A Forrester report released earlier this year revealed that more than 50 percent of businesses are still using spreadsheets to keep track of business intelligence. We’ve determined that using spreadsheets to manage and keep track of your assets is risky business because they are prone to human error, have a lack of data security and privacy and difficult to scale.
If you agree and want to dump your spreadsheets, we’ve developed five strategies on how to help your business regain control of your fixed asset management program:
- If you haven’t already, invest in a new asset management system. A new program can increase your productivity and give you better insights into your inventory.
- Revise your internal process for compiling data. As technology continues to impact your business optimizing your asset management data is crucial. Making sure you revise your internal processes is one of the first things you should do when switching from spreadsheets to an on premise solution. Reviewing old procedures will also help you manage fixed assets more efficiently and help avoid potential human errors.
- Develop a plan for a strategic future. Working with your accounting team to develop a strategic plan for the future can help you tackle any unforeseen obstacles you may face. To help predict any future issues, calculate your future depreciation values to determine areas where you may be able to save money in the long run.
- Make sure every asset is accounted for and still valuable. Keeping track of your assets by using an on premise solution can help you eliminate ghost assets. It’s a simple process that can help your business bounce back after using spreadsheets. Research shows that 65 percent of fixed asset data is incomplete, inaccurate, or altogether missing, while 10 percent to 30 percent of fixed assets are no longer owned.
- Ensure that you are paying the right amount in taxes and fees. No one wants to over pay in taxes and fees because they’ve lost control of their inventory. Staying compliant and up to date on the latest tax laws and fees can save you money and help avoid a potential violation.
Are you ready to learn more about how to manage your fixed assets? Watch our webinar recordings and learn how to bring your business back to life after ditching spreadsheets.