When To Use Fixed Asset Tracking Software

When To Use Fixed Asset Tracking Software

Your businesses’ fixed assets are a defining component of your company’s net worth and what it’s capable of. If you’ve experienced considerable discrepancies in your asset register, difficulty getting accurate audits or miscommunication regarding assets’ whereabouts and other information, it’s time you invested in a fixed asset tracking software. 

itemit’s fixed asset tracking software combines the most sophisticated asset tracking technologies and powerful features and makes it accessible to you through an easy-to-use and intuitive user interface. But before we get into the technicalities, let’s read through why and when is it time to use a fixed asset tracking software.

When To Use Fixed Asset Tracking Software

1. If You Need a More Accurate Fixed Asset Register

The purpose of a fixed asset register is to keep a track record of all your assets with essential details like purchase cost, purchase date, valuation, depreciation and so on. All of this helps an enterprise make the most out of its assets, boost productivity and save money in the long run. 

However, none of that would be possible if the asset register you’re keeping is not accurate. When using obsolete methods for asset tracking such as spreadsheets and text files, it becomes very easy to make an error every now and then. The risks of human error drop significantly when you’re using specialised fixed asset tracking software. 

Every piece of asset information goes into separate text boxes on individual asset profiles. Moreover, multiple users can review the fixed asset register at once to double-check the accuracy of data. This way, itemit lets you have an error-free asset register that’ll surely save you money.

2. If You Want Greater Transparency and Accountability

Whether you’re working from home, from the office or following a hybrid work model, you always want to maintain maximum transparency and accountability. This is especially true when it comes to fixed assets. 

Your fixed assets comprise the most valuable items or property your company owns and thus, proper steps must be taken to ensure their safety and security. A fixed asset register software empowers you to have a clear overview of all items. You can see all their locations, descriptions and every other important detail through the software at any time. 

Not only that but special tools like the Assignee and Check in Check out features let you assign individual items to team members and see which items are being taken out of the office and by whom.

3. If You Want to Save Money

Have you made a lot of duplicate purchases lately? Are you unnecessarily paying taxes on ghost and zombie assets? Do you want to save money on asset tracking itself? Or have you got a lot of misplaced and stolen assets in the last few months? 

You could save money on all these things and many more asset-related money leaks with fixed asset tracking software. The next time you’re purchasing tools and equipment, just open the asset register on your phone to see which assets you have and which ones you don’t. This prevents you from making any wasteful purchases.

itemit also helps you identify ghost and zombie assets and deal with them effectively. This can cut your tax bill down significantly. In the same way, conventional asset tracking methods are very time consuming and may even require you to hire a person to keep track of fixed assets. With itemit, asset tracking becomes a walk in the park, and much more economical than other options.

4. If You Want to Make Auditing Easier

Accurate auditing requires keeping an accurate fixed asset register, which holds a lot of value in itself. Auditing saves you a lot of money by allowing you to avoid unexpected costs, asset damage and unnecessary taxes. But auditing is by no means an easy feat. But if you use a fixed asset tracking software, it can be.

More than 50% of your auditing work is already done if you have an accurate asset register. The rest of the procedure involves just a few more simple steps.

It’s Always a Good Time to Invest in Fixed Asset Tracking

With so many new features integrated into the software, impressive functionality, and the ever-increasing trends towards asset tracking, one can confidently say that now is the best time as any to invest in fixed asset tracking. This is not only because of the factors we’ve mentioned above but for an investment that offers lucrative ROI, there’s never a bad time. 

The shift towards remote and hybrid work after the pandemic also calls for a solution that lets you adapt your asset tracking capabilities accordingly. Plus, itemit is a scalable option and will serve various purposes simultaneously. Whether you need a fixed asset register, IT asset management system, equipment checkout software, or tools and equipment tracking, you can do it all with itemit. 

To find out more, reach out to the team at team@itemit.com. You can also check all the features out for yourself with the 14-day free trial. Fill in the form below to start.

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