Are you using spreadsheets for your fixed asset management? At some point during your work day, you’ve probably experienced a few hiccups using spreadsheets to control your asset management process.
Here are six common signals it’s time to switch from using spreadsheets to manage your inventory control:
An incomplete reporting of all assets can lead to tax penalties and insurance issues.
Lack of privacy and data
Using spreadsheets to manage your fixed assets is a huge security risk. What if someone hacked into your system would your data be protected? Using a software is the safer route for protecting your assets.
Trouble with scalability
Tracking a growing capital asset inventory on spreadsheets can lead to data errors and communication breakdowns that negatively impact your business. Your need real-time tracking data in order to make better decisions.
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You consistently discover errors in your data
Have you discovered errors in your formulas when calculating depreciation? Entering formulas into spreadsheets often comes with a margin of error since the data is being manually entered into the document. Not catching those errors can cost your company money.
You feel like you have multiple job titles
Does the manual entry process have you stressed out and feeling like you’re doing multiple people’s jobs? Being able to digitally enter inventory with a barcode scanner would save you a long headache and a lot of time.
Rushing to prepare for tax time
Have you ever heard of the expression ‘save time, save money’? A dedicated system can help you save time by automating your process instead of manually entering data into a spreadsheet. There will be no need to rush at the end of the year to prepare for your audit because the data will be up to speed and compliant.
Read more on fixed asset management:
- How a better fixed asset depreciation process saves money
- 5 reasons why fixed asset management isn’t built for spreadsheets
- Ten cost-saving opportunities in the fixed assets lifecycle
- 5 ways technology can mitigate the risks of ghost and zombie assets
Editor’s note: This article was originally published October 2016 and has been updated for relevance.
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Top fixed asset management strategies
No organization can afford to manage their fixed assets based on spreadsheets and assumptions. Download our guide for best-in-class fixed asset management strategies to help you track, maintain, and depreciate your assets properly.