asset management

How Can an Accurate Asset Register Help in Your Fixed Asset Management Strategies?

A fixed asset register is essential for your business as it can help you to have an accurate view of your assets. You can also save your valuable time and money and focus on improving your business operations and productivity.

With a fixed asset register, you can count all your business assets, get their detailed information including the costs of assets. You can simply log in to your valid account and track and monitor your business-critical assets.

Despite having an asset management solution, many businesses still use spreadsheets in order to maintain their business assets and inventory. Some businesses even do not believe in keeping accurate records of their assets.

Unfortunately, most of them are unaware of the fact that keeping accurate asset records can help them to generate high revenue and profit for their business.

Why Do You Need an Accurate Asset Register?

As a business owner, you should be aware of the total number of your business assets as well as the full details of their status, location, condition, price, depreciation, and current value. This will only be possible if you have an accurate asset register for your business assets. By simply login to your fixed assets, you can track all your business assets through their tags, collect valuable data, export, view, edit, and much more. 

Assets are important for your business. They play major roles in the growth of your business. That is why asset maintenance is necessary. Without an asset register, asset maintenance will be difficult. That is why you need an asset register software that helps you in maintaining an accurate register for your business assets.

Depending on the size and type of your business, you can choose three different types of asset register for your business- Fixed Asset Register,  IT Asset Register, Digital Asset Register. All these three asset registers help you to track and monitor the asset movements and allow you to make better-informed decisions related to your business assets throughout their lifecycle.

Best Ways to Keep Your Asset Register Accurate

To keep your asset register accurate, you can follow the below-mentioned steps.

  • As soon as you create your first fixed asset register, export all your recorded assets from your accounting or asset management software.
  • Next, conduct physical asset auditing or verification. Using barcodes or RFID labels for assets can help you in physical asset auditing.
  • Once you are done with the audit, compare your organization’s official assets recorded in fixed asset management software to the physically audited assets.
  • If you find obsolete assets, try to repair and reuse them. If the assets are no longer in use, simply write them off or dispose them of.
  • After successfully completing the asset register, update asset information to your asset register software.

If you want to successfully track the movement of your assets, using barcodes for the assets will be helpful for you. To accurately record all your assets, it is important to conduct the physical asset audits at least twice every year.

Concluding Note

Keeping an accurate asset register is not easy. You might have to face several challenges especially when you have to manage a high volume of asset data. That is why an asset register software is required in order to maintain an accurate asset register. With this cloud-based software, you can edit information about your assets as per your business requirements and formulate your fixed asset management strategies to maximize revenue for your business.