Why Tracking Fixed Assets Is Critical

Why Tracking Fixed Assets Is Critical

Your business needs to track its fixed assets. Without a robust system in place, there is a lengthy variety of risks that span from accountability issues to fines to losses.

A fixed asset register is essential so that your business has the visibility over your operations it needs. The best way to achieve this visibility is by using fixed asset management software.

why tracking assets is critical

What Are The Risks?

First and foremost, you need to keep your auditors happy. To do this, you need an accurate and up to date record of your equipment, tools, and assets. 

Nobody wants to sift through a spreadsheet, and a spreadsheet creates inevitable and costly gaps that your auditors will pick up on. Having ghost and zombie assets, for example, create inaccurate tax returns and insurance information, which can lead to overpayment or fines.

Without visibility over your fixed assets, too, you run the risk of misplacing or losing your critical equipment, which can lead to delays in work alongside health and safety risks and more.

No visibility or limited visibility means your business is likely bleeding money from a wide range of places.

What’s the solution?

Tracking your fixed assets with a dedicated asset management system means that you have complete control over your fixed asset register.

As your system is dedicated to tracking, managing, and controlling any changes assets go through, you start generating a return on investment from day one.

This is because of helpful features such as the ability to assign users to assets. In the context of IT asset management, having an assignee is hugely beneficial for a range of reasons. For example, if a colleague hands in their notice, finding which assets they’re responsible for is quick, simple and effective. 

This is one small, simple feature within an entire suite of fixed asset management solutions, and it already gives you more visibility over who is using what.

Taking Fixed Assets Further

Tracking asset information lets you take your fixed assets further. You can use asset tags, for example, to track and manage asset last seen locations with ease.

Simply attach a QR code or barcode to your assets and link this with the system. Then, every time you scan your assets’ tags, the last seen location will update and the relevant asset’s dedicated profile will appear, ready for edits.

This process automates your fixed asset tracking and puts more accountability on your workforce. With this power over your assets, you lose fewer assets and assets are far less likely to become ghosts or zombies.

itemit’s Fixed Asset Tracking Software

itemit’s fixed asset tracking software gives you a huge range of features to play around with. Because of this, itemit is used around the world for tools and equipment tracking, IT asset management, fixed asset management and more.

itemit truly is a customisable software, which is why it’s used by so many for so many different purposes. As such, it’s worth enquiring to see how itemit can help your business.

To find out more, you can contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

Fixed Assets Management

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