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Fixed asset register template for businesses

Whether your team works remotely, in the office, or a mix of both, they will have assets assigned to them so they can complete their role. With lots of assets held by multiple people, keeping track of them all can be a challenge.

That’s where our asset register template can help. Use this template to log all your existing assets, as well as who is responsible for which one. Knowing who owns what, when and for how long, will improve transparency and accountability, reduce loss, and help calculate depreciation where necessary.

Download the template by filling in the form on this page.

What’s in this fixed asset register template?

This fixed asset register template can either be filled out digitally, or printed out. There’s boxes for category, name of asset, the asset number or code (which your business would define), asset description, the status of the asset, who it’s assigned to and the date assigned. All essential information and everything you need to keep track of fixed assets at work.

Woman stands working at a till in a cafeWhat is a fixed asset register?

A fixed asset register is a comprehensive record that contains detailed information about a company’s fixed assets. It’s important to ensure no assets are lost and that all are kept in good condition.

What qualifies as fixed assets?

Fixed assets are long-term tangible assets that a business owns and uses in its operations to generate revenue. That may include items that their employees take responsibility for on behalf of the company.

Examples of fixed assets include machinery, equipment, vehicles, laptops, electronics, furniture, and other property with a long-term useful life.

Man stands facing away on a construction siteWhy is fixed asset management crucial in modern business operations?

There are a few reasons why fixed asset management is so important for a functional business.

  • Cost optimisation: Keeping assets tracked and maintained is crucial to ensuring they’re not lost or damaged, which can directly affect a company’s bottom line.
  • Health and safety: Staying up to date with maintenance and outdated assets is particularly important for any equipment or machinery which could pose a risk to workplace health and safety.
  • Inventory management: If you’re not keeping track of company assets, this can lead to unnecessary expense and purchased items that end up unused.
  • Compliance: While it will vary depending on the country you are based in, accurate records of fixed assets are often essential for tax compliance, financial statements and reporting.

A woman sits in a chair while a hairdresser fixes her hairHow can businesses mitigate risks associated with asset management?

There are a few ways in which businesses can manage fixed assets and mitigate risk in the process.

  1. Have an asset tracking system: That’s where our asset register template comes in handy! Tracking and noting down assets is the best way to manage the risk of any mismanagement.
  2. Develop procedures for managing assets: Ensure that your business has clear guidelines for everything related to assets, including storage, maintenance and disposal.
  3. Use technology: If you’re working with a lot of fixed assets, consider bringing technology in to help – otherwise that’s a lot of paper to file. Software like Employment Hero has a digital asset management register that is easy to use.
  4. Train employees: Every employee who is responsible for a fixed asset should be aware of how they should be used, kept and maintained.
  5. Regularly audit your system: It’s all very well creating an asset register, but make sure you’re factoring in time regularly to keep it updated.

How frequently should a fixed asset register be updated?

It will vary depending on the number of assets listed but the general rule of thumb is that every update to a fixed asset should be recorded on the asset register when it happens. That includes when an employee gets given a new laptop, or when a new asset such as workplace equipment is installed.

It can also be good to set up regular audit times – say once a month – to double check the information on the register and to make sure nothing is coming up for maintenance or retiral.

A man works at a welding stationDownload the fixed asset register template

Fixed assets shouldn’t ever be overlooked in a business. While you might think you don’t have too many to manage, you might be surprised when they’re all listed out. They can also have a significant impact on your company’s bottom line should any assets get lost or unaccounted for.

Get started on your asset management today and download our template by filling out the form.

Register for the template
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