Fixed Asset Registers: Explained

Fixed Asset Registers: Explained

A Fixed Asset Register is comprised of a detailed list of a company’s fixed assets. The main purpose of a register such as this is to allow the company to record and maintain a range of information. The information includes details of the asset’s financial and non-financial details.

Why Use Fixed Asset Management Software?

What is a Fixed Asset?

A fixed asset is an item that is likely to be used time and time again. Machinery and some office equipment, for example, are known as fixed assets as are vehicles and buildings. Assets such as these are of great value to a company and having access to an asset’s details can be invaluable.

What a Fixed Asset Register Contains

An asset register such as this contains a range of highly useful information such as:

Each Asset’s Location

Knowing where each asset is can be highly useful. If an employee needed to locate some machinery, itemit’s asset register will show the employee exactly where it is. Should another employee be sent to work in another building, the asset register can show where it is located. 

Knowing exactly where each fixed asset is offers convenience and the ability to save time.

Date of Purchase

The date of purchase can be vital if the value of an asset needs to be understood. This information is relatively easy to enter. Users may need to know this information if they have an issue with it and need the date of purchase for warranty purposes.

Supplier Information

The supplier information allows the user to understand where the fixed asset was purchased. Information such as this ensures that the users can purchase more units or negotiate a price with the supplier.

Price of Purchase

Understanding the price of the fixed asset at the purchase point can be invaluable. This information can help users to understand whether the asset was of good value. Should more assets need to be purchased, knowing the price can help users to determine how many assets can be purchased.

Estimated Life Expectancy

Every asset has an estimated life expectancy. Knowing this information can help users to work out exactly when a piece of machinery, for example, may need to be replaced. Adding this information into itemit’s Fixed Asset Register allows users to plan for future costs.

Estimated Current Value

Each time an asset is used, it depreciates in value. Every estimated current value has an impact on a company’s worth. Knowing this information can help no end should the company be seeking a loan, asking for a buyer, or simply working out its worth. Additionally, knowing the current value of all assets can help to determine if the company is moving in the right direction.

Maintenance Schedule

itemit’s Fixed Asset Register can help users to set up and adhere to a maintenance schedule. This can be achieved by using itemit’s reminders feature, which will allow you to schedule in important dates and recieve email prompts so you never forget! When assets are regularly maintained, they are less likely to break down. In addition to this, frequent maintenance can improve the life of the asset.

Insurance Information

Every asset needs to be protected against theft, loss, and damage. When something goes wrong, having easy access to insurance information can be extremely useful. Insurance details can be accessed within a matter of moments. Users will no longer need to hunt for the information in a filing cabinet. The details can be found quickly and easily thanks to itemit’s menu options.

Warranty Information

Warranty information can help users to determine whether a damaged asset can be repaired by the supplier. Warranties can be complicated documents, however, finding them can be harder. When the relevant information is added to the Fixed Asset Register, users can have access to it within moments.

Everything in One Place

When you use itemit’s asset register, everything can be in one place. The need for countless piles of paperwork is eliminated. Users can gain access to all of the information that they need within a matter of moments. 

One of the best things about itemit’s asset register is that it can be accessed via a mobile app, tablet, or computer. What this means is that no matter where a user is, they can gain access to the asset register. Whether a user is on the factory floor, in the office, or working from home, the asset register can be accessed. This ensures that users can find the information that they need and at the touch of a button.

itemit’s Fixed Asset Register

itemit’s Fixed Asset Register is there to help you with all of your asset-related needs. We are proud to offer you our easy-to-use software that can work well for you. 

To find out more about how our asset register software can help you, contact our friendly, expert team at Alternatively, you can opt for a 14-day free trial to find out how well our asset register software works for you.

Fixed Asset Register

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