The Problem with Spreadsheets in Fixed Asset Management

We’ve all used them, spreadsheets, whether it’s to do a simple list of items, or whether you are looking to create advanced sums for business forecasts. Even though they are not really advanced enough for some of our requirements, we still use them. No doubt this is because they come free with our operating systems and the majority of people prefer to put up with a free one instead of buying a new one.

Even though spreadsheets come with a number of problems, they do have some useful features. The main ones are that they can handle simple calculations, they can create graphics, create business forecasts to see how much money you will lose. They all tend to be useful for certain tasks. However, due to the number of problems they are, they simply aren’t good enough for tracking your fixed asset.

Although spreadsheets sound like they would be good for storing company asset data, they are simply not as advanced as an fixed asset tracking package.

Up until a point, asset management can live with a spreadsheet, however, once you wish to start storing more assets and keeping more data about each item, the spreadsheet quickly becomes useless.

Here are some handy features that you should look out for in your asset management software.

• They are required to store enough in-depth data about your items. Although a spreadsheet can store alot of information, it may not be enough. The data that’s stored may not provide enough detail.
• It must be able to reflect the structure of the company, no matter how complex. If the particular asset can be located in a number of sectors within a company, a basic spreadsheet cannot reflect this complex formation.
• It should be flexible enough to be restructed quickly a easily. Once a spreadsheet becomes very complex, it’s difficult to try and modify the data and especially the structure.
• They must be able to manage different price depreciation levels on seperate items. If a number of assets were linked together, however they had been bought at different times, such as a computer, keyboard and mouse. The management software should be able to handle multiple depreciation levels.
• It should be able to cope with re-lifeing of assets. If an asset is assessed and found to be useful, the depreciation level must be altered as the asset is now useful.
• Must be able to create structured reports. Spreadsheets make it difficult to create useful, structured data reports.

That was a list of a few features that any asset management software suite should come with. Also it’s the reason why a spreadsheet is not good for adding asset data to a depreciation inventory.