What to Include in a Fixed Asset Register
What to Include in a Fixed Asset Register
If you’re starting to put together your fixed asset register, you might be a bit lost when it comes to what to include. Here, we’ll cover the sorts of assets that should be on your fixed asset register and also what information must be included to ensure your fixed asset register is complete.
itemit is an asset tagging and management system that creates a fixed asset register for you as you go. This means that all of the information you need will be right there, ready to export in future as a pdf or Excel file.
What Assets Should I Include?
First of all, let’s start with what kind of assets you should include on your fixed asset register.
You may find that you have many different types of assets. It’s worth noting that inventory and fixed assets are different. Fixed assets are permanent fixtures in your company that don’t make revenue through buying, selling, or renting.
Instead, fixed assets make the company money out of how they’re used. For example, IT assets will be fixed assets, such as your laptops and phones, as your team will use them to generate revenue. Construction tools will also be fixed assets, too, as they are also used as permanent fixtures to generate revenue.
So, how do you pick and choose which assets to put on your fixed asset register? The answer is that this may vary from company to company but that with a streamlined system, there’s no limit to what you can track and manage. Some of the most commonly recorded fixed assets include:
- IT Hardware such as computers, laptops and mobile devices
- Small tools and equipment
- Plant and machinery
- Vehicles, including cars and vans
- Office furniture and equipment such as chairs, desks, printers and photocopiers
- Fire assets including fire doors and fire safety equipment such as fire blankets and fire extinguishers
With itemit, each of your assets has a unique profile so you’re able to not only identify each asset uniquely, but also to record all required information in your fixed asset register.
When you use a fixed asset tracking system like itemit, you also benefit from being able to QR tag your assets. This makes identification and future interaction with your assets very quick and easy.
To find out more about what your fixed assets are, you can read our blog about it here.
What Asset Information Should I Include?
The purpose of a fixed asset register is to maintain and manage your assets and all the information relevant to them.
This is why it’s so important to have information set against unique assets, as not all of the information will overlap, but it should all be collated in a fixed asset register.
There are five key pieces of information that should be recorded in your fixed asset register. These include:
- Location and Usage Data – With location data, you’ll be able to track asset use and movement. Knowing where your assets are and who has them is paramount in any asset tracking process.
- Compliance Information – This will vary depending on the specific assets, which is why a unique profile per asset or digital twin is needed. Being able to add fire compliance information against fire doors is just as useful as being able to add GDPR compliance information against laptops.
- Financial Information – This helps with depreciation and asset lifecycle management. Knowing the price you purchased an asset for and all relevant warranty information helps with better-informed decision making.
- Insurance Information – Should the worst happen, it’s possible to add insurance information to your asset register. Having this compounded by movement data and proof of responsible use may assist you with a payout.
- Maintenance Information – Knowing all historical maintenance information helps you see which assets have become uneconomical to repair. With this information in a fixed asset register, you’ll be able to make better-informed replacement decisions and improve your budgeting and forecasts.
itemit’s Streamlined Auditing and Reporting Processes
itemit streamlines and automates the process of creating a fixed asset register.
All you have to do is create an asset profile, link it to the asset with a QR code, RFID tag, or barcode, and start tracking your asset. You can then add all the relevant information you need for your fixed asset register. The best bit is you can then share this with your team to ensure that this information is kept up to date and accurate.
itemit will then automatically create reports based on your assets, one of which being a fixed asset register. Once you’ve added all the assets you need and their information, all you have to do is head over to the reports tab in our web portal and you’ll be able to export your fixed asset register instantly.
Find out more about what itemit can do for you by contacting the team, or by filling in the form below to start building your fixed asset register today!
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