Business in your company uses fixed assets to generate revenue. A fixed asset is an item possessed by the company for long-term use, and not to be sold within a year. Examples of fixed assets are equipment, vehicle, estate, computer, and other machinery. These assets are purchased and frequently used in the line of work.
Importance of Maintaining a Fixed Asset Register
When fixed assets are purchased or shifted, your company needs to record the information about the assets in a log book called the fixed asset register. An asset register contains transaction details of the items used in the business. It can be a plain paper book, spreadsheet, or a software version of the same.
The information may include the name of the asset, serial number, purchase price, purchased date, utility, asset location, condition, and ownership status.
From an asset register, your company can keep track of each asset. The book will help it learn about the position of a particular asset. The register holds the vital record of all the assets that are used in your business.
Make sure you update the asset register regularly so that you would know the status of the assets. By going through those records, you will able to calculate the expenses on purchasing throughout the year.
How a Fixed Asset Register Helps Your Business
Whenever a department needs to move an asset, there is the need for scrutinizing the status of the item. For example, your company had purchased a printer two years ago and it was allocated in one of the company’s stockroom. Now, the company wants to get access to the printer for business purpose.
The first thing to do is to seek the register from the company’s registration department. If the books are marked in chronicle order, you have to search it in date-wise. Then you will have to go through several items bought at the same time of the year.
From there you would search the name number of the asset. There may be another section like the batch number of purchase items. From that section, the asset details would be highlighted with its status and condition.
Loss of Assets Report May Cost Your Business
Every year, a company needs to review the annual expenses so that the report would help businesses for short and long-term planning. Sometimes, the business management accidentally overlooked the asset details and the important data are missed out. This may lead to spending the extra money to address the required asset.
For example, your business needs a truck in urgent and the truck was already been purchased a few years back. However, due to the negligence of the management, the vehicle couldn’t be located.
In this case, the company has to spend redundant capital on purchasing a new truck. Such incidents are casual if the registration is done manually. The mismanagement of register can also cause obscurity in calculating the annual income of the company.
Use Asset Management Software and Save Money
Managing the assets record in register accurately will prevent you from spending redundant capital on purchasing new equipment. For an accurate registration, adopt the online asset tracking application Asset Infinity. The software allows you to manage your fixed assets in an accurate and easy way.
The e-platform delivers a dynamic approach to maintain an asset record. Users of asset management software don’t have to take an uphill task while registering their assets. They can customize the equipment tracking software with desire numbers of fields and categories. This app will help your business to track your fixed assets.
Users of Asset Infinity can add asset details like image, name, its usage, quality, serial number. They can attach important files related to the particular asset. The files could be a purchase order, insurance, invoice with purchase details, and other terms and conditions of the asset dealer.
Asset Maintenance Software for Securing Your Property
The asset management software covers all kinds of tangible equipment like machinery, spare part, vehicle fleet, and field equipment. An asset tracking management software has the caliber of assurance and reliability.
The app can help your business track valuable equipment without facing trouble. You can fix a barcode or radio frequency identification to each asset. The code will keep updating you the information of the asset. From this record, you will know the status of your belonging.
So don’t delay in exploring the new gadgets, register your valuables on Asset Infinity to enhance your business.