.

Fixed asset tags are physical tags that you stick onto your assets. They contain a unique code that you can link to your assets by scanning their tags.

Once your assets have been tagged, when you need to update asset data, you simply need to scan an asset's tag and use the helpful features within your asset tracking app.

Every time you scan an asset, the last seen location, the user who scanned the tag and the time of the scan also gets logged, meaning you get a full audit trail and can pinpoint where and when issues were reported.

How Does Fixed Asset Register Software Save You Time And Money?

The core use of a fixed asset register is to log what you own and to monitor how these assets are behaving. This gives you a view of your assets' depreciation as well as operating and purchase costs, meaning you'll be able to create clearer predictions due to a more transparent view of your net and gross profits.

Being able to view what you own is critical, too. Ghost and zombie assets can cause fines, a lack of accountability, and a breakdown in your asset tracking efforts and so an up to date register mitigates this. Asset losses and duplicate purchases are also reduced in the process.

Fixed asset tags and fixed asset register software features also save you time, helping you deliver projects on time and under budget. Fixed asset tags open up bulk actions, such as full audits of which assets are in which locations and the ability to bulk book out assets to yourself or your colleagues.

All of your day to day asset tracking operations and edits are pulled into a reporting page automatically. You can use this to filter and report on specific data, such as maintenance information, or you can export this as a pdf or excel sheet to create a snapshot fixed asset register, ready for tax, insurance, and accounting purposes.

itemit's Fixed Asset Management System

itemit's fixed asset management system gives you all of this and more. itemit is used for fixed asset tracking, IT asset management, construction equipment tracking, and in many, many more wonderful ways.

itemit's system is highly scalable and highly customisable, meaning you'll be able to share the system with your colleagues and reduce the asset tracking load.

As all of your data gets pulled into your reports automatically, it's very easy to keep up to date on your audits and asset information. Then, you can run streamlined, simple, and customisable reports on all of this data, finding everything you need to know in an instant.

To find out more about the benefits of fixed asset register software, you can contact our team at team@itemit.com. You can also fill in the form below to start your 14-day free trial to try out the system for yourself!