Using itemit’s Depreciation Features

With itemit, you’ll be able to track how your assets depreciate. Depreciation is incredibly effective when it comes to fixed asset tracking, as you’ll be able to create an initial purchase price and track your asset’s lifecycle.

All of this is visible within itemit’s handy reporting features. With reporting, you’ll be able to view the total value of your assets, as well as how much they’re depreciating.

Fixed Asset Tracking

Fixed asset tracking is essential in your business, as you’ll be able to use the benefits more accountability, more visibility, and more transparency over your assets can provide you with.

Knowing all of the fixed assets you own and having the ability to add data to these assets makes fixed asset tracking simple. 

With fixed asset tracking software, you’ll gain many more benefits than a spreadsheet can provide you with. Spreadsheets become quickly outdated and would require updating every time an asset’s status changes, giving you a limited ability to track asset lifecycles.

Fixed asset tracking software gives you a suite of features that you can use to create a fully transparent audit trail.

The Benefits of Depreciation

Depreciation allows you to view what your assets’ current values are. Knowing an asset’s value allows you to make instant decisions on where to put them in their lifecycle.

As you’ll also be able to add replacement costs to itemit, you’ll be able to see when an asset should be replaced. Knowing this creates a better way to track and manage your assets, as business-centred decisions are much simpler and much more transparent.

Overall, bespoke depreciation features show you how an asset is behaving and whether it should be replaced or maintained. This is as you’ll be able to see all the information you need to at speed and with ease.

Using More Fixed Asset Tracking Features

Depreciation is used best when it’s used in tandem with other fixed asset tracking features. The benefit of fixed asset tracking is that you’ll be able to create information for unique assets.

What this means is that you’ll be able to add all of the relevant information that you need to against your fixed assets so that you get a fully-formed ability to track and manage everything you need to see.

So, for example, you’ll need to track maintenance and asset issues to gain a full understanding of how an asset has been behaving.

Using an effective issues management system, and being able to view an asset’s history, gives you more data, which makes decisions simpler.

Being able to see which assets have required multiple bouts of maintenance allows you to decide whether or not they’re more economical to replace, as you can weigh up maintenance costs against replacement costs.

You’ll be able to export and use all of this information using itemit’s bespoke reporting features. With reporting, knowing what your assets are doing and how they’re behaving is a breeze.

To find out more, 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.

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or, download the itemit app to get started