27 Mar What is an Asset Register?
The simple answer is that all businesses should have one, in some form.
It will save your business money, time and optimise your tax. Accurate reporting can even be good for the environment, as well as your bottom line.
As your business grows (well done by the way), so do the number of assets you have, and the need to maintain control over them. This is especially tricky when you consider that assets are really anything that a business derives value from, be it machinery to software or licenses.
An asset register is a simple way you can manage them all. We can give you advice on how to set up a basic register for free, today. With over 40 years of experience in asset management, Darren, our Head of Operations at Smart Asset, is the best person to give you some tips on setting up a register.
It doesn’t have to be complicated or expensive! A small business can get by with an Excel spread sheet, and if you need help in the future, all our asset management software is 100% Microsoft compatible.
A register should be useful to not only your self, but also provide real time data to your IT and accounting teams. You can see for yourself how helpful it can be, just looking at our handy diagram of Joe and his small, but important business.
To be useful a simple Excel register should involve the following:
1. Asset’s ID (name and or serial/facility number)
2. Basic description of asset and what it does
3. The location of the asset (functional or parent)
4. Date of purchase
5. Purchase price
6. Warranty information
7. Record of service dates and costs
8. Contact information of service company
The more assets you have, the more complicated it gets to manage real time data. We obviously offer an asset register product at Smart Asset, which you can pay a small monthly fee for. If you think this may be helpful or have any questions, please email us now. Darren or one of our equally skilled team are happy to help if we can…we are pretty confident that we can.