What is a fixed asset register?

A fixed asset register (FAR) is a comprehensive list of items owned by a business. It includes information about the item’s value, location and other relevant details. 

The primary purpose of a FAR is to keep track of who is responsible for what item, to track the depreciation over time and to ensure all items are kept in good condition.

What’s in this fixed asset register template?

This fixed asset register template can either be filled out digitally, or printed out. It includes space for item category, item name, the item number or code, description, the status of the item, who it’s assigned to and the date assigned. 

What qualifies as fixed assets?

Fixed assets are long-term tangible items 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 include machinery, equipment, vehicles, laptops, electronics, furniture, and other property with a long-term useful life.

There are a few reasons why management of these items is so important for a functional business.

• Cost optimisation: Keeping company property 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• Health and safety: Staying up to date with maintenance and outdated items is particularly important for any equipment or machinery which could pose a risk to workplace health and safety.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 property, 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 items are often essential for tax or HR compliance, financial statements and reporting.

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

• Have a tracking system: That’s where our fixed asset register template comes in handy! Tracking and noting down items is the best way to manage the risk of any mismanagement.
• Develop procedures for managing business property: Ensure that your business has clear guidelines for item management , including storage, maintenance and disposal.
• Use technology: If you’re working with a lot of business property, consider bringing technology in to help – otherwise that’s a lot of paper to file. 
• Train employees: Every employee who is responsible for an item should be aware of how they should be used, kept and maintained.
• Regularly audit your system: In order for your FAR to be useful, it’s important to keep it up to date and continuously improve processes. 

How frequently should a fixed asset register be updated?

It will vary depending on the number of items listed but the general rule of thumb is that every update should be recorded on the FAR when it happens. That includes when an employee gets given a new laptop, or when a new item is installed.

It can also be good to set up regular audit times to double check the information on the register and to make sure nothing is coming up for maintenance. 

How can Employment Hero help your business?

Need more help managing company property? Get started on your asset management today by downloading our fixed asset register template. Or need more help managing policies and procedures? Employment Hero has you covered! 

Employment Hero is the world’s first Employment OS (operating system) designed to make employment easier for everyone. Offering everything you need, from finding and hiring top talent to onboarding new hires, automating complex payroll and driving employee engagement, all backed by UK-based support.  Spend less time on admin, and more time on what matters – your people.

Download the factsheet now to simplify your asset management.