How to Prepare a Fixed Asset Register
How to Prepare a Fixed Asset Register
Business owners know that it’s imperative that they remain organised. Ideally, they will know where their business assets are at all times. They will also know where each of the assets is located and how often they are maintained. Finally, business owners should know who is responsible for the asset’s upkeep.
In order to effectively manage all of your assets, a fixed asset register should be created. itemit’s asset register software works to ensure business owners can track their assets.
Below, you will find details of how you too can prepare a fixed asset register.
Understanding What Fixed Assets Are
Fixed assets are all of the equipment, machinery, tools, property, furniture, vehicles and land that would ordinarily be listed on an inventory. Assets such as these tend to also be listed on a balance sheet.
Ideally, business owners would add any assets that they don’t plan to sell in the next 12 months. Assets such as these can be added to the register and tracked all day, every day.
Preparing a Fixed Asset Register
When preparing an asset register, ideally, business owners would identify the following:
- All of the business’s assets
- The location of the assets
- The asset’s status and condition
- Whether the assets need annual or more frequent checks/maintenance
- Each asset’s insurance and warranty details
- Each asset’s user guides, if relevant
- The asset’s name and description
- A photograph of each asset for easy identification
- The cost and date of purchase
- The asset’s current value
- The asset’s depreciation value
As you can see, there are quite a few things to consider. However, being able to access all of the above information about each asset is hugely convenient.
Choosing Which Assets to Record
Taking a walk around your premises can help business owners to locate and identify all of their assets. This exercise can prove to be useful as there’s always a possibility that not every asset has been recorded. Some assets might be new and, therefore, not added to the inventory/balance sheet. Alternatively, some assets may have slipped through the net.
Walking around every premises and location allows business owners to identify their assets. Those that have slipped through the net can be added to the register with ease. Each identified asset’s details can be added and saved into itemit’s system.
How to Record Your Fixed Assets
Recording fixed assets can be quite a task. Depending on the type of business someone owns, they could have multiple assets in multiple locations. However, the more locations there are, the greater the need for a fixed asset register.
One effective solution is to use itemit’s asset register. Our asset tracking software uses combined technologies to help users everywhere track their fixed assets.
Users simply need to log into itemit’s menu and add a new asset. The menu allows users to add as many details of each asset as they please. This allows users to have as much information about each asset as required. Having access to the insurance information, for example, can help to save time. Users will be able to find the insurance information at ease and, therefore, make the appropriate claim much quicker.
It is possible to upload photographs and other files to itemit’s system. This allows users to have access to the information they need at all times.
Adding a QR Code
In order to make use of itemit’s tracking features. Users need to add a QR tag to each of their assets. Once the tag is attached to the asset and scanned into the system, tracking is possible. Upon opening up the asset’s menu, users can see where the asset’s last-known location is.
A QR code can be affixed to every single asset, even those which do not move. The tag, when scanned, will reveal a lot of information about the asset. Users can then decide which pieces of information they would like to access.
Use itemit’s Fixed Asset Register
Business owners everywhere can use itemit’s fixed asset register to keep track of all of their assets. Thanks to the way that the software works, business owners everywhere can now create and effectively monitor all of their assets.
Business owners and their employees can have much more control over the business. An asset register can be a highly useful tool. It can help businesses to understand how well the business is performing. It can also be used to help prevent assets from being lost or stolen.
There are multiple ways that itemit’s asset register can help. Feel free to contact our helpful team to ask them how itemit’s fixed asset register can help you. Reach out to our team at email@example.com. Alternatively, you could sign up for our 14-day Free Trial and find out just how well itemit’s asset register software works for you.
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What is EAM (Enterprise Asset Management)?
Enterprise Asset Management (EAM) is the management of organisational assets throughout their lifecycle to maximise efficiency and minimise costs.
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