How To Create An Asset Register
How To Create An Asset Register
An asset register gives your business clear and instant benefits. It is essential for a business to have an asset register as they’re your first defence against many fines and many sunk or lost costs.
With an effective asset register, your business can monitor and control what it owns with a lot more ease. This is because you have a lot more visibility over where assets are, what they are, and who has them.
Therefore, with an asset register you:
- Save time
- Save money
- Lose fewer assets
- Purchase fewer duplicates
- Avoid accounting risks
- Increase accountability
These benefits are just the tip of the iceberg, though, as you can save weeks a year in asset tracking operations. Your ROI in costs will depend on your assets, but one lost laptop not only stings, but it slows down work for someone, overall bringing down productivity.
Why You Shouldn’t Use Spreadsheets
The first question when you’re creating an asset register is whether or not you should use a spreadsheet. It’s tempting, as spreadsheets are free and easily accessible.
There are far too many reasons why you should never use a spreadsheet for your asset register. First and foremost, the lack of malleability and control means that it will cost you money to use a spreadsheet.
This is because of the high likelihood of ghost and zombie assets and other dangerous gaps in fixed asset accounting. If you think about it, a spreadsheet is a snapshot. So, every time an asset moves or changes hands, your asset register is out of date.
Then, consider the number of assets you have and times it by the number of fields you want to log against your assets, such as maintenance dates and invoice numbers. That’s the number of cells you need to keep on top of.
Considering this, it’s no wonder spreadsheets are unreasonable, unmalleable and unwieldy, let alone unrelenting in the amount of work they cause.
Using Fixed Asset Register Software
Therefore, the best way to create an asset register is by using fixed asset register software. Fixed asset register software works by allowing you to log your assets as unique profiles.
Similar to social media in this sense, you can log each of your laptops and add unique data against them. This is critical as if one laptop has a problem you need to know which one, where it is and who has it.
Instead of using cells and rows, therefore, you’re creating an asset register by creating asset profiles and through actual asset interactions rather than through intangible communications to and from sites.
Then, once your data has been added and is getting monitored and updated, you can run reports on it and export it as a pdf or excel sheet. This way, you can create the benefits of a data snapshot without having to then manage it in a difficult way.
Using Fixed Asset Tags
Fixed asset tags improve your asset register as they make interactions with assets tangible. Asset tags are physical tags that you stick onto your assets and use to link profiles to equipment.
So, every time you scan an asset’s tag that asset’s profile will open. Therefore, if you notice an asset has an issue, you simply need to scan the tag and report said issue. Your maintenance team will be notified of the change.
Every time you scan an asset’s tag, too, the last seen location updates, as well as the user who scanned the tag and the time of the scan. Gives you a neat, automatic log of asset interactions and a handy audit trail in tandem.
So, not only does logging assets on asset tracking software create your asset register for you, but it also automates many of the edits and updates that you’ll need to log.
Deploying Asset Management Operations
When you’re deploying asset management systems there are a suite of customisable, effective, and helpful features that let you log and manage assets. This logging process paves the way for a better asset register and better asset tracking.
Sometimes, this can be daunting which is why effective support is helpful if you need it. Fixed asset register software is built to be intuitive, but sometimes there are specific questions such as what you can use your asset register for.
With itemit, not only do you get a substantial, high ROI, you also get effective, fast, and helpful support to get you set up faster. This, in turn, saves you even more time and money.
To find out how itemit can help you with all of your asset tracking needs, from IT asset management to fixed asset tracking to equipment tracking, you can contact the team at email@example.com. You can also fill in the form below to start your very own 14-day free trial.
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How should you track your fixed assets? Should it be physical tracking, cost tracking or maintenance tracking? Find out more here.
How does a fixed asset register save you time and money? Find out more about the inner workings of using a fixed asset register.
Fixed assets need to be tracked and managed effectively. But what are your fixed assets? Find out more about fixed asset management software.