But if you want to grow your business, expect to add more computers, communications equipment, and vehicles to your assets.Īs your business grows, the audit trail follows, resulting in more complicated auditing tasks. The Excel method might work in the beginning when you only have a handful of essential equipment to run your business. But without pre-made asset management templates, they have to create records from scratch. This method might have worked before fixed asset management software even existed. They may rely on Microsoft Excel spreadsheets to keep track of their office equipment and other properties. Small and medium enterprises tend to keep track of their assets independently. Large companies might have entire teams of auditors and bookkeepers to manage their assets, but what about smaller businesses? Why Create and Maintain an Asset Register? Inventory management involves keeping a log of what you sell or consume.Īt Asset.Guru, we can help manage your assets and keep track of what you own. As such, this is a vital decision-making tool that businesses can use for asset verification.Īlthough asset registers involve tracking items, they are not the same as inventory management tools. They can also optionally use this list to calculate depreciation as part of a depreciation schedule. With an asset register, accountants have an accessible reference when comparing the value of the assets against their ledgers or balance sheets. Organizations, schools, or companies use this listing to track the date assets were purchased, calculate their value, and identify their physical locations. The solution? An asset register service, like ours at Asset.Guru.Īn asset register is a complete listing of a business’ or an entity’s physical resources. But the more your enterprise grows, the more physical items you need to keep track of. A significant number of mid-size or smaller businesses still rely on spreadsheets to document their assets.
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