What is an asset register?
An asset register is either a digital or physical based record of all assets that a company owns that have value or compliance needs. This article will aim to look at why asset registration is important and the importance of tracking the compliance and value of assets to ensure your company is fully compliant with HMRC & HSE regulations.
Why asset registration is important
As you will learn in the next section asset registration is an important and legal matter that businesses must comply with in the UK. Other than the legal aspect of asset registration, keeping track of your assets and understanding how much your assets are costing you is good business practice. Having an up-to-date asset register that shows you when you need to take action on an asset to ensure compliance is an invaluable tool for any company. Learn how SiteHelper.io simplifies this with our Asset Management System.
Why an Accurate Asset Register is Important and a Legal Requirement
The UK asset register legal requirements are found in the Companies Act of 2006. It states that a company must keep detailed records of all fixed assets the company owns, including their value, location, and condition, to comply with HMRC. Failing to register assets could lead to legal or financial repercussions. SiteHelper.io offers a compliance job scheduling solution to help ensure your assets are fully tracked and compliant.
Paper vs. Digital Asset Registers: Which is Best?
Asset registers can be kept as paper or digital records, depending on the size and preference of the company. However, digital asset registers like the one in SiteHelper.io provide advantages in scalability and compliance tracking.
- Stored in a physical location not accessible 24/7
- Requires manual updates or data entry for tax returns
- Risk of losing records or missing assets
Advantages of a Digital-Based Asset Register
A digital-based asset register, such as the one in the video above, is designed to handle hundreds or even thousands of assets, each with unique compliance needs. Keeping an asset on a digital-based asset register like SiteHelper.io means compliance, job history, and costs can all be stored digitally and accessed at any time or location. Learn more about Preventive Maintenance Scheduling (PPM).
How Digital Asset Registers Improve Compliance
Digital asset registrars like SiteHelper.io improve compliance by alerting users when a compliance check is due. Regulatory compliance, such as gas safety checks or LOLER certificates, can be managed efficiently. Learn more about our real-time dashboard analytics for tracking asset compliance and performance.
Key Features to Look for in a Digital Asset Management System
- Scalability: Does the digital asset management system allow unlimited assets like SiteHelper.io, enabling you to scale up and add thousands of assets?
- Maintenance Scheduling: One of SiteHelper.io's key features is scheduling recurring jobs. Our traffic light system shows which assets need attention. Compliance jobs such as annual services or inspections can be scheduled directly on the asset, with the history of all documents stored digitally.
- Real-Time Monitoring: Your digital asset management system should monitor asset status in real-time. As soon as a compliance check is due or overdue, you should be alerted via email or by checking your control panel.
How SiteHelper.io Simplifies Asset Registration
To set up a digital asset register with SiteHelper.io, you add an asset, fill out the details, and the asset is saved permanently. Jobs can be added to assets, such as a boiler needing an annual service or a television requiring a PAT test. Explore more in our Reactive Job Management solution for maintenance tasks.
Our asset management system works for companies needing to track the compliance status of important assets. With SiteHelper.io, thousands of assets can be managed efficiently with a simple traffic light system showing the compliance status of each asset.
FAQ Section
A fixed asset is any asset, plant, or machinery a company owns that holds useful value for over a year.
Assets only need to be registered once. However, if significant changes are made to an asset affecting its value, it should be updated in the register with the new valuation.
Each asset register entry should include key fields such as the asset's name, date of purchase, and location. Depending on the asset type, additional data like condition or value should also be recorded.
Yes, SiteHelper.io makes asset registration and management easy. Our innovative traffic light system is simple and intuitive. We alert users when compliance checks are due, and our platform supports both small and large-scale asset management.
Conclusion: The Future of Digital Asset Registers
As more companies digitize their maintenance and asset management systems, digital asset registers like SiteHelper.io are becoming more common. Our system helps track LOLER assets and ensures compliance with regulatory standards. SiteHelper.io is a leader in providing advanced digital asset management solutions, offering rapid feature development and comprehensive support for facilities management.