What is Fixed Asset Tracking?

Published on August 8, 2022 • 3 min read

Fixed asset tracking involves creating a log of all of your fixed assets. The log forms part of a register that is used to gain access to information about each individual asset. itemit’s asset tracking software ensures that users can also pinpoint each asset’s last-known location. 

Being able to track assets in this way can prove to be hugely beneficial to businesses everywhere. This is thanks to the many advantages that fixed asset tracking brings.

Adding Assets to a Register

Every fixed asset needs to be added to a register so that it has a unique profile. A lot of information about every asset can potentially be added such as: The name, make, and model, warranty and insurance details, date and price of purchase, estimated value, estimated life span, user instructions, and much more. 

The more information that is added to the register, the better it will be. When a user has access to the highly detailed information it’s possible to boost the lifespan of each asset.

Adding QR Codes

itemit enables users to track their fixed assets via the addition of QR codes. While the location of fixed assets may not change the users of such assets can. Users can scan the QR code and state that they are about to switch the machinery on, for example. As a result, management can see who has used the machinery, when it was used, and for what purpose. 

Having this information can be priceless. It allows management to see if machinery is being used effectively. It also helps management to understand whether additional machinery needs to be purchased. 

Another benefit of using QR codes is that it allows users to note if an asset has become damaged. This ensures that the machinery can be repaired as and when it is required. This can prove to be wholly beneficial as it means machinery is likely to be repaired as needed. As a result, the workplace can become more efficient and tasks are likely to be completed on time.

Exporting Files

It is possible for users of itemit’s fixed asset tracking software to export multiple files. Users can export files into a PDF format or as an excel file. Additionally, they can choose what data they want to add to the report. 

It is also possible for users to add their own calculations to the report, should they wish to. However, this feature can only be added to the excel file.

When it comes to exporting a PDF document, pictures of each asset can be added. This feature can prove to be immensely helpful when users wish to make an insurance claim. Alternatively, this feature can help users to show auditors which assets they own.

Another benefit of exporting files is that ghost assets can potentially be eliminated. This is thanks to users being able to see which assets are in good working order. Any asset that is found to be broken can be repaired and used once more. Assets that have gone missing can be located and put back into action or replaced.

Understanding Asset Depreciation

Another benefit of itemit’s software is that it can help you to understand asset depreciation. If users wish to understand the value of an asset, they can track it over the course of the asset’s life. This feature can help business owners everywhere to understand the value of the business. 

Information such as this can prove invaluable should an expansion of the business be desired. Additionally, users can see how often each asset is being used and whether it needs to be repaired or replaced. Finally, it is possible to see if the asset in question is worth keeping. 

As you can see, itemit’s software involves a lot more than simply knowing where assets are. The software can ultimately help a business to understand how well it and its assets are performing.

Use itemit’s Fixed Asset Tracking Software

itemit’s fixed asset tracking software has proven to be hugely beneficial to a wide range of businesses. As a result of using the software, businesses everywhere can work more efficiently. It’s possible to keep track of every fixed asset every hour of the day. 

Offices can track computers, hospitals can track life-saving equipment and schools can track tablets and other valuable equipment. Construction companies can see where vehicles are at all times, and local councils can track their machinery. 

Regardless of the type of business you run, itemit’s fixed asset tracking software can be wholly beneficial. Why not speak to our friendly team today about how our asset tracking software can help you? You can reach us at team@itemit.com and discuss your asset tracking needs. Alternatively, you could sign up for a 14-day Free Trial so you can see just how well our tracking software can work for you.