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⚙️ Your Asset Registers & How To Make The Best Use of It
⚙️ Your Asset Registers & How To Make The Best Use of It

Audience: FaultFixers Admins. How to build your asset register. How best to use Assets. What details can be added to assets.

Updated over a week ago

📋 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 creating an asset register, export all high-value assets from your accounting or asset management software. Conduct physical audits of assets, comparing them with your system's list. Keep the register updated and consider tagging assets for real-time tracking.

📥 Importing Your Assets / Asset Register

FaultFixers HQ assists in importing assets into your account.

Download the Asset Import Spreadsheet, complete the template, and email it to with the subject: Asset Import Request + Your Account Name.

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