Updated: May 2021, August 2021, March 2022
Generating and analysing asset reports is essential for businesses wanting to get the most out of their asset management activities. Asset reports are created to provide asset managers with a detailed overview of each asset. This ensures that the monitoring, tracking, and management of assets are as efficient as possible.
Reports can range from employee information and workflow analysis to stock levels and planned maintenance. Each one is key to a business’s asset management protocols. By using digital and automated tools, such as Asset Management Software, businesses can be assured that their reports will be accurate, detailed, and effective.
Essentially, five asset management reports stand out above the rest.
Why Asset Reports Are Essential for Asset Managers
Asset reports are an important source of information needed to improve the management of a company’s assets. They’re a form of intelligence that allows asset managers to understand and enhance asset life cycle management. Starting at planning and ending with an asset’s disposal.
Without asset management tools, most businesses will detail their asset management tasks in spreadsheets. However, manual reporting methods such as excel spreadsheets can be harmful. With 88% of all spreadsheets containing at least one error.
Without the ability to generate and analyse detailed asset reports, businesses face multiple challenges such as:
- Losing track of expenses and costs
- Being unprepared for financial audits
- Inconsistent inventory management
- Lack of workflow efficiency and productivity
The most effective way of gathering asset data is with reporting and analytic features found in digital asset management tools. These tools have the ability to create fixed asset registers, track assets in real-time, and reduce operational costs. All of which are delivered in detailed asset reports.
1. Asset Data Health Reports
To ensure that your asset management activities are running as smoothly and efficiently as possible, asset data needs to be updated and accurate. This is where health reports come in handy.
Using an asset management tool, asset managers can export all asset data in one quick action. Once they have this data, it can be easily filtered and analysed to highlight missing information. Such as incomplete asset profiles, missing purchase dates, or unreported incidents.
Asset health reports ensure data is kept up to date, meaning important details aren’t missed. These can help identify ghost assets, highlight maintenance issues, and reduce the amount of lost or stolen equipment. As well as making sure budgets are kept in line for future purchases.
2. Inventory, Stock, and Procurement Asset Reports
An inventory report can be one of the most crucial overviews of your company’s assets. Most importantly, it can help make sure your stock, goods, and equipment are all being utilised.
Data produced by an inventory report includes information about open stock orders. As well as what stock rules are in place and the quantity of inventory available. This data can be tied in with a business’s procurement reports. Displaying pending orders, supplier information, and asset valuation.
These reports can also be filtered to show an asset’s current location, either on-site or in a warehouse.
Inventory management and procurement asset reports are especially helpful for businesses with a focus on IT, manufacturing, and retailing. For instance, inventory data for an IT-focused business can detail which laptops and mobile devices are available for use and which aren’t.
In manufacturing, they can help to identify spare parts or supplies that are running low.
And, in terms of retail, it can crucially tell you which products are selling better than others.
3. Maintenance Scheduling & Strategy Reports
If your business consists mostly of physical assets, having a maintenance planning programme can help to keep equipment and machinery in optimal working order. A maintenance plan can help reduce unplanned downtime and ensure you’re extracting the most value from your assets.
By generating a detailed maintenance report, you can be kept informed about the efficiency of your assets. A report can include inspection dates, maintenance schedules, and an asset’s life cycle progress. By having access to this data, asset managers can effectively plan and budget future costs for when work is due to be carried out
These asset reports can also be useful for making sure maintenance work is never carried out unnecessarily. Thus avoiding unnecessary spending or downtime.
4. Financial and Accountancy Asset Reports
Financial and accounting asset reports are essential when it comes to preparing data for your auditors. These reports provide information regarding the financial structure of your assets. Including:
- Purchase price
- Depreciation value
- Disposal costs
These asset reports are typically associated with a business’s fixed assets, or PP&E (Property, Plant, and Equipment). With the purpose being to analyse and calculate each asset’s potential earnings, running costs, and useful life valuation.
Financial reports can also help asset managers to understand an asset’s operational output. This lets them see if an asset is performing at an optimal level and generating the desired return on investment.
5. Asset Disposal Data
An essential part of asset life cycle management is ensuring assets are disposed of at the right time. This could be because of increased maintenance costs or a decline in uptime. Either way, having a detailed asset report regarding disposal data is key.
Disposal reports will show what assets have been sold or disposed of during a set period. As well as detailing the value gained or lost and depreciation recovery. These reports provide asset managers with data about:
- An asset’s end of useful life
- Lease expiration dates
- Renewal and re-purchase prices for equipment and machinery
- Cost of disposals
- Disposal status
BONUS: Asset Audits
Audit reports should also be taken into consideration when exporting and analysing data. Producing regular audit reports is a key part of effective asset management.
The information in an audit report includes asset location, purchase price, and current value. It also details whether an asset is working or is out of service. As well as whether an authorised user has access to it.
The financial auditing of fixed assets is vital as it helps to ensure that accounting practices are compliant and in line with operational objectives.
Producing audit reports with Asset Management Software can prove to be a fast and accurate way of supplying external auditors with the financial information they need.
Using Asset Management Software to Automate and Improve Your Asset Reports
The type of asset reports you need will depend on your specific assets and the critical information needed for monitoring and evaluating them.
No matter the report type, obtaining asset data should be quick, easy, and hassle-free. This helps to free up your time to concentrate on other areas of your asset management.
The data that you access should also be comprehensive and informative enough to help improve strategic decisions within the business. The best way to achieve this is with Asset Management Software.
Asset Management Software delivers the features and capabilities to digitalise all asset data and automatically generate asset reports when needed. To find the best asset management solution for your business, start your search for Asset Management Software today.