Why Fixed Asset Management Software Is Essential for UK Businesses

Given manual fixed asset tracking’s challenges, it’s a wonder so many UK businesses still use it. Find out why you need fixed asset management software.
With siloed management processes, increasingly complex operations, and growing regulatory requirements, managing assets is becoming more challenging for UK organisations of all sizes. Add manual processes and limited data visibility to the mix, and you have a ticking time bomb. 
 
But with the best fixed asset management software in the UK from FMIS, this needn’t be the case. 
 
FMIS’ software enables you to track, manage, and audit physical assets throughout their lifecycle, making it a must-have for businesses looking to improve their accuracy, compliance, and efficiency.
 
The Challenges of Manual Asset Tracking
 
A surprisingly large number of organisations in the UK still rely on manual processes for tracking assets and when performing other tasks. In one survey, 42% of respondents said their organisation uses paper-based methods to record, store, and update maintenance data, while more than 50% use spreadsheets instead of digital asset management software. This reliance on manual processes presents various challenges and potential risks, including:
 
No Real-Time Visibility: Spreadsheets and other paper-based systems are unlikely to be updated regularly, leaving staff to work with outdated information. This makes it difficult to know where assets are at any given moment, who is using them, and what condition they’re in. Asset theft is easier when there’s no real-time visibility.
Human Error and Data Gaps: A simple mistake when capturing asset data can cause havoc down the line. Human errors and data gaps in manual fixed asset management processes create inaccurate asset registers and inventory lists, leading to lost items, “ghost assets,” and unnecessary duplicate purchases.
Complex Maintenance Planning: It’s easy for asset managers to lose track of fixed asset maintenance schedules when they rely on manual asset tracking. Service scheduling and issuing and tracking work orders becomes time-consuming and prone to errors and omissions.
Audit Difficulties: Without reliable records, the process of preparing for compliance checks and financial audits is susceptible to errors, slow, and places staff under a significant amount of stress.
 
What is Fixed Asset Management Software?
 
Fixed asset management software is a tool you can use to manage, maintain, and track your organisation’s physical assets, such as IT and office equipment, furniture, appliances, machinery, and vehicles. The main points you need to know about this software include:
 
Core Functionality: A fixed asset management system ensures all your organisation’s asset data is kept in one place that’s easy for all authorised personnel to access. This data includes asset location, history, status, allocation, and documentation. 
Asset Tracking: Barcodes and handheld barcode scanners make it easy to perform physical audits and update the asset register. You can view the locations, statuses, and histories of physical assets across sites in real time.
Lifecycle Tracking: Fixed asset management software allows you to record asset events such as acquisitions, allocations, check-in/check-out, movements, maintenance, and disposals with accuracy and ease.
Customisable and Secure: The best software for managing fixed assets is customisable and secure, thanks to user-defined fields and password-protected dashboards and apps. User-defined tracking fields offer tracking of any type of asset data, while additional documents and photos, such as warranty records, can be attached to asset records. 
 
Major Benefits of Fixed Asset Management Software
 
The streamlined tracking offered by FMIS’ fixed asset management software ensures your organisation’s asset register is reliable and kept up to date. Knowing where all your assets are and who is using them can help reduce theft. With assets not going missing, being mislaid, or forgotten, you won’t need to worry about making redundant purchases.
 
This software also eliminates or drastically reduces the administrative delays associated with manually recording asset changes, such as status updates or transfers, as these changes are reflected instantly across the system. 
 
With FMIS’ solutions, you can schedule and record maintenance tasks, attach full asset service histories, configure maintenance reminders, and generate work orders for specific assets. The software also allows you to quickly generate customised reports for finance, management, or operations users to the required level of detail.
 
Lastly, automated fixed asset records create detailed audit trails, enabling faster audit preparation and improved compliance with financial, industry, and safety standards.
 
An Example of the Impact of Fixed Asset Management Software
 
Prior to implementing FMIS’ fixed asset management software, the St Magnus Community (including St Magnus Hospital, St Martha’s Hospital, and St Magnus Nursing) faced the challenge of managing and tracking thousands of assets across two facilities. The manual spreadsheet system they used was complex and time-consuming.
 
With FMIS’ software, the community is able to track inventory alongside other assets and equipment, and benefits from a central reference point for all the group’s assets. Staff no longer waste time looking for missing items or placing orders for stock after supplies run out. The community has also benefited from improved operational efficiency due to proactive maintenance. According to the group business director, the software saves the community at least 20 hours per month.
 
Manual fixed asset tracking and management are relics of the past and disasters waiting to happen. Step into the future with FMIS’ fixed asset management software and protect your business from data gaps, inaccuracies, wasted time, and audit headaches.