⚙️ What are assets?
Assets are typically high-value items across your business that have a material value in which you would benefit from keeping an up-to-date record of their details, values, dates, etc.
Typically, they can be for things like:
Equipment - e.g. Boilers, to track service histories, installation dates, usage etc.
Vehicles - to track MOT dates, service histories, and record information against.
Plant & Machinery - to track service records, costs, dates and documents.
IT equipment - such as type of asset, operating system, user, location etc.
📋 What is an Asset Register/Listing?
An asset register is a detailed list compiled of all your business assets. It includes details on assets such as location, condition, and owner. The purpose of an asset register is to enable you to know the status, dates, location, price, depreciation, and values of each asset.
Although building and maintaining a complete asset register on a day-to-day basis may seem like a lot of admin work, it can have an overall positive impact on your profitability. So much so, that an accurate register can increase revenues and cash flow by 5 – 18%.
Other benefits of an accurate asset register include:
Providing complete transparency of all asset data
Ensuring all assets remain compliant with regulatory standards
Providing an accurate audit trail
Helping to track and identify assets
Preventing assets from being lost or stolen with accurate location data
Allowing you to calculate depreciation
Estimating maintenance and repair costs
✅ How to Keep an Asset Register Consistently Accurate
When you are creating an asset register, we recommend you take an export of all high-value assets as recorded in your accounting or asset management software.
The next step is to carry out a physical audit of assets. Physical audits can be easier if you have tagged your assets - find out more info on FaultFixers Asset Tags here.
After the audit, you can compare the list of assets from your accounting or asset management system with the physically audited assets. Inevitably, you are likely to find a difference between the audited assets and their list of assets. Missing assets are technically termed ghost assets, which are typically written off.
Once you have created a master fixed asset register, keeping it updated and accurate can be challenging. Particularly if assets are constantly moving across multiple locations.
We'd thoroughly recommend you consider tagging your assets with Asset Tag/QR codes so that you can track movement in real time.
📥 Importing your Assets / Asset Register
FaultFixers HQ can help you with importing your assets into your FaultFixers Account.
You can download our Asset Import Spreadsheet here.
To upload your asset register, please complete the template provided and return it to support@faultfixers.com with the subject: Asset Import Request + Your Account Name.