A guide to the fixed assets register

This article addresses what is a fixed assets register. Its function within a business setting and its usefulness are stated. The introduction of a fixed asset register software and the advantages for the business are noted. The basic variables analysed from data recorded on a fixed assets registered by a consultant are highlighted. Moreover, the global accounting process, the use of the fixed assets register are recognised.

The use of a fixed asset register and its basic features

A fixed assets register is an accounting system where a business's assets are listed. Fixed assets are considered to be “property/buildings, equipment, machinery, patents, copyrights or trademarks”. These assets are not sold by the business.
Definition A fixed assets register is simply a listing of the current assets. A fixed assets register is kept as it complies with government regulations for some business structures. The financial value of the assets are recorded and depreciation can be calculated. Depreciation
Depreciation refers to the loss in value for that asset. This register is valuable to management which are accountable to the organisation they run. A fixed asset register can be created in Excel. A tool to assist the creation of a fixed asset register is useful.
SYSPRO system An example of such a system is the SYSPRO system. It allows you to input a considerable amount of data under different headings. For example “income and expenditure” linked to assets can be calculated. The location of assets is an important variable. Asset management software is affordable for many businesses.

Maintaining records and the use of a consultant

One can maintain coherent records, analysing key variables and then, generate reports. Your analysis is based on “real time data”. Fixed asset management services Fixed asset management services offer to carry out a physical inventory of fixed assets with an emphasis on accuracy of data and verification of data in “corporate information systems”. The consultant will work with your team on site, advising you of the best way to carry out an audit.
Fixed asset management software
Fixed asset management software can help one to refer to historical data, noting down changes that occur to the asset during time. A template for a fixed asset management register can be downloaded online and can start the basic process for asset validation.The availability of software to construct an fixed asset management register is not limited. It is good to get advice from a consultant about the overall process of setting up a register if you are a new business or if your old system of accounting needs revamping.