How To Use Your Fixed Asset Register

Your fixed asset register will have many helpful uses. You’ll be able to use your fixed asset register to improve the amount of control you have over your assets, saving you time and money.

All of your fixed assets will be logged onto your fixed asset register. Each asset will have a unique digital profile where you’ll be able to add data, such as maintenance dates, against the asset itself. This data will then be reflected on your fixed asset register automatically.

Overall, you get more control and visibility, as you’ll be able to reduce the risk of ghost and zombie assets and verify which assets you own and which ones you need to purchase.

 

Track Maintenance And Routine Operations

First of all, you’ll be able to use your fixed asset register to streamline existing maintenance operations. As you’ll be able to run and customise reports, you’ll be able to view which assets have had maintenance recently and which assets need it.

This way, you’ll be able to reduce asset downtime with ease. Simply use reminders or report issues on your assets and this will be reflected in your reporting.

issues management software

Then, your maintenance team will be able to see which assets have issues and where they are, ready to streamline a fix or improve pre-emptive maintenance procedures.

 

Export Your Fixed Asset Register For Insurance And Accounting Purposes

You can also export your fixed asset register for insurance and accounting purposes. If you make use of auditing features, too, you’ll be able to keep an up to date record of where your assets are and prove that they’re accounted for.

audit your assets with itemit

As you can now prove ownership and responsible use with ease, your fixed asset register will be viable for insurance companies to use to quote you and, if something goes wrong, as evidence.

In the same vein, you can also use your fixed asset register for accounting and tax operations, proving ownership of assets and their value. This means that you get accurate tax breaks and don’t miss out on anything by over or under-reporting your asset-related finances.

Improve Your Asset Management Operations

Finally, as your fixed asset register will reflect all of the changes your assets have been through, you’ll be able to use your fixed asset register to monitor your assets’ lifecycles.

This gives you a clear view of where assets have been and who has been interacting with them, immediately showing any gaps. For example, it will be visible if an asset has been used by multiple people and, therefore, if you need to purchase another of that fixed asset. Conversely, you’ll see the assets that are under-utilised and be able to rectify this.

Overall, an automated fixed asset register shows you all of the information you need to make better business-focused decisions and, therefore, save time and money as you go.

To find out more about how itemit’s fixed asset register software can help your business, you’ll be able to book a demo using the button below.

You can also contact the team at team@itemit.com or fill in the form below to start your 14-day free trial!

 

Why not check out these blogs?

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