Skip to main content

Fixed Asset Register

A fixed asset register is a physical log or software system that keeps a record of all the assets a business owns. This tool contains the following information about each item:

  • Name
  • Description
  • Location
  • Current value
  • Depreciation method and expense

Fixed asset registers are essential for any business, and because they require periodic updates and specific information on physical objects, they are a common source of errors. These inaccuracies can filter through every business process, causing downstream challenges that result in lost revenue and resources.

Related terms

Payroll
Payroll refers to the process of calculating and disbursing compensation or wages to employees for their work performed during a specific period.
Purchase Order Workflow
A purchase order (PO) workflow is a defined process that governs the creation, approval, and fulfillment of purchase orders within an organization.
Timesheets
Timesheets are documents used by organizations to track and record the amount of time employees spend on various tasks, projects, or activities during a specific period, typically a week or a month.