Why Spreadsheets Are No Good For Asset Management
A lot of companies utilise spreadsheets; to track the amount of hours someone has worked (and which clients they've been working on); to keep track of petty cash or expenses; to track sick days and holidays, etc. In general, spreadsheets can handle these basic tasks with aplomb, and gradually their functionality is increasing (see Microsoft Pivot for example).
However, in recent times spreadsheets have been utilised for keeping control over fixed asset management information, something which they have always struggled to cope with effectively. The use of spreadsheets just can't give you the level of control over your fixed asset information required to run a financially responsible business.
So why is this? Firstly, and perhaps most pertinently, inaccuracies in your data are almost inevitable when working with spreadsheets. It could be a user input error, or an unintentional miscalculation, and could end up costing a hefy sum of money in the long term.
Another major disadvantage of spreadsheets is the amount of time and effort taken up by inputting data – the amount of time taken coupled with the problems with data validity make spreadsheets a poor option for asset management and inventory tracking.
So what alternatives are there for keeping control over your fixed assets information? The best fixed asset tracking solution would be specialised, dedicated asset management software. This kind of software come with stringent security features that mean you can be sure of avoiding user input errors. You can also automate the whole process of fixed asset management, meaning you can cut down drastically on input time and retain 100% confident in the integrity of your data.
Let's not miss the financial benefits of employing specialised, dedicated asset management software; the ROI can be considerable just from effectively maintaining a current inventory and properly accounting for fixed assets.
Integrated asset management software can be described as a hugely important part of improving workflow, producing accurate accounts and audit trails and demonstrating a responsible attitutde towards effective financial management.
