How to Avoid Redundant Capital Purchases with Asset Register Management Software

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.

But when an organization does not keep all information sorted then it can lead to theft, asset misplacement, and chaos in daily operations! This is where asset register software can be helpful to your organization!

How Does Asset Register Software Help?

Asset register software has all the information of all the assets belonging to the organization. Therefore, it can be very beneficial for organizations in terms of asset optimization, asset utilization, boosting asset performance.

In all aspects, asset register software can be very useful as it can make assets more productive and increase the efficiency of each asset individually.

Whenever any asset leaves the organization, premises it alerts the management and they take action accordingly. Asset register software also keeps track of asset location, asset condition, and who is assigned it to!

Also Read: Asset Management Software: Manage Acquisition & Disposal

It plays a crucial role in the transparency of asset data, through which organizations can make decisions easily. It is also helpful in asset auditing.

You can also calculate depreciation easily and keeping track of asset maintenance expenses and avoid assets from theft. Asset register software has valuable information that helps organizations in making long-term decisions based on the information stored in asset register software.

Since asset register software is automated it decreases human error as well.

What Is the 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 logbook 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 be 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 purposes.

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 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 their status and condition.

Also Read: Without Asset Management Software, Managing Assets in Excels & Spreadsheets

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 the 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 the register accurately will prevent you from spending redundant capital on purchasing new equipment. For 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 maintaining 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 desired 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, 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 maintenance 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 for each asset. The code will keep updating you on 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.

Also Read: 5 Shocking Business Statistics & How Asset Management Software Overcomes Them?

Frequently Asked Questions (FAQs)

1. What data is included in the asset register?‍

Data included for each asset are asset purchase date, purchase price, asset tracking number, currently asset assigned to whom, asset returning date, asset vendor, asset depreciation, depreciation method, asset salvage value, asset insured or not, asset remaining life, maintenance information such as last maintenance done to date, asset maintenance assigned to whom, total expenses in each maintenance done and so on!

2. Which type of organization can use an asset register?‍

Enormous size organizations have several auditors and software to keep track of assets because they have capital in hand and resources as well. Whereas small size organizations can use asset registers as they do not have many resources and they have to monitor and track their assets on their own and that is why asset register is the perfect choice for them.

3. What are the several types of asset register are there?‍

IT (Information Technology) Asset register & Digital asset register are two types of main assets register that exist.