How To Keep Your Fixed Asset Register Accurate

A fixed asset register is an essential way to ensure that your finances are correct and up to date. The purpose of an asset register is to be a record of what you own, how it is behaving, where it all is and any other critical details.

Therefore, when you track your fixed assets, you benefit from more visibility, control, and accountability over your assets. In turn, this means that you purchase fewer assets, lose fewer assets and keep tax and insurance information accurate.

However, you only get these benefits if your fixed asset register is accurate and up to date.

The simple answer is no. You can keep a record in the form of a spreadsheet, or multiple spreadsheets, but to keep your asset records up to date you’ll need more.

This is because spreadsheets have gaps and, while they’re free, create a negative return on investment. 

If your fixed asset register is in the form of a spreadsheet, every row will pertain to an asset and every column a type of information. This means that each cell contains critical information. It also means that any time an asset changes, a single cell out of potentially thousands instantly becomes out of date.

Then, there may be separate tabs or sheets for depreciation data, fixed asset information, lifecycles and so on, creating a massive workload.

On its own, a spreadsheet is insufficient as the risks, such as ghost and zombie assets, are too high.

Fixed asset management software is the best way to keep your asset records up to date. This is because you’re using features, functionality, and a user-friendly interface as opposed to tackling a spreadsheet.

Fixed asset management software allows you to create unique asset profiles that you can add information to. Therefore, instead of adding data into a single cell at a time, you’re adding data against an easily findable profile.

Then, you can make the most out of streamlined features instead of manually adding and updating data all the time. For example, you can use a fixed asset management system as equipment booking software or as issues management software.

The software itself will be as customisable as a spreadsheet in this sense, so the type of fixed assets don’t make a difference. Therefore, if you’re looking for an asset tracking system for construction assets or an IT asset management system, fixed asset tracking software will suit your needs.

Fixed asset tags also remove a lot of the administration and automate a lot of your fixed asset operations. For example, asset tags simplify audits as you can scan the assets in a location and rely on a system rather than a checklist.

Asset tags are physical tags that you stick onto your assets and then link with their profiles. Then, every time you scan an asset’s tag, the relevant profile opens and the last seen location updates. This gives you an audit trail of your asset interactions, as well as speeds up asset discovery.

Bulk actions aren’t possible on a spreadsheet after a point, too. You can’t filter by assets and then bulk add them to a location without quite a bit of work to isolate assets and replace the wording. Fixed asset tracking software simplifies this and speeds it up, whether you use asset tags or not.

This way, you have a choice of how you keep your asset register up to date. You can either remotely manage information or you can interact with assets onsite using your smartphone.

itemit’s fixed asset register software lets you build an asset register by building and populating profiles. Then, you can add filters to manage your fixed asset register and export it to maintain the benefits of a spreadsheet.

Overall, itemit gives you an easy, manageable, and clean way to look after your business’ assets. Then, you can use your fixed asset register for any purpose you need it for while also knowing that it’s kept up to date. 

You can choose how you manage your assets as itemit comes with a web interface as well as an integrated mobile app. Onsite edits are easy, as are remote tweaks and exports.

Find out more about itemit by contacting the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

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