What Is A Fixed Asset Register? Everything You Need To Know

What Is A Fixed Asset Register? Everything You Need To Know

Understanding fixed asset registers got you at your wits end? 

Allow us to help. 

Before diving headfirst into fixed asset tracking, here’s a short overview of what fixed assets truly are, and what they signify for your business. A fixed asset is a term used to define objects of value that cannot be readily converted to cash. They are used by businesses to generate revenue and can range from equipment to land.

Due to the importance of fixed assets to your business processes, it is crucial that such assets are tracked. Fixed asset tracking is a day-to-day business process that involves storing important asset details, such as the assignee and location of an asset in a single, localised directory. 

Traditionally, businesses employed spreadsheets or physical registers to stay above their asset tracking needs. However, with growing asset-tracking requirements, conventional methods have become both insufficient and obsolete- nowadays businesses often opt for an advanced fixed asset tracking software solution: the fixed asset register.

To get to the bottom of why fixed asset registers are so pivotal to businesses, let us delve into why asset tracking itself is considered to be the best thing since sliced bread!

The Importance of Asset Tracking to Your Business

Trying to increase accountability? Or perhaps you’re aiming to reduce losses?. Maybe you’re simply trying to improve your business’s productivity?

itemit’s asset tracking software can help you achieve all of your goals. Read on to learn more about how itemit’s fixed asset register accomplishes all of the above – and more.

Setting Goals asset tracking

Asset Data: Accessible and Readily Available

At its core, asset tracking software exists to place your assets data right at your fingertips.

Routine business functions often involve inventory tracking. At times like these, asset tracking proves to be invaluable. Whether you want to locate your assets, update the amount, or even check-in/check-out assets, asset tracking software has got you covered! 

What’s more, by tracking the location of your asset, you can rest at ease, knowing that all your assets are accounted for. With asset data readily available, your business’s productivity will surely reach new highs!

Improved Decision Making

Speaking intuitively, decision making doesn’t seem like something that would be affected by asset tracking. On the contrary, however, decision making relies very heavily on the current state of your assets.  

Let us clarify with the help of an example. Imagine that you want to reduce the stock of items that are rarely bought by customers. To determine which items are not bought frequently, you could employ asset tracking, analysing which items are more popular amongst customers.

By employing asset tracking to better analyse customer buying patterns you can ensure that your inventory is not tied up needlessly. Not only will this reduce storage costs, but it may also boost your customer’s satisfaction by ensuring that high-in-demand items are never out of supply. Naturally, this analysis will filter into your decision making, giving your business the competitive edge.

Improved Profitability

One of the greatest boons of asset tracking is its ability to aid you in cutting back your business’s expenses. Whether you aim to prevent duplicate purchases, improve resource utilisation, or simply ensure that your assets are well maintained, asset tracking is the way to go

For instance, using asset tracking, you can keep track of purchased assets. By doing so, you’ll be able to reduce the likelihood of accidentally purchasing duplicate assets, thus reducing loss of capital and simultaneously improving your business profitability.

Cutting Expenses Asset Tracking

Asset Tracking Made Easy: The Fixed Asset Register

In the past, using spreadsheets and traditional registers for asset tracking was the norm. With rapid digitalization and growing business tracking needs, a new, more efficient solution became absolutely necessary. It was this need that gave birth to advanced asset tracking software – more commonly known as fixed asset registers.

By using fixed asset registers, you can avoid sifting through hundreds of cells in spreadsheets. Instead, you can access assets data with the tap of a screen, viewing and managing your assets at a moment’s notice, on the go.

Fixed asset registers give businesses a clear and concise view of their assets. With each asset having its own, unique profile, accessing and updating an asset’s data is easier than ever.

Some of the revolutionary features introduced by fixed asset registers are:

Asset Tags

Let’s begin by tackling the elephant in the room: “What is an asset tag?”

Asset tags are physical tags that are attached to an asset. They contain a unique code, which when scanned links the physical entity to its digital counterpart.

By using asset tags, you can simply skip that lengthy and tiring process of searching up assets within a database by hand.

Scanning the unique code saves you time and increases the level of automation in your business, effectively killing two birds with one stone.

That’s not all. Each time an asset’s tag is scanned, that asset’s last seen location and assignee are updated automatically. Leaving behind a comprehensive audit trail of who has been interacting with your assets, tracking your assets becomes a cakewalk.

Reducing Time and Money Wastage

Likewise, fixed asset registers can reduce time wastage. Take, for example, a business operating in the baking and confectionery industry. Such a business would often deal with managing bakery assets

By using itemits fixed asset register, you can keep track of the expiration date and location of your perishable ingredients. Staying on top of the shelf life of such assets will allow you to reduce wastage of raw materials. This culminates in the form of reduced time and money expended in purchasing extra goods to compensate for those wasted.

Maintenance Operations Simplified

Using fixed asset registers, all your assets are just a few simple taps away. This ease of access allows you to instantly see which assets require maintenance. Furthermore, with a shareable asset register, employees can mark assets for maintenance and supervisors will be notified automatically.

Scheduling asset maintenance is a pretty simple process, and by using a fixed asset register, you can track the maintenance process until the asset is back online. This way, you’ll be able to reduce assets downtime and improve your team’s productivity.

Fixed Asset Details for Insurance and Audits

Another great functionality you can take advantage of is the ability to export your fixed asset register. By creating custom-tailored exports, you can rest at ease knowing all your insurance and accounting needs are fulfilled.

Similarly, if you’ve kept your asset details up to date, carrying out accurate audits becomes a breeze. This will aid in helping prove your ownership of your assets. 

To translate the jargon above, what you’ll gain from all this is reliable evidence, which is crucial when it comes to handling insurance companies.

Besides, fixed asset registers facilitate better accounting and tax calculations. With an easy way to prove the ownership and the value of your assets, your business is sure to get accurate tax breaks. This will also ensure that your business remains compliant with government rules and regulations, thus allowing you to sidestep hefty fines incurred by over or under-reporting your asset finances.

Updating Asset Details

Updating asset records in your average, run of the mill asset tracker is quite the uphill task. On the other hand, using a itemits fixed asset register lightens your burden considerably.  

Fixed asset registers make fixed asset management a breeze, allowing you to update different asset details such as the asset’s location and the depreciation effortlessly.

itemit’s fixed asset register is scalable and shareable. What this means is that you and your colleagues can use the asset register at the same time but for different individual purposes. While one team uses the asset register for Construction asset management, another can use the same software for IT asset tracking.

Shareable Asset Tracking

What Asset Details Should I Track?

A common dilemma faced by most business owners is that they don’t know what to track. To take full advantage of your fixed asset register, it is imperative to track essential details for each of your assets. Some of the key asset details that you should track are:

  • Asset name
  • Asset description 
  • Purchase and/or lease dates 
  • Purchase cost
  • Warranty details
  • Current value and asset life
  • Depreciation details

Though the list above may seem to be quite meticulous, it must be noted that this is just a generalised list. Although it’s not compulsory to store all this information, a fixed asset register shines when all the required data is stored beforehand.

The Best Fixed Asset Register

Now let us move on to the obvious question – “Which asset register can truly be considered to be the best?”

Of course, the best fixed-asset register depends on your specific needs and requirements. However, any good asset tracking software must be both streamlined and versatile. 

Whether your business deals with IT or baking, a standout fixed-asset register is scalable, adapting to any scenario that it may encounter while also performing optimally in any situation. 

It must be noted, however, that certain core features of asset tracking software remain consistent. These include an asset registers ability to store, track, and lastly present your asset data in a concise and coherent form.

itemits fixed asset register stands out from its competitors. It accomplishes this by incorporating powerful features that can make your day-to-day business processes a downhill task.

itemit: Power in Simplicity

Want to track your asset’s location? How about recognising images via AI? Maybe you want to use RFID tracking?

itemit comes with many powerful built-in features, which help set it apart from the crowd. These features contribute to your asset’s data, automatically updating your assets unique profile 

As always, increased automation reduces errors and makes your daily asset tracking tasks a cinch. with more time on your hands, you’re free to do more work, and increase your business’s productivity even further!

Displaying Your Data, Your Way

itemit allows you to view your data in any shape and form. Offering configurable exports and reports, you hold the reigns to decide how you want to view your assets data. Say goodbye to stressing over creating reports before board meetings-itemit’s got you covered!

itemit: Leaving Competition in The Dust

Compared to competitors itemit’s tracking software holds a distinct advantage. From data transparency to on-the-go access, itemit has it all. 

But wait. That’s not all. With itemit, you and your colleagues can take advantage of can itemit’s robust suite of asset tracking features, creating asset tracking processes that are self-sufficient.

itemit: Fixed Asset Registers At its Finest

The benefits of using itemit’s fixed asset register are countless. 

Not only does it come with an array of outstanding features, but itemit also stands out from competitors with its impressive scalability. 

If that wasn’t enough to convince you, itemit completely scalable, fully customisable software, which is why it’s used by so many for so many different purposes. 

To find out more about itemit’s fixed asset register, you can book a demo here. You can also contact our team at team@itemit.com. We look forward to hearing from you!

Alternatively, if you wish to experience itemit for yourself, sign up below for our 14-day free trial!

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