When an organization is small, they have limited assets for that purpose spreadsheet can be used. However, when the number of assets and organization grows spreadsheet becomes inaccurate as many people access it at one time. When multiple people access spreadsheets the chances of inaccuracy increase, and data can be changed unintentionally. Moreover, the chances of finding errors are not good as there is no timestamp or tracking.
Hence, it is become more difficult to keep track of assets as you look for assets in one location, but the asset is found in some other location. Sometimes assets are not found at all! So, what is the solution? The solution is an asset register! In this blog, we will know what the benefits of an asset register are and what crucial information you need to put in & what the purpose of an asset register is! So, let us begin.
What is an asset register?
The asset register contains all the information about assets, and this register has a complete asset list belonging to an organization! The data collected in an asset register is helpful to a business in forming a business strategy and setting future goals. Moreover, you get transparency in data records. An asset register is helpful while performing physical asset verification in an asset auditing procedure.
Not just that, an asset register is also helpful in maintaining compliance as you get the complete asset list. An asset register has crucial information about each asset such as asset name, asset model number, purchasing date, disposal date, manufacturing, condition, location, price, depreciation, status, etc.
In the asset register, you can put additional information such as asset pictures, videos, maintenance history, and asset movement history.
What are the benefits of maintaining an asset register?
The benefits of maintaining an asset register are given below:
Minimizing asset theft chances
When you have an asset register you can regularly verify your assets and if assets are missing you will know which asset is missing from when. An asset register makes each employee responsible for the asset they are using. Overall, you will notice asset theft and misplacement are minimized. An ideal asset register consists of all the information about assets including asset check-in & check-out information.
Precise depreciation calculation
When depreciation of an asset is calculated manually then the chances of error are greater. As a result, you do not get accurate data, and time is wasted as well. However, with Asset Infinity's asset auditing software you can save yourself from all the struggle with the automated calculation services as this software automates the depreciation calculation process and as a result human efforts and time are saved as well.
Repair & maintenance cost management
If your asset register maintains asset repairing and maintenance-related information then you already know how useful and helpful it is in business. It provides you with valuable intel that lets you know the area of improvement, where you are investing, and where you need to invest more in order to improve business efficiency.
Asset movement tracking
Sometimes organizations get confused as they have lots of assets that are identical. So, it is important to identify each asset individually by labeling each asset. Furthermore, you can put images and conditions of the asset into the asset register so that the asset can be verified easily. Asset tagging along with an asset register is an effective strategy for asset movement tracking.
Fast Asset Auditing
When an organization grows its number of assets also goes and it becomes hectic to perform an asset audit. as some assets are outside the premises such as vehicles, and at the time of asset auditing, they are not found. However, with the asset register, you can maintain an Asset movement trial that saves you from a hectic audit procedure.
What is the purpose of the asset register?
The purpose of an asset register is to keep assets safe and ensure all the information can be retrieved easily with the assistance of an asset register. it is also helpful in avoiding asset misplacement and ensuring every asset is found in place. An asset register is also useful in making crucial business decisions.
The fundamental objective of an asset register is to empower an association to precisely record and keep up with both monetary and non-monetary data relating to every asset and to effortlessly distinguish and check a resource when required. Another aim is to maintain data accuracy and it must not compromise at all.
Asset register is helpful to an organization as it has valuable information that assists an organization in making informed decisions. A perfect asset register must have all the information about an asset. If that information is not mentioned in the asset register, then it will not be as effective as it should be. Therefore, it is important to ensure that the complete asset register is maintained. With Asset Infinity’s asset register, you can easily maintain complete data and the interface is simple. There are several features that help in keeping track of assets with this software. Investing in an automated asset register will assist your business and asset management will be simplified.
Frequently Asked Questions (FAQs)
Q1. How can asset tracking be done with an asset register?
For enhancing asset tracking organizations can use asset tracking along with an asset tracking technique. It will boost the capability & efficiency of the organization for asset tracking. Organizations can use barcodes, QR (Quick Response) Codes, RFID (Radio frequency identification), GPS (Global Positioning System), etc. There are several asset tracking techniques that are used for real-time asset tracking. It depends on business requirements and what kind of asset tracking your organization wants!
Q2. What are the advantages of using Asset infinity’s asset register?
Advantages of using Asset infinity’s asset register
- Automated deprecation calculation
- Complete asset list
- Fast and effective audit (Assign audit to specific employees to verify assets)
- Proper asset approval
- Maintain asset movement trail