What is an Asset Register and Why Should You Use One?

What is an Asset Register and Why Should You Use One?

An asset register is a highly detailed list of all of a business’s assets. The list includes details such as the owner of the assets, the condition and location. An asset register helps businesses to understand the asset’s price, depreciation, status, and procurement date. In addition to this, the asset register also lets the user know the asset’s current value and insurance status.

How Can A Fixed Asset Register Be Beneficial To Your Business?

The Benefits of an Asset Register

There are many benefits of having an asset register, including:

  • Assets can be tracked and easily identified 
  • Assets can stay compliant in accordance with the industry’s regulatory standards
  • Helping to prevent assets from getting lost or being stolen thanks to itemit’s accurate location data services
  • Estimating repair and maintenance costs
  • It helps to provide complete transparency of all assets and associated data
  • Providing users with a highly accurate audit trail 
  • The calculation of depreciation

As your business grows, you’ll naturally gain more assets. It can become increasingly difficult to track all of your assets over time. Keeping a close eye on your assets is much easier when you have an asset register. While setting up the register can take time, once it is complete, it will automatically benefit your business. 

Another benefit of this type of register is that it can help to eliminate ghost assets. When an asset is damaged beyond repair or has gone missing, they are no longer of any use. By tracking every asset and its state of repair, ghost assets can be eliminated. Finally, the register can be accessed via a computer or mobile app.

What Should I Include in My Asset Register?

You can include any business assets you wish in your register. Assets can include: 

  • Computers, printers, servers, and laptops
  • Vans and cars
  • Furniture such as chairs, desks, and filing cabinets
  • Photocopiers, telephones, and scanners
  • Stationery and tools
  • Machinery and associated equipment

Add any assets that have value to your business. The above list is just an example, however, your business may have other types of assets. Adding these assets to the register can help you to track them. Using itemit allows you to track both high and low-value assets 24 hours a day.

What Data Should I Include in My Asset Register?

There is a real possibility for you to include a whole host of different data in your register. Including as much detail about each asset can be very useful. Some of the data that itemits users include is the: 

  • Asset’s Depreciation
  • Asset’s remaining life
  • Asset’s serial number or barcode
  • Current and previous users of the asset
  • Current value of the asset
  • Date and frequency of maintenance
  • Estimated resale value
  • Insurance coverage and what it includes (repairs, maintenance, etc)
  • Licence start date
  • Location of all assets
  • Manufacturer’s warranty information
  • Operating licence 
  • Owner of the asset
  • Purchase date and price 

When every asset in the register contains detailed information, they are easier to keep track of. Users will know where the assets are and what condition they are in. Notes can be left for the next user, and management can see how effectively each asset is being used.

Maintaining an Asset Register

Once you have set up a register of your assets, it’s crucial that you maintain it. By using itemit’s QR codes, it is possible to maintain your assets while tracking them. With a list of assets that can be accessed as and when it is required, a physical audit can be undertaken. 

By scanning each item, users can confirm that the asset has been located and accounted for. In addition to this, the detailed information that is listed can be compared to a physical inspection. A physical inspection allows appropriate action to be taken should any discrepancies arise.

Asset Registers and Ease of Use

Every asset register can be accessed and used with ease. itemit has designed the user interface in such a way that inputting and editing information is simple. Additionally, menus are easy to access, allowing users to make updates whenever they wish. As long as assets are logged in and out as required, they can be traced. The location information will be displayed in the appropriate menu.

itemit’s Asset Registers

itemit has made it possible for businesses of all sizes to keep a register of their assets. When a business starts to grow it can struggle to keep track of its assets. Having a complete register of every asset can make a huge difference. Asset control will be easier, allowing management to make more informed decisions. 

Please contact us if you have any questions about registering your assets. You can reach us at team@itemit.com. Alternatively, if you are ready to test the value of our asset management software, you can sign up for a no-obligation 14-day trial.

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