Fixed asset tracking can be essential in any business to for tracking the movement of any fixed asset. Find ways for tracking, labeling and scanning all company assets.
It is a legal requirement to keep a record of all assets if you are registered with company’s house.
If you are a small company with not many assets then just keeping a register with details may suffice. If you have many assets or equipment which is moved around within the company then keeping track of the changes can take a long time with out a good system in place.
Fixed Asset Tracking – Audit
Fixed assets have a value in the balance sheet. At the year end or on a regular basis you will need to complete a fixed asset audit. This will ensure that the assets on the balance sheet are correct.
If you are using a simple register then you will need to confirm that the items on the register are still used within the company. If you are using fixed asset software then you will be able to quickly scan each item, checking the location is correct and then at the end of the audit any differences will be reported. Don’t forget to include any equipment which is off site.
Fixed asset tracking – labels and tags
We have written a short guide on how to choose the right label or tag for your business.
Fixed Asset Tracking – Software
There are many different fixed asset software packages available, which will assist you in tracking all your assets. If you are a small business then a excel spreadsheet may be all you need. If you already run accounts software have a look to see if it include assets and check that if it does so that it has enough information.
If you have many assets it may be worth investing in a full fixed asset tracking system, which will allow you to keep track of all the equipment. This can be especially useful if equipment is being moved around a lot or equipment is needed in an emergency.
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