Assets aren't just physical and digital items—they're collections of data points that need to be tracked, reported on, and analyzed. Asset managers must ensure that the relevant information is accurately collected and maintained in order to report asset performance properly.
Asset reporting is an essential step in the asset management process—it provides business leaders with the insight and information they need to make informed decisions.
In this guide, we'll explore the basics of asset reporting—what it is, why it's important, and how to do it effectively. We'll also introduce you to BlueTally, an asset-tracking and reporting software solution that can help you streamline your workflow.
Let's get started.
What Are Asset Reports?
Asset reports are reports (surprising, I know) that detail information and data about the assets and resources owned by a business or organization.
Assets can be anything from software and hardware to physical property, such as desks, chairs, and buildings. Asset reports are important for asset managers as they provide an up-to-date view of company assets—including location, age, and maintenance needs—so that asset managers can make informed decisions about their resources.
Asset reports are usually divided into two sections:
- Analytical: Analytical reports are used to collect data on asset performance (e.g., total cost of ownership).
- Summary: Summary reports provide a snapshot view of an asset over its useful life (e.g., the number and types of assets owned by a company).
Usually, asset reports are generated automatically using an asset register tool like BlueTally. You can create them manually using a spreadsheet, but it'll take much longer and be much more prone to error.
How Can Asset Reporting Benefit You?
Improve Asset Life Cycle Management
Asset reporting is essential for asset life cycle management.
By keeping up-to-date information that accounts for asset depreciation, you can anticipate when maintenance, replenishment, or offloading of assets will be required. This enables you to budget more precisely, as well as strategically plan for upgrades and replacements in order to enhance operational efficiency.
By being proactive and staying on top of asset management, businesses can avoid costly surprises and stay ahead of the curve.
Ensure Accuracy
Asset reports are also essential in ensuring accuracy.
Keeping an up-to-date report of all assets is crucial for any organization, big or small. It helps ensure that everything is accounted for, nothing is misplaced, and replacements can be procured quickly if needed.
This is especially important if you have multiple locations, departments, and teams—which can all make managing assets a little more complex. By having a comprehensive inventory, you can track the status and location of assets effortlessly, making it easier to maintain and run your organization at max efficiency.
Reduce Maintenance Expenses
Asset reports can help you reduce maintenance expenses.
By having an up-to-date view of asset performance and condition, you’re able to plan and budget for maintenance more efficiently. This ensures that you’re not overspending or neglecting any assets, leading to prolonged asset life cycles.
Gain Insight into Performance
Asset reporting can help you gain insight into asset performance.
By tracking key performance indicators like total cost of ownership, you’re able to better understand how your assets are performing and where improvements can be made. This allows you to make more informed decisions about future investments and ensure that your assets are performing optimally.
Things to Consider When Looking for Asset Reporting Tools
As I mentioned earlier, asset reporting is easiest when you use an asset register tool. But how do you go about choosing the right one for your business or organization?
Here are a few key factors to consider:
- Features: What features do you need in an asset reporting tool? Do you need advanced analytics capabilities? Is it important for the tool to have a mobile-friendly interface?
- Integrations: How will you integrate the asset reporting tool with other systems? Do you need to connect it to your financial software or HR systems?
- Budget: How much money are you willing to spend on an asset reporting tool? Be sure to do your research and compare a few options to find the best value for your money.
- Security: How secure is the asset reporting tool? Make sure that any data you’re collecting is encrypted and secure.
- Scalability: Is the asset reporting tool scalable? Make sure that you choose a tool that can grow with your business as your assets expand.
6 Asset Reports Asset Managers Need to Run
In a rush? Here's a rundown of the reports we'll be covering:
- Inventory Report
- Asset Depreciation Report
- Devices by Location Report
- Maintenance Report
- Asset Audit Report
- Asset Disposal Report
Now, let's get into the details.
1. Inventory Report
Inventory reports are one of the more basic (although still valuable) asset reports.
Inventory reports are used to track and monitor all assets owned by a company—including a range of data points, like:
- Asset Name
- Serial Number
- Asset Type
- Date of Acquisition
- Purchase Price/Cost
- Current Value
- Depreciation Method
- Manufacturer/Vendor
- Model Number
- Location
- Status (e.g., Deployed, Inactive, Disposed)
- Owner
The goal is to keep an up-to-date record of all assets and related records.
With BlueTally, you can view a detailed inventory report with just a few clicks. Every asset your organization owns can be tracked and monitored with pre-set and custom data fields so that you have an accurate overview of all assets.
2. Asset Depreciation Report
Accounting for depreciation is essential for any business.
Asset depreciation reports provide an overview of all assets and their useful life—so that you can accurately calculate the monetary value of an asset over time. BlueTally allows you to track the depreciation of all assets (using the straight-line method), as well as view a detailed report on the current value of all assets.
Stop leaving your accountants with guessing games. Get an accurate projection of the total cost of ownership with BlueTally’s asset depreciation reports.
3. Devices by Location Report
This type of report allows you to monitor where all your assets are located.
With the devices by location report, you can quickly view the exact location of any asset—including its current user, department, and any other relevant information. This is especially helpful when you need to track down a particular asset or find out who is using it.
With BlueTally, you can add as many locations as you need, and get a detailed report of the location of all your assets in one click.
4. Maintenance Report
Regular asset maintenance is essential for keeping all assets in good condition and improving their lifespan.
Maintenance reports provide a summary of the maintenance history of your assets—including:
- Maintenance Type (e.g., Preventative)
- Associated Costs
- Last Scheduled Maintenance
- Upcoming Maintenance
With BlueTally, you can easily track the maintenance history of each asset, so that you have an up-to-date overview of all maintenance activities. You can also schedule maintenance activities and send out reminders to the parties responsible when a maintenance task is due (or overdue).
5. Asset Audit Report
Are your assets and records up-to-date?
Asset audit reports provide an overview of all assets and their associated records—including ownership, age, condition, cost, depreciation rate, and more. This is important for ensuring that all asset information is accurate and up-to-date.
BlueTally offers a comprehensive asset audit report that provides detailed information about each asset’s current status. This can be used to make sure that all asset information is accurate and up-to-date.
And just like maintenance, you can schedule routine asset audits and send reminders to keep your team on track.
6. Asset Disposal Report
At some point, assets need to be disposed of.
Asset disposal reports provide detailed information on all assets that have been retired or disposed of—including the date and reason. This ensures that you have an accurate record of all disposed assets and their associated records so that your business stays compliant with accounting standards and regulations.
BlueTally can also help you keep track of disposed of assets with pre-set data fields for disposal date, method of disposal (e.g., sold or donated), and other relevant information.
Take Control of Your Assets With BlueTally
Asset reporting isn't just a powerful tool—it's a necessary one.
With BlueTally, you can easily track and monitor the performance of all your assets, as well as generate detailed reports in a few clicks. Make sure you have an accurate overview of your assets with BlueTally's comprehensive asset reports.
Ready to take control of your assets? Sign up for free today and get started with BlueTally—no credit card required!
