Asset reports are digital files exported from an asset management system that are used to provide clarity on a business’s entire asset database and to help improve the decision-making process for asset managers.
Asset management reports are primarily generated to ensure the tracking, monitoring, and analysis protocols of business assets are as efficient as possible. Allowing businesses to get the most from their asset management activities.
Asset reports can be used to report on fixed assets, IT assets, digital assets, software assets, and more. They can also be industry-focused. For instance, a real estate operation will focus more on property inventory reports than reports on software license usage.
Although there are several asset management reports to generate and choose from, five are essential for improving the overall management of asset ownership.
Generate the Right Asset Reports For Your Business With Asset Management Software
1. Asset Data Health Reports
The foundation of good asset management is accurate and up-to-date data. This is where an asset data health report is essential. Whether you own, lease, or rent your assets, it’s important to have access to all asset data in one place. That goes for small businesses with less than 1000 assets on-site and large organisations with over 100,000 assets across multiple sites.
Exporting asset data in one quick action enables asset managers to filter and amend missing information. That could include missing:
- Purchase details
- Pricing and asset values
- Maintenance history
- Incident reports
- Asset location tracking
Data errors are typically found after data has been input from spreadsheets. Most likely after a business has switched from using spreadsheets to Asset Management Software. With 88% of all spreadsheets containing at least one error.
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.
Thomas Maynard, Head Of Facilities at Honest Burgers, realised the importance of health asset data during a dark kitchen build; “Another one that I’ve seen mistakes made in companies is not having an up-to-date asset list, and not keeping updated as the equipment is condemned or it breaks down beyond repair.”
2. Asset Tracking & Inventory Reporting
Inventory reporting and asset tracking reports are used primarily with fixed and physical (tangible) assets. They provide information on historical asset location, assigned users, stock purchasing details, MRO inventory and spare parts levels, and more.
Most importantly, inventory reporting can help make sure stock, goods, and equipment are all being utilised. Inventory data can also be tied in with a business’s procurement reports, displaying pending orders, supplier information, and asset valuation.
An industry that relies on inventory reporting is real estate. Property inventory reporting is used to detail all contents within a property to help prevent tenant disputes and note the condition of components.
These reports can also be used for IT asset management reports for digital and software assets and to track software license usage. Businesses can see which software licenses are being used, which aren’t, and which ones need to be updated. This can also prove helpful in the offboarding of employees by knowing what access rights to revoke.
3. Maintenance & Lifecycle Reports
Maintenance and operations are intertwined within the most important stage of an asset’s lifecycle. By generating a detailed maintenance report, maintenance teams and asset managers are kept informed about the efficiency of assets. Giving insights into optimal performance windows, running costs, and preferred maintenance strategy.
A maintenance report includes inspection dates, maintenance schedules, and an asset’s lifecycle 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.
For businesses that consist mostly of physical assets, having a maintenance planning programme can help to keep equipment and machinery in optimal working order for longer. A maintenance plan can help reduce unplanned downtime and ensure you’re extracting the most value from your assets. Strategies for doing so include:
- Preventive maintenance
- Predictive maintenance
- Condition-based maintenance
- Reliability-centred maintenance
- Reactive maintenance
4. Financial, Accountancy & Audit 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
- Asset 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.
Generating the right financial reports can also help underlie assets under management (AUM) which gives businesses the total market value of the assets they own and manage. As well as providing the data required for the basis of a yearly balance sheet. Helping to provide clarity on what a business owes and owns at that point.
Audit reports should also be taken into consideration when exporting and analysing data. 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.
5. Asset Disposal Data
An essential part of asset lifecycle management is ensuring assets are disposed of at the right time and in the right way. This could be because of increased maintenance costs or a decline in usage. Either way, having a detailed asset report regarding disposal data is key.
Disposal asset 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
Use our Asset Management Software Finder to Identify the Best Tools For Generating Asset Reports
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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 with planning and ending with asset disposal.
Without asset management tools, most businesses will detail their asset management tasks in spreadsheets. However, manual reporting methods such as using Excel asset management spreadsheets can be harmful and error-prone.
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 Asset Management Software. These tools can create fixed asset registers, track assets in real-time, and reduce operational costs. All of which are delivered in detailed asset reports.
Using Asset Management Software to Generate 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.
What Is an Asset Report?
As asset report is a digitally generated file downloaded from an asset management system that provides on-demand data for asset managers. An asset report can be exported in spreadsheets or displayed in PDF format to present to stakeholders and to help improve the efficiency of a business’s overall asset management efforts.
What Are the Types of Asset Management Reports?
Asset management reports can vary depending on industry and asset data, they include:
- Procurement and disposal reports
- Asset value and financial reports
- Inventory management
- Maintenance scheduling
- Asset performance and usage
- Asset location reports