Although there are several downsides to spreadsheets, they are useful for some tasks. The biggest pluses is that they can manage simple calculations, create graphs using the data, and create easy to manage business forecasts. They all prove to be useful at some point in time. However, due to the large number of problems spreadsheets have, they simply are not appropriate for tasks like tracking your fixed asset.
Even though spreadsheets intially sound useful for managing asset data, they can’t compete against an asset tracking software solution.
Up until a certain point, a spreadsheet would prove to be useful for asset management, however, as obtain more and more assets and you wish to store more data about the assets, the spreadsheet becomes redundant.
Here are some handy features that you should look out for in your asset management software.
- It should be able to hold enough data and in enough detail as you need it to. Even though the amount of data a spreadsheet can store is enough for some tasks, in asset management it tends not to be. The data that’s stored may not provide enough detail.
- They must be able to reflect the structure of the company. If the asset sites in a number of sectors within the company, a spreadsheet cannot reflect this type of structure.
- It should be flexible enough to be restructed quickly a easily. As soon as a spreadsheet becomes complex, it’s hard to modifity and data and the structure of it.
- It should be able to calculate a number of depreciation rates on several items. If a number of assets has been purchased all at different points in time, but they are linked together, like a computer, keyboard, mouse and monitor. The software must be able to calculate different price depreciation levels.
- They should be able to manage re-lifeing of company assets. If an asset is assessed and found to be useful, the depreciation level must be altered as the asset is now useful.
- The software should be able to create structured data reports. Spreadsheets make it difficult to create useful, structured data reports.
Those were just a few of the points that a specifically designed asset management software package must include. Also, it’s the primary reason why a bog standard spreadsheet package is no good for storing asset data and managing it within a fixed asset register.
