Fixed Assets Register Software – Is It Worth Investing in a Professional System?

Properly maintained fixed assets registers help keep order in documents related to company assets. A key condition for maintaining an accurate record—such as IT equipment—is to equip the accounting and administration staff with a dedicated IT solution, namely fixed assets and equipment register software.

What Is Fixed Assets Register Software?

A fixed assets register is a reliable, accurate, and above all comprehensive listing of a company’s asset components. Such a register is maintained so that asset depreciation can be accounted for as business expenses. Various methods are used for this purpose, such as paper records or Excel spreadsheets. It is worth noting that the most effective method of tracking fixed assets—which also allows full and transparent control over company assets—is a dedicated fixed assets management program.

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Asset Register Software is a specialized tool that primarily helps to avoid errors in accounting and speeds up the work of those responsible for this area of business. Professional asset register software enables performing many operations on fixed assets by storing relevant data about them, which can be freely filtered. Using such a tool, we can easily carry out depreciation or, without risk of errors, reconcile the company’s assets.

What Does Fixed Assets Register Software Look Like?

Professional fixed assets software is designed for recording and inventorying assets and belongs to the class of AMS systems—Asset Management Systems. For the system to fulfill its purpose effectively, companies must control all aspects of their business assets, not just selected areas.

Automatic identification systems ensure accurate recording of owned resources, but it is worth noting that fixed assets register software facilitates management but does not replace human work. First, the software must be supplied with relevant data about the assets. Usually, this is done by importing data, for example, from MS Excel or ERP financial-accounting systems. If the company does not have such data, the asset management system enables efficient data entry from scratch. The entered information forms the basis for generating appropriate reports.

The next step is tagging fixed assets and equipment using barcode labels or RFID chips. The tagging method depends on the type of asset; for example, fragile or “covered” labels can be used for IT equipment, while stainless steel plates ensure durability and unambiguous identification for industrial production equipment. Acting as a bridge between the IT system and the company’s fixed assets are mobile data collectors—devices equipped with barcode scanners, and in some cases, dedicated RFID chip readers. Regardless of the tagging method, scanning the label in the system allows storing crucial data such as the exact asset location and the person responsible for or using that specific asset.

The asset management program is equipped with a variety of modules and a modern reporting system that enable efficient management of company assets. Our AMS OPTIest system features an extensive dictionary of locations, employees, organizational units, as well as custom groups of fixed assets and equipment categories. The advanced reporting module provides full control over asset statuses and turnover. These comprehensive functionalities allow managing, recording, and inventorying fixed assets in a modern and, most importantly, error-free manner.

Such dedicated IT solutions are available in both web and mobile versions. The mobile asset management app even allows scanning fixed assets directly using a smartphone, making asset tracking and management easier and more flexible than ever before.

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Free Fixed Asset Management Software – Is It Worth It?

In every larger company, fixed asset management is conducted carefully, and a free program cannot even remotely replace a professional solution. Taking the risk of installing such free tools can bring more problems than benefits, especially since asset management processes are conducted for tax and accounting purposes, not private use. Typical free fixed asset management applications—such as those used in schools—often allow entry of a limited number of fixed assets and only for a specific trial period. After this trial, users are usually required to purchase the full version. Free applications typically do not support simultaneous work by multiple users across different locations. This limitation prevents flexible and convenient recording of asset operations and does not ensure full control over company assets.

What Are the Benefits of a Professional Asset Management System?

Managing all company processes related to fixed assets and equipment requires a comprehensive IT system that allows efficient oversight of the entire area. When handling a large number of assets, a simple fixed asset module is insufficient for proper support of company operations. A fixed asset management program based on modern barcode or RFID technologies enables effective utilization of owned assets.

A professional, dedicated IT system provides full and accurate asset records, depreciation, and management. A basic fixed asset tracking program cannot deliver the same time savings or eliminate errors commonly occurring during physical inventories. Asset management is not only about record-keeping but also about managing entire organizational processes. A complete asset management system provides error-free information about the status, history, and location of fixed assets and equipment. Such tools also allow preparation and generation of documents compliant with current legal requirements. Thanks to automation of the inventory process, companies can achieve up to a 65% increase in employee productivity.